The saying goes that anyone who does not learn from mistakes in the past, is doomed to repeat them. In estate planning, if you do not learn from other’s mistakes, you are likely to repeat them.
Usually, when you make a simple change in the title from tenants in common to joint tenants, the taxing authorities will ignore that change.
For example, did you name someone as an heir who is no longer in favor with you or—worse yet—has died? Who should get what they would have gotten? Are there now new people in your life—be they family members or not—whom you might wish to share in what you may have?
As nursing homes in many states start to emerge from a four-month lockdown, residents and their loved ones are desperate for in-person visits. The federal government has issued guidelines for reopening nursing homes to visitors, and more than half of the states have authorized limited visitation.
If you like the way the laws are today, you need to take advantage of them now, before they are changed tomorrow. In other words, use it or lose it.
I am currently married but I purchased a home from my mother before my marriage. I added my younger sister to the deed at the time of purchase, so the house would remain in the family if something happened to me. I have been paying the mortgage and bills myself for three years now. However, now that I’m married to a great woman, who would get the house when I die?
We are now in a global pandemic in which many family caregivers will likely experience the same kind of shock, uncertainty and fear that I did. We worry that COVID-19 may sicken our loved ones or as caregivers that we may somehow bring the virus into our homes. We also fear that we might fall ill and leave our care recipients in need.
Most people become eligible for Medicare during the months around their 65th birthday. If you don’t sign up for Medicare during this initial enrollment period, you could be charged a late enrollment penalty, for as long as you have Medicare.
Looking for an extra incentive to spend some quality time with your grandchildren? Try telling their parents that it could extend your life.
By discussing finances with your children early and often, you can set them—and future generations—up for success, when it’s time to receive the wealth you’ve accrued.