Category: Fiduciary
“Having an estate plan can ensure that fiduciaries are identified to oversee and distribute your assets in the way you would have wanted. As a business owner, your ownership assets in your estate may require a more sophisticated level of planning.” Do you need an estate plan? If you have children, ownership shares in a […]
“One in four American adults live with a disability, according to the Center for Disease Control. One in 10 adults over the age of 65 has Alzheimer’s or dementia, according to the Alzheimer’s Association.” Planning for incapacity is just as important as planning for death. One is certain, the other is extremely likely. Therefore, it […]
As you plan how you will leave your estate, it is important to understand the estate planning process and ensure that you leave a legacy with well-executed documents. It’s also essential that you understand all of the roles of the people involved in your estate, especially the person or organization who will manage your estate. […]
“It can be hard to move through your daily life after someone you love dies. It may be even harder to embark on the complex tasks required to put their financial affairs in order. However, you can’t afford to put that off.” When a member of a family dies, it falls to the people left […]
“Under Illinois law, an individual holding a power of attorney is a fiduciary as a matter of law. The person designated as a power of attorney agent owes a fiduciary duty to the principal—the person making the designation.” A recent case examined the issue of when the fiduciary duty begins for an agent who has […]
“There were only approximately 1,900 taxable estates in the U.S. in 2018, which is less than 0.1 percent of people who died that year.” The federal estate tax has been a small but steady source of federal revenue for nearly 100 years. The tax was first imposed on wealthy families in America in 1916. They […]
“The personal representative (formerly executor) of the deceased’s estate may be responsible for filing a number of tax returns.” When a person dies, their assets are gathered, their debts are paid, business affairs are settled and assets are distributed, as directed by their will. If there is no will, the intestate laws of their state […]
“Retirement coach Sara Zeff Geber visited several Northern California assisted living facilities to interview ‘solo agers’—people, either single or coupled, who don’t have children to help them as they grow older.” She was a bit surprised when she couldn’t find any. She then realized that it’s the adult children who push their aging parents into […]
Transparency is usually the best case, so make that choice wisely. If you decide to choose a family member for power of attorney, remember to consider the possibility of a family feud, according to Considerable.com in “How to assign power of attorney without sparking a family feud“. Start by understanding exactly what is meant by […]
Prince did not leave a will and many, many relatives showed up to stake a claim. Not having a will can create some difficult situations for your loved ones and some of them are not expected, according to Arizona Central in “Here’s why you don’t want to die without leaving a will“. For example, in […]
