If you experienced a temporary illness or needed someone to quickly step in to pay your bills, would your finances be organized enough for them to handle?
The number of unmarried couples who live together reached 18 million in 2016, a 29% jump from 14 million in 2007. Among adults age 50 and older, the increase was 75%: About four million were cohabiting in 2016, up from 2.3 million in 2007.
As Thanksgiving approaches, it’s meaningful to reflect on the origin of the holiday–Native Americans and pilgrims sharing their bounty of food with each other. As you gather with your loved ones this year, perhaps you can think of ways to share not only your dinner, but also your financial bounty.
My father only designated my mom as an agent on power of attorney forms, and they have not been updated in many years. Where do you think we should go from here?
In past generations, families were very close, there were few estates that had any tax liability, and children respected their parents’ wishes, both before and after the parents passed away.
A solid estate plan should include your will, a power of attorney and a trust. All of these components provide asset protection for your business while you’re alive and after your death.
The word “estate” conjures images of great wealth, which may be one of the reasons so many people don’t develop estate plans. Afterall, they’re not rich, so why make the effort?