The Solution is Right When it Meets Your Specific Needs
With two teenagers I often hear the argument that my friend's family lets them do that. Have you ever found yourself saying "we are not your friend's family?" Just as all families and situations are different, there is no one right solution and document for every client that comes through my door. Considering each person's specific needs and providing a personalized approach is key.
It is very important for everyone to have a valid power of attorney in place, to avoid a possible guardianship. As the article below shows there are considerations in what powers you give your agent and who you name as agent.
The second article deals with an increasingly common situation as multiple generations of families are living together to care for each other. There are many estate planning issues that arise in these situations that are often not thought about until something happens to someone.
Finally, I have included some information on reverse mortgages. A reverse mortgage may be a suitable solution in some situations, but should be carefully considered as part of a larger plan.
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Disputes Arising Over a Power of Attorney
One essential document in any estate plan is a properly drafted power of attorney. However, while creating a power of attorney for someone to act on your behalf is generally a good idea, it can lead to complications if you become incapacitated and the designated person abuses the power. This can result in disputes both during your lifetime -- and after your death.
(read more)
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Home Ownership Options When Parents and Adult Children Live Together
Increasingly, several generations of American families are living together. According to a Pew Research Center analysis of U.S. Census data, more than 50 million Americans, or almost 17 percent of the population, live in households containing two adult generations. These multi-generational living arrangements present legal and financial challenges around home ownership.
Multi-generational households may include "boomerang" children who return home after college or other forays out into the world, middle-aged children who have lost jobs in the recent recession, or seniors who no longer can or want to live alone.
(read more)
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New Rules Make it More Difficult to Obtain a Reverse Mortgage
The federal government has tightened the rules regarding reverse mortgages, making it harder for some seniors to get these types of mortgages and reducing the amount of their home's value that they can tap. The new rules are an effort to strengthen the federal Home Equity Conversion Mortgage (HECM) program, which insures almost all reverse mortgages and which has seen default rates rise. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies. |
Is It Time to Take Action?
Contact us and find out how easy it is to set your estate plan up. You'll sleep better at night knowing things are taken care of the way you want.
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