What Happens If You Become Incapacitated?
May 24, 2022
Many people ask what would happen if they were in the hospital and unable to make their own medical decisions? The answer depends on whether you planned ahead.
Many people ask what would happen if they were in the hospital and unable to make their own medical decisions? The answer depends on whether you planned ahead.
A recent survey estimated that 68% of people die without a will. The consequences of dying without a will (‘intestate’) can be disastrous.
A power of attorney is a legal document with which a principal authorizes an agent to act on the principal’s behalf and for the principal’s benefit.
Frequent triggers also include changes in the health of executors and guardians; changes in laws, which may impact tax and legal strategies; and changes in state residence, which can also impact planning.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in some instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, you may want to ensure the protection for the assets if your marriage doesn’t work out.
The federal estate tax exemption and gift exemption is presently $12.06 million. A married couple can transfer $24.12 million to their children or loved ones free of tax with proper planning. The exemption is tied to inflation, so it will continue to rise.
In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.
Have you thought about what will happen to your bitcoin when you die? For many of us, the thought has at least crossed our mind.
A charitable trust can be set up in different ways and have various tax impacts. Two common types are the charitable remainder trust and the charitable lead trust. There are also variations within these categories.
You may have heard the term “community property.” However, do you know exactly what it means or how it could affect you?
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