Does Power of Attorney Perform the Same Way in Every State?
May 27, 2022
The law sometimes appears to contradict itself. Specifically, the words ‘anything and everything’ do not always legally mean ‘anything and everything’.
The law sometimes appears to contradict itself. Specifically, the words ‘anything and everything’ do not always legally mean ‘anything and everything’.
“Gray divorce” — the unfortunately named term for divorce after age 50 — is increasing among baby boomers.
A pour-over will can be an important part of a person’s estate planning checklist.
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.
3000 County Road 42 W. Suite 310
Burnsville, MN 55337
