Perhaps your widowed mother is beginning to have some trouble keeping her finances up to date and her bills paid on time. She is asking for your help, and you believe the time has come to create a power of attorney (POA) for finances. However, there are two types....
Serving the Cleveland Area since 1994
Serving the Cleveland Area since 1994
Estate Planning
4 primary components of an estate planning checklist
No one wants to think about what happens when their health declines or what their loved ones will do after they die. But planning for these events while you’re still healthy can prevent many unwanted consequences. Making decisions now over how to manage your estate...
Hire a caregiver or do it yourself: caring for an aging parent
For most people, there comes a time when they have to begin taking care of their parents. For some, this may just mean looking out for them by buying them groceries and assisting them with managing their medications. For others, it means living with them and taking...
With a blended family, you must protect your children’s share
You get married and have two children. Then your spouse files for divorce. You split up, wait a few years, and get married again. Your new spouse also has two kids from a previous marriage. This relationship lasts. As you both grow older, you decide to do your estate...
Dividing up your jewelry in your will: What to consider
One of the questions a lot of our older clients struggle with is what to do with their jewelry and watches. Many of these items are beautiful, costly and hold emotional significance for their owners -- so they want their heirs to inherit the pieces. At the same time,...
‘Fair’ doesn’t always mean ‘equal’ with your heirs
Most of the time, parents try to be fair to their children -- even after those children are grown. Therefore, it's natural for parents to be concerned about how to divide their assets in their wills for their adult children. However, "fair" doesn't always mean "share...
Is it time to write your will?
There are a lot of reasons that people put off writing their wills. Maybe they've simply never thought about -- or maybe they don't want to think about dying. Whatever the reason, around 60 percent of American adults are currently without wills. However, those numbers...
Learning from your parents’ estate planning mistakes
A man came in to talk to me last week, and he said that his own parents had made some serious estate planning mistakes. Now in his 40s with children of his own, he wanted to avoid those errors. I asked him what had happened, and he grinned, looking slightly...
Tips for setting up an advance directive
The unfortunate reality is that life could take a turn that makes it impossible for you to communicate your medical wishes to your family or healthcare professionals. You could suffer a stroke or get in a car accident, for instance. You still want the doctors to know...
A pending divorce does not cut your ex out of your estate plan
I was working with a client recently who had just gotten divorced. He wanted to update his estate plan to make sure that all of his ex-wife's rights to his estate had actually been terminated. Naturally, if he passed away, he did not want to leave her his money and...
