You worked hard to build your company from the ground up. You've been at it for 40 years. Now you're hoping to pass it on to your kids, but you know just how complicated that can get.
If you've accumulated considerable assets, you want to do everything legally possible to protect those assets from lawsuits, taxes and creditors both while you're still around and after you are gone.
Estate planning and probate issues are often misunderstood. For example, many people believe that estate planning is important only for extremely wealthy people, but that isn't true.
Watching your parents age can be immensely difficult, and this may be particularly true if your parents are suffering from dementia. At some point, it may be wise for you and your parents to sit down and talk about creating powers of attorney.
You're doing your estate planning, deciding how you're going to pass your assets on to your children. You're picking roles for them, such as naming one the executor of the estate, and deciding what you think is best for their lives moving forward.
Maybe this is your aging parents' situation: for all of their married life, your father has taken care of their financial affairs, from managing investments to paying the household bills. But your dad now has some minor health problems, and little warning bells have gone off in your mind.
When doing your estate planning, it's important to know what documents are going to take precedence. This helps you understand how assets will be distributed and what updates you need to make if you want to alter that distribution for any reason.
As we get older, we all have to start thinking about the possibility of no longer being able to take care of our day-to-day activities due to the aging process. For many families, the best option is nursing home care, which can be very costly.
You love your children, but you're worried about them. You're afraid that they're going to fight over your assets when you pass away.
These days, one thing is certain about nursing home care: it's expensive. Even if you own significant assets, the value of your estate could be greatly diminished by even a few months in a nursing home.