Taking Care of a Dying Parent’s Financial Affairs
March 22, 2022
Dealing with a sick family member is a challenging and emotional time.
LIVE WEBINAR: Getting Started with Estate Planning
LIVE WEBINAR: Getting Started with Estate Planning
Dealing with a sick family member is a challenging and emotional time.
It’s true that if your child is on your deed as a joint tenant on your home, your home will not have to go through probate if your child survives you. At your death, your surviving child would immediately become the sole owner of your home without probate and with minimal transfer costs.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
If you do not plan appropriately and thoughtfully, problems may arise with respect to this property and your family when you are gone.
Whether you drew up a will recently or years ago, keep in mind it’s generally not something you can set and forget.
Based on a recent survey by the American Pet Products Association, as of 2020, 70% of households in the U.S. have pets—about 90.5 million households.
Could generations of traditional homeownership wisdom be wrong? Here’s what you need to know to determine whether your home is an investment that will pay off in retirement—or a liability.
Everyone should have a will, but it’s rarely the most significant estate planning document an individual holds.
According to the Exit Planning Institute of Ohio, recent studies show that over 60% of the current U.S. business market is owned by baby boomers (those born between 1946 and 1964), who are ready to exit or transition their business over the next 10 years.
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