If you have adult children, do they know how much money you make, how much you have tucked away, and how much you spend each year?
It is quite common that adult children are caught unaware or without access to funds when tragedy strikes. When a parent's finances are revealed only after death, or when a debilitating illness strikes, the responsibility can place a lot of stress on the offspring.
The 7 Questions you should consider to avoid confusion or conflict after your death. If you have ever considered how you want your estate to be distributed after you die. Hopefully, you’ve written a will to make sure your wishes will be followed. If not, let’s talk!
Assuming you do have a Will, your estate is planned…right?
While most of us would like to think that estate planning is that simple, there are other things to consider as part of the process, and topics that need to be revisited over time. Sometimes, your life changes. Sometimes, the law changes.
When you die, your executor will typically have more than 100 tasks to handle to settle your estate. Which means anything you can do in advance to add clarity and lessen the burden of that person’s work is always a good idea.
Here is a list of seven things to consider, when making sure your estate has a plan in place:
Bob Michaels is extremely passionate about providing the best possible legal experience for his clients, and focuses his practice on elder law, estate planning, business, and real estate matters. Bob has been able to provide piece of mind and a solid foundation to many folks in the Puget Sound area over the years and wants to provide resources and relevant information whenever he can. For more information on how Bob can help your loved ones through these troubling times, contact Bob to schedule a FREE consultation.
Many scientific studies have established that there is a wide range of benefits that flow from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, try resisting the pull of negativity and embrace the beneficial results of positivity.
You can increase not only your own well-being but also that of your children or other beneficiaries, by creating an estate plan designed to promote their happiness, which in turn, will enable them to live healthier and more successful lives.
The coronavirus pandemic has directed our attention to a variety of issues such as hand washing and social distancing, but with many elderly individuals not leaving their residences it is important that we are making sure they receive the care they need.
If you know someone who is elderly and living alone, you might want to check to see if they need assistance. If they are near and dear to you, it’s also a good time to consider their financial situation and make sure their “house is in order.”
Regardless of when you were born, there are world-wide events that you know influenced you in some way. It may have been because you were a child watching your parents go through it, regardless, you remember it. It was a long time ago, but you might know someone who remembers the Spanish Flu Epidemic of 1918. Although we have a lot more ways to be prepared for a pandemic today, such as Amazon, Uber Eats, and remote workstations, but we still must think about being prepared.
When it comes to preparation, we’re experts here at Tacoma Elder Care. Every day we help folks make sure they have everything in place in case an emergency happens. So, if you don’t have an estate plan, now would be a good time to think about putting one in place.
Facing mortality and the difficult conversations that come with it are obstacles we deal with every day as we help our clients build their life plan. However, in this case, coronavirus presents a more imminent threat—one that can’t be swept under the rug.
"It’s a distinguishing feature," said Suzanne Shier, chief tax strategist and tax counsel at Northern Trust Wealth Management. "People care about their wellbeing, that of their families and their communities. This is a correction, yes, but it has at its core a virus that affects people’s true well-being, not just financial. And I think that’s a different level of care or concern.”
First, and most importantly, you need to make sure you have, at a minimum, your basic documents in place. (Read more about the 6 most important documents we all need HERE.)