Without proper planning, dealing with estate matters and handling parent's business and personal matters can become a modern-day Cain versus Abel family dispute. Before executing a power of attorney, family members should understand its powers, its place in estate planning and how sibling powers can be assigned and shared.
Medicare has limits
Putting off planning for financing a nursing home or other assisted living can lead to unwanted surprises. Counting on Medicare may have unexpected consequences because it has restrictions and does not pay for long-term nursing home care and other care except in limited circumstances.
Can you change or remove a trustee?
A recent study revealed what each state's residents have the most concern about when it comes to finances. In Michigan, the most Googled financial term was "income tax." However, perhaps Michigan residents should take a cue from New Yorkers and feel more concerned about estate planning, which was that state's most searched term.
Where an inheritance goes when an heir dies
TOD accounts may be an estate tool
There are several ways to transfer assets to family members after death. While wills are the most known method, transfer on death accounts may have advantages.
