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The simplest answer is finances and everything else. Conservatorship only deals with finances and does not grant any power to make medical, housing, personal, etc., decisions. Whereas guardianship does not give any authority to handle finances, with the possible exception of the power to contract and the power to apply for government benefits. Keep in mind that different…

1. Make a will. In a will, you state who you want to inherit your property and name a guardian to care for your young children should something happen to you and the other parent. 2. Consider a trust. If you hold your property in a living trust, your survivors won’t have to go through probate court,…

The SECURE Act changed a variety of retirement account rules, including who is eligible to contribute to retirement accounts and when withdrawals are required. The new legislation also adds a new exception to the early withdrawal penalty. Important retirement account changes from the SECURE Act include: Here’s an in-depth look at the SECURE Act and how…

You may have heard that it is especially important to write a will if you have children. Here’s why: If you die without a will, a court will use state law to make many or most decisions about what happens to your property and about who will take care of your kids. Making a will…

Death and Money:  Even in the most open families, conversation often quiets when two subjects arise: death and money. The uncomfortable talk:  For both parents and adult children, confronting the prospect of each other’s deaths can be uncomfortable. Privacy around financial matters is often a key concern, even among close family members. Why Conversation Is…

Revocable trusts are an “inter vivos” trust, created during a grantor’s lifetime. Revocable trusts allow for the management of property both during life and after death. Revocable trusts are one tool for estate planning, but they are not for every situation. Ultimately, the decision to adopt a will or a revocable trust depends on the…

Clients are often unaware of what is important in the estate planning discussion. They do not volunteer information that the attorney should know. The attorney should have a checklist or agenda for meetings with the client to ensure they are eliciting all information that is relevant to the planning process. This includes information concerning the…

Many people have the misconception that executing and filing a Transfer on Death Deed (TODD) on their property or a homestead, protects the property from being included as an available asset for qualifying for public assistance like Medical Assistance and/or Long Term Care coverage by the state for a nursing home stay.  Actually a TODD…

Research suggests that approximately 60 percent of U.S. adults have no estate plan, and that having a plan is often influenced by age and socioeconomic status. A Gallup poll conducted in 2016 indicates that 68 percent of Americans aged 65 and older have a will, compared with 14 percent of those younger than age 30.…

A will provides your instructions, but it does not avoid probate. A will only directs how assets titled in your name and without a beneficiary designation or other governing contract will be distributed. The assets must still go through your state’s probate court before they can be distributed to your intended beneficiaries. (If you own property—usually…