Why You Need a Durable Power of Attorney
If you are in a bad accident, would your family be okay? Without a DPOA, they are powerless to deal with accounts and assets that are in your name only.
If you are in a bad accident, would your family be okay? Without a DPOA, they are powerless to deal with accounts and assets that are in your name only.
The answer depends on whether you want to make the gift while you're alive or after you've passed.
We all know that our cognitive abilities tend to decline in our elder years (actually, age 60 on). But did you know we also tend to become overconfident in our financial knowledge and ability to make financial decisions at the same time? Does your retirement plan include steps to deal with this? Courtesy of researchers at the University of Missouri and Texas Tech University: Older Adults Have "Toxic Combination" of Lower Financial Literacy, Higher Self-Confidence COLUMBIA, Mo. – Previous studies have shown that as humans age, cognitive declines are inevitable. Now, a recent study by researchers at the University of Missouri and Texas Tech University has confirmed that this cognitive decline extends into financial literacy. The researchers also found that older individuals retain a strong sense of self-confidence, which could add to the problem, leading to significant mistakes when making financial decisions.
What manner of estate planning do I need if I won't have to pay federal estate taxes?
My husband has an irrevocable trust in which he has 1% interest on property left by his deceased parents. Now the bank holding the trust changed the locks on his father's house without my husband's consent. Is this legal in Florida?