Posts Categorized: Estate Planning

Getting Divorced? Don’t Overlook These 4 Updates to Your Estate Plan – Part 2

Going through divorce can be an overwhelming experience that impacts nearly every facet of your life, including estate planning. Yet, with so much to deal with during the divorce process, many people forget to update their plan or put it off until it’s too late.

Last week in part one, we discussed the first two changes you should make to your plan: updating your beneficiary designations and power of attorney documents. Here in part two, we’ll cover the final updates to consider. READ MORE

Black Panther Star Chadwick Boseman Dies Without A Will – Part 2

Last week in part one, we discussed a few potential explanations for this apparent blind spot in Boseman’s estate plan, and how the young actor might have prevented the situation by creating a pour-over will to be used as a backup to any trusts he had put in place. Here in part two, we’ll focus on another critical component of Boseman’s estate plan – incapacity planning.

Regardless of his age or health condition, Boseman, like all adults over 18 years old, should have three essential planning documents in place to protect against potential incapacity from illness or injury. These include a medical power of attorney, living will, and durable financial power of attorney. READ MORE

Black Panther Star Chadwick Boseman Dies Without A Will – Part 1

On October 15th, nearly two months after the death of Black Panther star Chadwick Boseman, his wife, Taylor Simone Ledward, filed documents with the Los Angeles probate court seeking to be named administrator of his estate. Earlier this year, Boseman and Ledward were married, and the marriage gives Ledward the right to any assets held in Boseman’s name at his death.

What makes Boseman’s story somewhat unique from the others is that it seems likely the young actor put some estate planning tools in place, but it’s possible he didn’t quite finish the job. Based on the number of hit films he starred in and how much he earned for those films, several sources have noted that Boseman’s assets at the time of his death should have been worth far more than the approximately $939,000 listed in probate court documents. READ MORE

Once Your Kids Are 18, Make Sure They Sign These Documents

While estate planning is probably one of the last things your teenage kids are thinking about, given the dire threat coronavirus represents, when they turn 18, it should be their (and your) number-one priority. Here’s why: At 18, they become legal adults in the eyes of the law, so you no longer have the authority to make decisions regarding their healthcare, nor will you have access to their financial accounts if something happens to them. READ MORE

COVID-19 Highlights Critical Need for Advance Healthcare Directives—Part 2

With new cases of COVID-19 currently surging in dozens of states, doctors across the country are joining lawyers in urging Americans to create the proper estate planning documents, so medical providers can better coordinate their treatment and care should they become hospitalized with the virus.

The most crucial planning tools for this purpose are medical power of attorney and a living will, advance healthcare directives that work together to help describe your wishes for medical treatment and end-of-life care should you become unable to express your own wishes. While all adults over age 18 should put these documents in place as soon as possible, if you are over age 60 or have a chronic underlying health condition, the urgency is paramount. READ MORE

COVID-19 Highlights Critical Need for Advance Healthcare Directives—Part 1

As the COVID-19 pandemic continues to ravage the country, doctors across the nation are joining lawyers in urging Americans to create the proper estate planning documents, so medical providers can better coordinate their care should they become hospitalized with the virus.

The most critical planning tools for this purpose are medical power of attorney and a living will, advance healthcare directives that work together to help describe your wishes for medical treatment and end-of-life care in the event you’re unable to express your own wishes. In light of COVID-19, even those who have already created these documents should revisit them to ensure they are up-to-date and address specific scenarios related to the coronavirus. READ MORE

Avoiding Financial Grief: How to Protect Your Significant Other from Frozen Accounts

The death of a loved one is one of the most difficult times in a person’s life. Nothing can truly prepare a person for such a loss. However, dealing with the financial stress of frozen bank accounts can exacerbate the stress. Without proper planning, your significant other could struggle to gain access to your accounts. The frustration is especially distressing if the frozen account was the primary source for paying joint or household expenses. READ MORE

How to Avoid the Need For a Prenuptial Agreement – Part 1

If you’re counting down the days to your wedding, divorce is probably the last thing you and your fiancé want to be thinking about, and yet you might be rightfully concerned about what would happen to your assets in the event of a divorce – or your death. In this two-part series, I’ll first discuss the pros and cons of prenuptial agreements, and then in part two, provide estate-planning alternatives you may want to consider. READ MORE

Is It Time to Go Solo(preneur)?

There’s nothing like a major change in the economic climate to make you rethink your day job. “Business as usual” currently means a large element of uncertainty about what the future holds for your working life. Whether you’ve lost your job, had your hours cut, or have seen these things happen to people you know, your feeling of security has likely taken a hit. And, maybe that can be a good thing, something that calls you to start taking action. READ MORE

Learning to Flourish, Even in a Financial Crisis

A financial crisis doesn’t have to be a crisis for you or your family. In fact, this could be the perfect time to access the wealth of resources currently available to fund your next level of growth. It’s a time to invest in yourself, and to learn to use your gifts, skills, and talents to serve others in a big way. That way, you won’t have to depend on anyone else, including your job, corporations, or the government, to sustain you. READ MORE

The Basics of Disability Insurance and How It Can Help During COVID

The Americans with Disabilities Act has detailed specifics on what a disability is, but the most basic definition is that an individual has “A physical or mental impairment that substantially limits one or more major life activities of such individual.” That can apply to a car-accident or other injury, or a debilitating illness documented by a doctor, including mental illness. READ MORE