For the Love of Your Family
For the Love of Your Family
Q: I have financial power of attorney for my mother. Can I be paid for managing her finances? -Billing Mom A: Dear Billing: Serving as an agent under financial power of attorney (POA) can involve considerable work, so you’re typically permitted to be reimbursed for your expenses—and sometimes, even entitled to additional compensation. However, all such […]
Read MoreQ: Who should I name as executor of my will? -Pondering probate A: Dear Pondering: Selecting the right executor for your will is just as—if not more—important as deciding who gets your assets. Your executor will be legally required to take on a number of major responsibilities. They must ensure your will’s terms are carried […]
Read MoreQ: How can I best provide for my pet using estate planning? -Dog Lover A: Dear Lover: A beloved pet can be just like family, so it makes sense you’d worry about how they’ll be taken care of when you die or if you become incapacitated. Fortunately, with proper estate planning, you can rest easy […]
Read MoreQ: My mother recently died with lots of credit card debt. Am I responsible for paying that debt? -Worried Son A: Dear Worried: Unless you’re a co-signer on the credit card, you aren’t responsible for that debt. As with nearly all other creditors, credit card companies cannot force surviving adult children to pay for a […]
Read MoreQ: How does a living will work? —Confused A: Dear Confused: Though it can be easy to confuse a “living will” with a “last will and testament” or a “living trust,” these estate planning documents are vastly different. A “last will and testament,” otherwise known as a “will,” directs who will receive your property upon […]
Read MoreQ: What is long-term care insurance? —Unsure A: Dear Unsure: Long-term care (LTC) insurance covers your basic daily needs over an extended period. While many think only the elderly need such care, LTC covers a wide demographic, including those of all ages with chronic illnesses, disabilities, or other conditions. LTC can pay for long stays […]
Read MoreQ: What is digital estate planning? —Wondering A: Dear Wondering: Digital estate planning involves protecting your digital and online assets like cryptocurrency, websites, financial information, emails, photos and videos, social media accounts, etc. Proper digital estate planning can prevent huge hassles and losses over inaccessible accounts and/or missing passwords. For example, if the deceased owns […]
Read MoreQ: Can I name multiple beneficiaries on my life insurance policy? –Curious A: Dear Curious: There are several options for naming beneficiaries on a life insurance policy. You can have 100% of the benefits go to a single beneficiary, or name multiple beneficiaries and divide the proceeds among them in whatever manner you choose. If you […]
Read MoreQ: Can my will be contested? Concerned testator– A: Dear Concerned: Creating a will should give you peace of mind. But if you are worried about someone contesting it, it helps to learn about the circumstances under which your will could be challenged. A beneficiary could contest a will if he or she had standing (a […]
Read MoreQ: What will happen to my pet in a natural disaster? Pet Parent– A: Dear Pet Parent: In the wake of natural disasters like the recent blitz of hurricanes to hit the Gulf Coast and Caribbean islands, the fates of countless pets are insecure. Understandably, many pet parents are now questioning what will happen to […]
Read MoreQ: How can snowbirding help me save on taxes? Recent Retiree– A: Dear Retiree: Snowbirding is a great way for retirees to escape the winter weather and can help mitigate high state income taxes at the same time. Income tax laws vary from state to state. California income tax can be as high as 13.3%, while […]
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