Posts Tagged ‘wealth’
Uncomfortable Conversations About Estate Planning (Part 2 of 2)
My clients frequently express to me how difficult it can be to speak to their family members about the decisions they have made (or are in the process of making) when we are working on their estate planning documents. Sometimes the issue is that a parent’s adult children refuse to discuss these matters because the children are not willing to acknowledge that their parent will die at some point. Other times the issue is a child that cannot get their parents to acknowledge the need to get their affairs in order. The unique dynamics that every family has can often compound the general problem of one person or the other not wanting to discuss these matters. Last week we examined the first of the two situations I’ve mentioned above. Today, let’s look at some ideas for adult children on how to motivate their parents to get estate planning in order.Read More
How Wealthy Do You Need to be Before Setting Up an Estate Plan?
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One of the most common reasons that people believe that they do not need to prepare an estate plan is because they are not wealthy. However, for most adults, it is important to have a Last Will and Testament or a Living Trust (used to avoid probate), Financial and Health Care Powers of Attorney, and Advanced Directive documents, regardless of your net worth. Let’s look at just one of those important documents, a Last Will and Testament, to understand why it is important to have one.Read More