Estate planning is not just for the rich and famous. Rather, it is something that all parents (and people, really) should consider. After all, it’s
The unexpected death of a beloved parent is difficult enough for family members. However, when there has been no prior planning, the family must first navigate the legal and financial system before they can even begin to mourn their loss. One instance of what can go wrong is provided by the story of a family was forced to leave their mom, while she was dying in the hospice, to try and organize the paperwork done for her estate.
An interesting new bill is being discussed in the New Jersey legislature that may face some challenges from business owners. It would let people who work for businesses with as few as 25 employees to be enrolled in a professionally managed retirement plan. The goal is to get more Americans saving for retirement through automatic payroll deductions.
The job of Attorney-in-Fact is no small thing. It requires time, including appointments with attorneys, CPAs, and financial advisors, a fair amount of paperwork and a legal and ethical responsibility to undertake the task. While it is obviously an honor to be asked as it signals that the person making the request trusts you implicitly and believes that you are qualified to look after their financial and legal affairs, if other family members challenge your actions, you’ll also have to stand up to them.