Maximizing Your Legacy: Going Beyond the Will for Effective Estate Planning
Estate planning is a topic often associated with drafting wills, but it's much more than that. While a will is a crucial element of any estate plan, it alone won't guarantee that your hard-earned assets go to your heirs as intended. In this blog post, Botti & Morison Estate Planning Attorneys, Ltd. will shed light on why relying solely on a will may leave your legacy vulnerable and why a comprehensive estate plan is essential for ensuring your assets are protected and distributed according to your wishes. Understanding the Limitations of Wills A will is undoubtedly a valuable document that ... Read More
Balancing Work and Caregiving: Navigating Legal and Financial Challenges
In today's complex socio-economic environment, approximately 29 million workers, ranging from senior managers to retail clerks, are shouldering the dual responsibilities of maintaining their careers while caring for an aging parent. This dual role, while noble, presents significant legal and financial challenges. Proactive planning and a thorough understanding of relevant laws can mitigate these burdens, ensuring career continuity and high-quality care for loved ones. Legal and Financial Implications of Caregiving Caring for a parent involves navigating a maze of legal and financial considerations. These challenges can be broadly categorized into employment rights, estate planning, and long-term care financing. Employment Rights ... Read More
Digital Assets and Estate Planning
When people establish their estate plan, they often think about their physical assets. However, there’s no doubt we do more and more online each day. Therefore, it’s equally important to consider digital assets. With the emergence of new technology, there are more opportunities being created for people to possess digital assets. If not properly planned for, you or your loved ones may have no control over your digital assets after you pass away. What is a Digital Asset in Estate Planning? California Probate Code §871(h) defines digital assets as electronic records in which an individual has a right or interest. ... Read More
Why Parents Should Consider an Estate Plan for Their “Adult” Children
In most states, when your child turns 18, it might be hard to imagine that little child who once needed you for everything has now become – overnight – an adult. Now your child is free to vote, marry, apply for a credit card, make medical and financial decisions, sign contracts, and live independently. No wonder the law calls this coming-of-age “emancipation.” But if your adult child is hurt in an accident and needs somebody to make critical medical decisions, you cannot be the one to do that without your child having named you as an agent under an Advance ... Read More
Power of Attorney (POA) – The Basics
A Power of Attorney (POA) document is crucial for every estate plan. All states recognize powers of attorney, but rules and requirements will differ from state to state. Still, some parts may be beneficial to all. What Does Power of Attorney Mean? Power of Attorney allows one or more individuals the legal authority to act as your agent or proxy on your behalf. Depending on which POA you choose, the agent's power may be limited to a particular activity, such as a real estate sale, or cover broader applications. A Power of Attorney may give permanent or temporary authority and ... Read More
Ensure the True “Power” of Your Power of Attorney for Finances
It’s critical that you have a strongly written Durable Power of Attorney for Financial Purposes ("POA") in case you become unable to manage your finances as part of a Long-Term Care Compliant Estate Plan. Beware if you rely only on POAs that hospitals provide, or that you have pulled off the Internet, or was prepared by a non-attorney or that you have got from other attorneys who do not focus their practice specifically on elder law and long-term care estate planning. When an emergency arises, the bank or health-care provider may refuse to allow your agent to act – and ... Read More
