25 Jul 2014
19 Jul 2014
A durable power of attorney for finances, also known as a financial power of attorney, is a critical document in any estate plan. With a durable financial power of attorney, you can appoint a trusted individual to take care of your important financial affairs in the event you become incapacitated. Because most people avoid thinking about the possibility of incapacity, they also tend to avoid creating a financial power of attorney. Without it, however, your loved ones will most likely have to create a guardianship, conservatorship, or both to manage your affairs – typically costly procedures that can quickly drain your estate of assets. (more…)
15 Jul 2014
Well-drafted and properly planned, a revocable living trust can be an extremely effective estate planning tool. Trusts – which include both revocable and irrevocable trusts – are called "living" when they are created within the trust maker's lifetime. Revocable trusts are distinguishable from irrevocable trusts because the maker (also known as the "grantor") of a revocable trust expressly reserves the right to change or revoke the trust. The person appointed to oversee the trust is known as a "trustee", and in a revocable trust the trust maker and trustee are typically the same person (or, in the case of a married couple, co-grantors and co-trustees). The trust's beneficiaries are the individuals who benefit from the income generated by the trust. In many revocable trusts, the maker names himself or herself, along with any children, as...
11 Jul 2014
In the realm of contracts, "buyer's remorse" is not a feeling you want to experience as a party to a binding agreement. Unfortunately, people sometimes sign contracts without thoroughly reading the terms or fully understanding what they're signing. From lease agreements and health club memberships to purchase agreements and personal guarantees, contracts can be difficult to break. So what can you do when you need to terminate an agreement? The answer is "it depends." (more…)