What's Your Plan For The Vacation Home?
Whether it is a palatial estate where Rockefellers and Vanderbilts would feel at home or a rustic cabin in the woods complete with an outhouse, a family vacation home often carries sentimental value that doesn't show up on financial ledgers. That is all the more reason why owners of such homes should plan for the orderly transfer of the home for future generations.
It's a good idea to review your estate plan every two to three years even if you haven't experienced any major changes in your life or of your family.
When you hear the term "Living Will," it means the same thing as "advance care directive," "power of attorney for health care" or - as we know them in Minnesota - "health care directives."
Parents With A Special Needs Child
A family with a son or daughter that is dealing with autism, Down syndrome, Asperger Syndrome, or other special needs faces an enormous challenge for the care and support of the child. Proper care can be both expensive and time consuming. So what happens to the child, when you, the parent, passes away or becomes incapacitated?
Times Have Changed
Remember the TV sitcoms from the 1950s and '60s that are now being rerun on late night TV? The TV shows "Ozzie and Harriet" or "Leave it to Beaver" both told stories of families consisting of a husband and wife and their two children. These programs portrayed what is called the traditional family in America. That was years ago and things have changed a lot since then.
Daughter Is Put On Elderly Mom's Bank Account
Putting a sibling's name on Mom's bank account can be a very bad idea. The solution seemed simple, as Mom was in poor physical and mental health. Daughter Amy was put on as a joint owner on Mom's $300,000 account. Amy's three brothers thought it was a good plan so that Mom's bills could be paid and her medical needs could be taken care of.
Caring For Our Elderly Parents
Taking care of an elderly parent or grandparent is something that many of us deal with on a frequent basis. As Americans live longer, this is becoming more and more common. Dealing with our parent's care can be very emotional and difficult when problems arise.