A Power of Attorney is “Durable” if it is still effective when the person who signed it is disabled. This person can be referred to by several terms, but we will call that Person the “Principal”. Before the enactment of Durable Power of Attorney statutes, Powers of Attorney generally only carried the authority that the…
Once again last week I got to explain to a client that Wills only work through the probate system. A very, very nice lady came in with her elderly mother’s will. It had been prepared by an out of town firm by a lawyer recommended by a financial planner. The will was simple, but valid. When…
Durable Powers of Attorney are instruments that literally everyone age 18 or over should have. Sooner or later the vast majority of us will be disabled and need for someone to handle our affairs. From time to time, however, we get calls and questions about how they work after the person granting the power dies….
This is a true, but sad story. Mom and Dad owned a farm in North Missouri. Mom and Dad have two basic goals when they go see their lawyer. First, they want to keep the farm “in the family”. Secondly, they want to do so as inexpensively as possible. They have their lawyer prepare prepare…
You have likely heard and read a lot about Roth IRA Conversions in 2010. The reason is that this year offera a significant opportunity for anyone with funds in a “Traditional” IRA. Traditional IRA’s allow for deductible contributions, but require taxable distributions commencing when the account holder turns 70 ½. Roth IRA’s are not deductible…
New and young parents often have several things in common. They often have a home with relatively little equity, and very little else. Hopefully they have a decent job or jobs, and decent prospects for advancement. When they think about estate planning they often just worry about naming a guardian for their children – which…
We often talk about using provisions in Wills and Trusts to protect money and other assets that are left to children and other family members. Another function of proper planning is to create incentives for family members left behind. These can be as varied as your imagination allows. You may wish to reward a child…