Are Your Parents' Affairs in Order?Attorney Lee R. Phillips has written an article called "Baby Boomers: Will They Be Able to Afford Their Parents?" In it, he discusses the tax consequences of poor estate planning and then lists six steps Gen Sandwichers can take to make sure that their parents’ affairs have been managed properly. These include:
1. Review current wills and/or living trusts
2. Look into living trusts.
3. Dodge family disputes.
4. Split trusts to save taxes.
5. Protect life insurance.
6. Solve the incompetency problem.
Read the full article here.