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.
Labels: aging parents, estate plans
1 comment(s):
All this makes me want to crawl under the bed.
The only reason we survived the planning was because we used a really good elder lawyer. It's no fun, but it will avoid a lot of pain later.
Thanks for the good advice.
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Anonymous, at
1:51 PM
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