When a parent’s health crisis hits, families often discover that what they thought they had figured out does not hold up under pressure. Grief, exhaustion, and complicated family dynamics can distort verbal understandings, and good intentions do not automatically translate into legal authority. Meanwhile, hospitals, banks, and insurance companies operate based on formal documents rather...
If cash is king and credit is queen, digital rewards points may just be the wildcard of your household finances. While cash represents immediate purchasing power and credit offers leveraged liquidity, rewards points function as a flexible currency that can supplement spending. But unlike cash and credit, they may disappear when you die. Most people...
When a child is preparing to leave for college, both the student and the parent may face a period of uncertainty. For many students, college is their first experience living independently. That independence extends beyond simply living away from home. It may include having new financial accounts, credit cards, electronic devices, school portals, and online...
A parent dies, and something about the paperwork does not sit right—a will changed late in life, a trustee who has gone quiet, or a caregiver who ended up with more than anyone expected. Family members face a difficult choice: let it go or take the fight to court. Before choosing either path, families should...
Retreating to a warmer climate for the winter may sound like an ideal way to spend a few months. To help make this dream a reality, some individuals choose to rent out their second homes when they are not in use. Before listing your property for rent, however, consider the financial, legal, tax, insurance, and...
When a family owns property with significant financial or emotional value, deciding what should happen to it after the owners pass away can be challenging. One family member may hope to keep the property in the family, while others may prefer to receive their inheritance in cash or other assets. A Right of First Refusal...
Your family may need access to important information at a time when you cannot explain where it is or how to find it. Bank and investment accounts, insurance policies, medical information, estate planning documents, property records, and online accounts may all be stored in different places, including email inboxes, cloud accounts, and personal devices. A...
Having an estate plan, even an imperfect one, is usually better than having no plan at all. But an existing plan can still have serious flaws that defeat its overall goals or objectives. A plan based on misperceptions, including the idea that estate planning must be perfectly timed, can be nearly as problematic as putting...
The Great Wealth Transfer, a broad term for the largest transfer of wealth from older generations to younger ones through inheritances and other financial gifts, is underway. 1 But that does not mean that every heir will receive a share. Some may miss out on an inheritance because their parents spend down their savings, while...
Starting a new job is exciting, but your company’s onboarding process can feel overwhelming. Choosing health and retirement benefits and filling out tax and beneficiary forms can be confusing. Read on to learn how the results of your choices during the onboarding process with your new employer can have serious impacts on your future. Beneficiary...