Selecting medical powers of attorney is an important step that aging parents should take to ensure they get the care they wan,t if they are unable to advocate for themselves.
Losing your spouse is a painful, confusing time, but add to that repeated calls from an aggressive debt collector and a bad situation suddenly can get even worse.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
What if parents have wills and their contingent beneficiaries are their two adult children. If one of the adult children dies before the parents, who gets that contingent beneficiary’s share?
Taxpayers should, of course, carefully consider whether to engage in a lifetime gifting strategy, which has other considerations beyond just estate taxes (such as the tradeoff with the ‘step‑up’ in basis, and non-tax family related considerations).