Power of attorney is a legal concept with which most of us are familiar, but may never fully understand until it is needed.
In its many forms, a power of attorney (POA) is a written document by which one person, the principal, authorizes another, a competent adult, to act as an agent to perform specified functions on the principal’s behalf. The extent of the agent or “attorney-in-fact” authority to act is defined by the type of POA agreement.
As we grow older, perhaps retired from working and raising families, the need for assistance with elder legal matters, estate planning, will and trust administration, and elder rights begin to come into sharper focus.
Parents of children with special needs are appropriately concerned about dying or no longer being able to care adequately for their dependent offspring. While in most instances, estates divide evenly among all children of the deceased, special needs children may require a larger share of the assets for their proper care in a stable and supportive environment.
When considering the various components of your will, tax considerations should be an important element to discuss with your professional estate planner. After all, leaving your heirs with substantially less because of an unintended tax bite is likely not your intent.
How often should we review and update our wills, living wills, and advance directives?
When you were just starting out and beginning to accumulate assets, thoughts of caring for your growing family’s future if you were suddenly gone likely developed. While in your twenties or thirties, you began to save, invest, and maybe even purchased a life insurance policy to protect your family’s financial future in the event of unfortunate circumstances.
Executors of the will of a relative or other loved one have an important obligation. That person has been bestowed the job of ensuring that all assets are distributed properly, according to their wishes, to all designated heirs. The task does not end until any probate court proceedings have been concluded, a final tax return filed, and the assets fully dispersed.
What Life Milestones Should Trigger a Review of Your Estate Plan?
Adapting to changing circumstances is important at any time of your life. When managing your estate, you should always be mindful that certain events could impact decisions you may have made in the past.
From the time you begin to accumulate assets, you should start considering how your passing could affect others and how you wish your property to be distributed. Estate planning becomes especially important when you have a spouse, children, and perhaps grandchildren to consider.(more…)
People create trusts for several reasons. Typically they are established to minimize the probate process after death and to correctly allocate assets to beneficiaries at a specified time or in increments over a more extended period.
Being a designated executor of estate is a serious responsibility. Perhaps while still grieving over the loss of the loved one, you will begin a challenging journey to ensure that the affairs and assets of the deceased are executed according to their final wishes.
As painful as it can be to discuss your eventual passing, forethought and proper planning will ensure that your assets pass efficiently to your designated heirs. Making the job of your executor of estate less complicated and avoiding a complex probate process is best assured if you, the testator, leave clear and unambiguous information and instructions.
Your executor of estate has several responsibilities to manage at the time of your death. Besides securing your home, advising relatives and others, and ordering death certificates, the individual is responsible for gathering all documents pertaining to your life including deeds, titles, insurance policies, marriage license, divorce decrees, bank accounts, Social Security, and more.
I had no idea estate planning was so important until my mom was diagnosed with cancer and had 6 weeks to live. A neighbor recommended Nicholas Giuditta. The first phone call and meeting sealed the deal. His compassion, understanding, and willingness to guide me thru this process when time was of the essence lifted a large burden off of my shoulders. Estate planning at any time is overwhelming but Nick was there with professional guidance and a shoulder to lean on every step of the way. He was always willing to answer any questions, give legal advice, and assist in handling a lot of family drama. I was so pleased with Nick’s services, that my husband and I actually did ‘our’ estate planning with Nick. I would highly recommend Nicholas Giuditta! You not only receive the best professional help but also make a friend in the process!
June 10, 2019
I hired Nick Giuditta to settle legal issues regarding my mother’s estate. I found him to be a very knowledgeable and capable attorney who carefully listened to the problems about my mother’s estate, asked questions, and he took the time to explain my options and the pros and cons of each possible outcome. I also found him to be always professional, diligent, efficient and transparent in keeping me informed as to everything he was working on that led to the ultimate goal of fairly settling all of the legal issues on my mother’s estate. He met and exceeded all of my expectations. I would hire him again to represent me, and I would not hesitate to recommend Nick’s legal talents, skills and abilities to any person.
June 7, 2019
I hired Mr. Giuditta to handle my late father’s estate. He did an excellent job in explaining to me what the legalities were concerning my father’s last will and testament. There were items he pointed out that I didn’t even realize I was entitled to that brought upon a messy lawsuit by my family. Mr. Giuditta represented me throughout the proceedings with professionalism and dignity. The outcome was favorable for both sides but sadly proved that money is the root to all evil. I would hire him again without question.