Dear Hayek, Every year, I give to the Make-A-Wish Foundation, to help make dreams come true for children with critical illnesses. I heard there was a similar group for seniors and those in elder care facilities. What do you know about this? Also does the Farr Law Firm help seniors with charitable giving as part […]
Comparing a Typical Advance Medical Directive to the Farr Law Firm’s 4 Needs Advance Medical Directive®
Benjamin Franklin once said “(n)othing can be said to be certain, except death and taxes.” Today (April 16) is National Healthcare Decisions Day, a day for health care decision planning. And, in keeping with Franklin’s famous quote, each year National Healthcare Decisions Day is observed the day after Tax Day. National Healthcare Decisions Day is […]
Should I Enroll in Medicare if I have Federal Retiree Coverage?
Q. In your latest article, you discuss how elder care lawyers help seniors with planning in advance for the financial and health concerns that occur as we age. I really appreciate the assistance and advice your elder law firm provides. I am a retired federal employee who will be 65 next year. I was wondering […]
How Can I Locate an Old 401(k) Retirement Account?
Dear Kiwi and Mango, I am about to retire from federal employment. Before I worked for the government, I used to work at a company where I’m almost certain I had a 401(k) that they matched. I am doing my retirement planning and estate planning, which got me to thinking about these things. How do […]
How Can Seniors Make the Most of Financial Literacy Month?
Dear Angel, I just read that April is Financial Literacy Month. What are some things I should think about when it comes to Estate Planning and retirement planning this month? Thanks for your help! Fi Nanshill — Dear Fi, Every April, we celebrate Financial Literacy Month to promote financial education and well-being. Financial Literacy Month […]
New Law Helps Protect Seniors from Financial Exploitation
Q. Last summer, you wrote about a veteran named Larry Cook who was a victim of financial exploitation. He was scammed out of millions of dollars in Virginia before he died. Mr. Cook was very careful with his money and would never have allowed himself to be exploited so badly had he been in his […]
Problems with Beneficiary Designations Part 3 — Usually They Take Precedence Over Your Estate Planning Documents, But Sometimes They Don’t
Note: This article is Part 3 in a series on the Problems with Beneficiary Designations. Links for the prior two articles are below and at the bottom of this article. Please click here to read Part 1 and please click here to read Part 2. Q. My friend, who is going through a divorce, is […]
Caring for the Pet of a Loved One When They Can No Longer Do So Themselves
When Melissa’s father died and her mother moved into a nursing home, Melissa adopted her parent’s poodle, Margot. During the three-hour drive to her house from where her mother was staying, Margot was shaking and afraid. Melissa stopped at the pet shop and bought Margot some of her favorite chewable steak bites and a toy, […]
Are Transfer on Death Deeds a Good Alternative to Estate Planning?
Q. I was recently discussing with my husband what would happen to our house in Annandale, Virginia when we are no longer around, especially since we don’t have our estate planning in place yet. One my friends’ parents recently passed away and the family was going through the nightmare of probate. I would never want […]
Why Should Millennials and Gen Zers Care About Estate Planning?
Dear Raider, I’m in my 20’s and have never thought about estate planning. My older sister recently told me at a family gathering that she has her estate planning documents in place. I don’t understand why she would want to do this at such a young age. What are some reasons why younger adults should […]
How Are Taxes Filed if One Spouse is on Medicaid and the Other Spouse Has an Irrevocable Trust? And Does Getting Social Security Change How Taxes Get Filed?
Q. Thank you again for working with our family last year to protect our parents’ assets, get our father approved for nursing home Medicaid, and set up an irrevocable Living Trust Plus for our mother. Now that it’s tax time, we have numerous questions. I’m helping my mother this year for the first time given […]
Jay Leno Files for Conservatorship Over His Wife’s Estate
TV icon Jay Leno and his wife, Mavis Leno, have been married for 43 years — and by all accounts they are still in love. Mavis, 77, suffers from dementia, and according to a recent court filing, she has been “progressively losing capacity and orientation to space and time for several years.” This is why […]
What Do I Need to Do to Comply with the Corporate Transparency Act?
Dear Kiwi and Mango, I have an LLC that owns a rental property. I understand that I need to submit beneficial ownership information (BOI) to the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), per the Corporate Transparency Act (CTA) that was enacted on January 1, 2024. What do you know about this and […]
Does My Spouse Have a Right to a Share of My Home?
Q1. I am giving serious thought to my estate planning and to who I want to leave most of my assets to when I am no longer around. I am seriously considering leaving the bulk to my two children and not my spouse. I live in Virginia. Would this be possible or is my wife […]
Should You Tell Your Heirs What They Should Expect to Inherit?
Dear Kiwi and Mango, My wife and I are in the process of doing our estate planning documents. One decision we have yet to make is whether we should tell our heirs what they should expect to inherit, in advance. What are some things we should consider in making our decision about this? Thanks for […]
Is a Reverse Mortgage a Good Strategy in This Economy?
If you’re a homeowner nearing retirement age, you’ve probably seen the TV commercials about reverse mortgages. Tom Selleck offers a friendly explanation of reverse mortgages and how people use them. How accurate is what he and other proponents of reverse mortgages indicate? Are reverse mortgages actually a good strategy to help fund your retirement? How […]
Top Five Reasons Banks Won’t Accept a Power of Attorney and What You Can Do About It
Q. My aunt signed a Power of Attorney naming her son, my cousin Andy, as her POA. When Andy took it to the bank, he was told that the document had to be on the bank’s form to be valid. This happened in Texas, but I’m concerned that the same thing could happen anywhere. What […]
Why Would an 18-Year-Old Need a Power of Attorney?
Dear Raider, A friend told me that when her son headed to college, they had a Power of Attorney drafted for him. Isn’t 18 way too young to think about these types of things? Why would an 18-year-old need a Power of Attorney or other estate planning documents? Thanks for clarifying! Cole Idge — Dear […]
Three Things Most People Get Wrong About Estate Planning
Q. I just saw that it’s Estate Planning Awareness Month! We had our estate planning documents done through your firm a couple years ago. I’m trying to convince my sister and parents to do the same, but they have some objections, claiming that estate planning is daunting, expensive, and only for older, richer people. How […]
Do People See More of a Need for Estate Planning Due to Inflation?
Dear Hayek, Estate planning is very important, in my opinion. Inflation, however, has made many of us reconsider our priorities when it comes to our financial futures. Is there any correlation to inflation and people seeing more of a need or less of a need to getting their estate planning documents in order? Thanks for […]
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