April marks the month of Financial Awareness.
The bulk of financial guidance is investment-related. But our funds could be completely destroyed if there were no legal safeguards in place! The following advice will help you keep your money where it belongs:
1. If we can lose everything due to legal liabilities, it makes no difference how much we make and save. Frivolous litigation increase during uncertain economic times. A careful legal strategy will prevent unscrupulous individuals from accessing our finances! My late grandmother was the queen of lawsuits.
2. Avoid giving money to a minor directly. Courts insist on managing children's finances ever since Jackie Cougan's parents embezzled all of his "Little Rascals" earnings. Doing a trust for children is preferable. This will keep outsiders out and stop inheritance from affecting financial help for college.
3. Never give your children ownership of your house. They will have to pay taxes as a result, and you will be open to their divorces and other legal issues.
4. Steer clear of a "one size fits all" plan. With a strong trust, we can personalize our strategy and keep control while shielding assets from taxes, probate, and long-term care expenses.
5. It shouldn't cost the earth to heal a shattered heart! Take into consideration a cohabitation, prenuptial, or postnuptial agreement that offers both parties financial stability.
Former NYS Assemblywoman Ann-Margaret Carrozza is an attorney specializing in elder law and estate planning. https://www.myelderlawattorney.com
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