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A family discussion that opens up about your mortality is a sobering experience, but it is prudent. No one relishes the thought of their demise, and yet with forethought, you can ensure that your estate plan and your healthcare arrangements best reflect your wishes. It is essential to prioritize these discussions with your loved ones and follow up on implementation with your elder law attorney.

The following entrepreneurial characteristics are common to all entrepreneurs: motivation, creativity, persuasiveness, risk tolerance, versatility, vision, innovation, communication, collaboration, flexibility, and decisiveness. These individuals create new businesses bearing most of the risks and reaping most of the rewards if successful. Because of their innate attributes, an estate planning process can be markedly different from others because entrepreneurs often have complex financial lives and strong opinions about their legacy.

The purpose of a power of attorney is to appoint someone trustworthy to make decisions or negotiate on your behalf. They could be related to personal finances, business operations, or medical needs and used for a single immediate purpose or an ongoing situation.

Probate is the legal process by which a will is recognized, and a personal representative is appointed to administer the estate according to the desires of the intended beneficiaries, according to the American Bar Association (ABA).

To adapt to the complex and ever-changing federal estate tax law, gifts, and GST exemptions, an annual review and amendments to your estate plan may be necessary. Since 2018, federal tax assessment on estates above $11.7 million, indexed for inflation every year, will default back to pre-2018 exemption levels on the first day of 2026.

Sibling rivalry will always be a part of life in most families. Depending on the dynamics between your family members, previous rivalries may be amplified after the loss of a parent.

At first glance, life insurance may seem to have no effect on how your estate plan disposes of your assets. Even so, life insurance is an integral, indispensably important part of an estate plan that is well thought out.

Anyone caring for children and aging parents at the same time is part of the sandwich generation. Generations are part of the phrase, but it does not refer to people born at a particular time.

Since 2019, the percentage of Americans aged fifty-five and older who have created a will has decreased from sixty to forty-four percent, according to a 2021 Wills and Estate Planning Study by Caring.com and YouGov. Compared to pre-pandemic years, young adults now are sixty-three percent more likely to have a will.

It is prudent to have open and honest discussions with close family members about your mortality, even if it is a sobering experience.