Search
Archives
Categories
Recent Posts
Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments
The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial
Read More
Will Inflation Hurt Stock Returns? Not Necessarily
Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on
Read More
Maximize Your Charitable Impact with These Four Strategies
As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There
Read More
How to Prepare to Get the Affairs of An Adult Child in Order
If you have recently been appointed as a power of attorney for an adult child who is suffering from serious health issues, it is important to think about all of the different aspects of their care that might require you to step in. 
A power of attorney enables you to make decisions or take actions on their behalf because they are unable to do so. Most frequently with an ailing adult child, this relates to concepts such as taking care of their financial affairs. Ownership of property raises other questions and getting someone’s affairs in order can help to minimize the confusion or frustration experienced by you or the power of attorney creator.
Most people will own household items, a checking account, vehicles and other assets. In addition to preparing a will and listing an agent on the power of attorney, it’s a good idea to reach out to the bank directly to ensure that someone is appointed as the payable on death beneficiary of the checking account.
The bank might also require their own internal power of attorney form to enable you as the agent to make decisions on his behalf and take actions for him. You can be named as a beneficiary of the vehicles so long as the estate plan and wills are created properly. This adult child may be able to transfer ownership with vehicles too as well.
A medical power of attorney and directive to physicians are other documents that might be needed to help ensure that there are plans in place to ask the important questions and take actions quickly should the need arise. Schedule a consultation today with a New Jersey estate planning attorney to learn more about your options.