Peace of mind at a difficult time – “Deathbed” estate planning strategies
Abstract: Facing the reality that a loved one is dying is difficult for all concerned. But when the loved one’s legal and financial matters haven’t been taken care of, family members also face the challenge of quickly making critical financial decisions. This article provides “deathbed” estate planning strategies that can be implemented right away, such as making sure the loved one has executed a will and durable power of attorney for property, and working with an advisor to ensure the loved one’s estate tax liability is as low as possible. A sidebar tackles the issue of “no-contest” clauses in wills.