More couples around the country and in the District of Columbia are getting divorced. This leads to many people having children from a first marriage, stepchildren, children from additional marriages and ex-spouses and new spouses -- all of which may have been considered family at some point but may or may not be over the long haul. As the definition of family changes in our society, it can be difficult to define who is to be considered family for estate planning purposes.
Many families that own convenience stores in Washington, D.C., spend a great deal of time building their business. However, some of them will forget to plan for how the business will be passed on upon the death of the owner. Estate planning can protect, and even shape, the business for future generations.
As adult children in the District of Columbia are faced with caring for their elderly parents, it may be time to discuss powers of attorney with them. As part of elder care, powers of attorney can be invaluable. They will allow adult children to handle their parents' affairs in the event they become incapacitated or are in some other way unable to make decisions for themselves.
As many elderly people in Washington, DC and their families may already know, long-term care can be expensive. These days, Medicaid planning may not be enough to pay for the care that is needed. What's worse is that there is no guarantee that Medicaid and Medicare will be around for future generations.
Everyone has heard that they need a will in order to make sure that the state doesn't decide where their assets go. Many people in Washington, DC use their will for this purpose, but instead of the will being the document that distributes property, it merely points to a trust that handles the actual distribution of a person's assets. There are many types of trusts, but a revocable living trust is a popular one.