Estate Archives

Undermining a POA Could Lead to Guardianship

Attorneys and Daily Money Managers (DMMs) encourage individuals (principals) to prepare estate plans. This process includes appointing an agent under Power of Attorney, well in advance of a possible loss of legal competency. The appointed POA will have the legal authority to take full responsibility for the principal’s financial affairs. One goal of this process…

Sally Pfeiffer|
October 29, 2023|

Pre-Planning to Avoid Guardianship

If a person is deemed incompetent, ideally, their agent under Power of Attorney (POA) or their trustee will handle their financial matters. If the person has not selected an agent or trustee, they may end up in guardianship. Under guardianship, an individual loses their legal rights, and their decision-making rights are restricted. The court-appointed guardian…

Sally Pfeiffer|
October 28, 2023|

How to Handle Personal Finances After Divorce

by Ian Steinberg, a matrimonial and family law attorney with Berkman Bottger Newman & Schein, and Arlene Glotzer, Managing Director at Eddy & Schein Group Once your divorce is finalized and you are transitioning into a “new normal,” your role in your financial life may change. If you were the “monied spouse” and never paid…

Sally Pfeiffer|
October 28, 2023|

Working with Professional Advisors

When helping a family member or friend with their personal finances, you may meet with their investment managers, accountants, attorneys, and other professionals. Comprehensive information and timely interaction with these advisors can lead to advantageous financial outcomes such as reduced tax liability, more robust insurance coverage, easier estate administration, and more. Over our years of…

Eddy & Schein Group|
October 19, 2023|

An Estate Executor’s Financial Challenges:
Estate Assets

As an executor, your responsibility is to identify all assets. One of your first priorities will be to locate and secure the belongings and finances of the deceased person to prevent any loss or damage. These assets may include bank accounts, real estate, investments, insurance policies, and valuable items such as jewelry and artwork. The…

Eddy & Schein Group|
October 1, 2023|

Tools and paperwork for handling estate's finances.

An Estate Executor’s Financial Challenges:
Debts, Bills & Banking

An estate executor is responsible for managing the estate’s finances. This includes opening a bank account specifically for the estate and collecting any money owed to the deceased, paying ongoing expenses like taxes, utilities, and property insurance, as well as debts, and keeping detailed records of all financial transactions. Here are some situations we’ve encountered…

Eddy & Schein Group|
October 1, 2023|

An Estate Executor’s Financial Challenges:
Checks Received After a Death

Whether a decedent has a sizable estate or not, there are times when checks come in that have no home. If the decedent’s assets were not held in a trust, then bank accounts are effectively frozen at the owner’s death. Checks that arrive after someone dies can raise questions about what to do with them.…

Eddy & Schein Group|
October 1, 2023|

An Estate Executor’s Financial Challenges:
The Basics

If you’ve been appointed to be an estate executor, your job is to manage the estate’s financial affairs and carry out the deceased person’s final wishes. This a significant responsibility that involves a fair amount of organization, careful attention to detail, and good communication skills. For more than two decades, Eddy & Schein Group has…

Eddy & Schein Group|
October 1, 2023|

Analyzing tax return and creating budget on computer screen

What You Can Learn from Analyzing Your Tax Return

Now that your taxes are prepared and ready to file, consider one more valuable step… analyzing your tax return. It’s a good opportunity to let its numbers tell your story. While you’re most likely focused on receiving a refund or making a payment, analyzing the impact of your prior year’s financial behavior can help guide…

Eddy & Schein Group|
April 6, 2023|

Tax Liability on Real Estate Sales

Real estate ownership often represents an individual’s or couple’s largest asset, and its sale can significantly impact their tax liability. This is among the key reasons that clients seek our help. We help them by researching and gathering information related to expenses and coordinating with related professionals to help minimize that tax liability. What Impacts…

Eddy & Schein Group|
March 14, 2023|

Tax Deductions for Medical Expenses

One of the most challenging tax deductions for our clients is medical expenses. For medical expenses to be deductible, the total costs must exceed 7.5% of your adjusted gross income. To see if yours qualify, estimate the total from all your income sources for last year and multiply it by 7.5%. That’s your medical deduction…

Eddy & Schein Group|
March 1, 2023|

Overcoming Tax Season Anxiety

Tax season has begun! And for many, the daunting task of tax preparation provokes anxiety and procrastination. And a lack of financial organization makes the process all the more challenging. At Eddy & Schein, we see a myriad of reasons our clients come to us for help with organizing for tax preparation: Disorganized finances Not…

Eddy & Schein Group|
February 27, 2023|

tangled string becoming untangled as a result of being financially organized.

Get Financially Organized for the New Year

We are big believers in being financially organized. To get you started in the new year, we’ve assembled a collection of our articles focused on financial organization, where you’ll find real-life examples and smart solutions. Achieving Financial Organization Are you in need of some financial organizing solutions? Read about some client situations that may resonate…

Eddy & Schein Group|
January 27, 2023|

The Value of Financial Organization

Financial organization leads to better decision-making. And better decision-making means being better prepared for achieving your long-term financial goals. At Eddy & Schein Group, we are big believers in the benefit of getting finances in order. In fact, we have built a business based on the concept of financial organization. Throughout our 20+ years in…

Eddy & Schein Group|
January 10, 2023|

Tag: Estate