There are a number of different factors to consider when you are engaged in inheritance planning, and one of them would be details specific to the people who comprise your inheritance list. It is not always as simple as handing over a lump sum bequest directly, because for one thing there can be estate tax implications that must be addressed. Some heirs may not be ready to handle a large sum of money, and for these individuals you may want to include stipulations, perhaps through the … [Read more...] about Asset Protection Can Be Key Consideration
Asset Protection
Provide Long-Term With Spendthrift Trusts
When you are planning your estate it is important to consider not just what it is that you have to give, but who exactly it is that you are giving it to. All of your family members are unique individuals, and they invariably all have their own strengths and weaknesses. Some of your loved ones are probably well-established, having already demonstrated sound financial judgment as they have gone through life and managed their own affairs effectively. You may feel no trepidation … [Read more...] about Provide Long-Term With Spendthrift Trusts
Asset Protection Should Be Considered
As you reach the latter stages of your life the practical implications of your estate plan become all the more apparent to you. Earlier on you may have perceived of your estate plan as being a precaution to have in place to protect your family should the unthinkable take place. But as you get into your twilight years you generally come to peace with your own mortality and recognize just how important it is to transfer your assets to your loved ones in the appropriate manner so that they … [Read more...] about Asset Protection Should Be Considered
Yes, You Can Protect Your Child’s Inheritance from Divorce
Asset Protection Planning Asset protection planning is an important part of your estate plan. If you’re like most people, you have worked hard your entire life to earn and save your assets. And, you would like to give a gift to your children during your lifetime or after your death. Either way, ask your estate planning attorney how to incorporate asset protection planning into your estate planning so that your gift is not taken in a divorce. More than half of us get … [Read more...] about Yes, You Can Protect Your Child’s Inheritance from Divorce
Do You Need an Asset Protection Trust?
An asset protection trust is essentially a trust fund designed to protect your assets. This might include your home, cars, bank accounts, and any other tangible assets that might be subject to depletion by any number of things. While an asset protection trust is often utilized in estate planning processes where the estate value exceeds a million dollars, this does not mean you might not want or need this sort of protection if your estate has a value less than that. Long-term health care … [Read more...] about Do You Need an Asset Protection Trust?
Why You Should Consider Advanced Estate Planning
Basic estate planning is fine if your estate is simple and doesn’t require a great deal of arrangements. If, however, your estate has any special circumstances, you may want to consider advanced planning. It can help ease the estate settlement process for your family in three ways. Protect Your Belongings Through features such as Irrevocable Trusts, Advanced Estate Planning offers protection for your belongings. Asset protection keeps your retirement funds and your property safe from being … [Read more...] about Why You Should Consider Advanced Estate Planning
Should Young People Buy Long Term Care Insurance?
A well known financial personality often talks about long term care insurance on his radio program. When people call in and ask when should they start buying LTC insurance, he says at about age 60. That may make perfect sense, because at age 60, you might be pretty healthy and can still qualify for long term care insurance, and your annual premium (for now at least) would be fairly affordable. But there are 1 in 2 odds that someday you will need long term care insurance, and you are not … [Read more...] about Should Young People Buy Long Term Care Insurance?
Medicaid 101
Medicaid is a program for those who cannot afford medical care. It is managed by the state and funded by both state and federal government funds, and is the largest source of funding for medical and health services for people with limited resources. It is often confused with Medicare, but Medicare is a Federal program that is not income based and is only for those 65 and older or those who have certain medical conditions. Medicaid however, is "needs" based and serves those with limited income … [Read more...] about Medicaid 101
Divorcing? Protect Your Assets
Divorce is one of the most painful, disruptive life experiences you can have. Given the emotional stress and turmoil that goes along with many divorces, dealing with financial details may be the last thing you want to tackle. Paying attention to the details, however, can mean the difference between making a new start and having your past haunt you far into your future. Besides finding a good divorce attorney, you’ll also want to enlist the help of a financial advisor and estate planning … [Read more...] about Divorcing? Protect Your Assets
