As a responsible pet owner, you’ve probably considered who you would prefer to look after your pet in the event of your death, but are you sure you’ve covered all your bases when it comes to thorough pet planning? Let’s say that you have a dog and a cat, each of whom you’ve asked to be cared for by a separate individual. You’ve set aside funds for the general care of your pets, but have not clarified how much is to go to the care of each pet specifically. The situation could easily become … [Read more...] about Why Pet Planning Matters
Estate Planning
Estate Planning and the Procrastinator
Making a will and estate planning are not the most pleasant topics to lots of people because they just don’t want to think about the prospect of their own demise. In spite of repeated requests from a spouse or children, these individuals continue to procrastinate about estate planning and this can be a costly mistake. Successful people who have a sizable estate that they will leave behind have worked long and hard for their assets yet, without proper estate planning, these hard-earned assets can … [Read more...] about Estate Planning and the Procrastinator
Pets and Estate Plans
If you have pets, you likely consider them part of your family. You may be concerned about what will happen to your pets when you die. Some people have actually provided an inheritance for their pets, but there are some complications with this. Legally you cannot leave money to a pet. What you can do is leave your pets to someone, along with money to take care of those pets. If you’re considering this option, you may want to put together a detailed plan for the care of your pet; such plans … [Read more...] about Pets and Estate Plans
What Are Pay On Death Accounts?
You hear a lot of legal and financial terms when you start planning your estate that you may not be familiar with, and they come with an alphabet soup of acronyms attached to them that can make deciphering the jargon all the more difficult. One of these is the POD account, and when it is being used in an estate planning context the acronym POD stands for "pay on death." You may alternately see the initials TOD, and these stand for "transfer on death," but they both refer to the same types of … [Read more...] about What Are Pay On Death Accounts?
Estate Planning for Gay, Lesbian, Bisexual, and Transgendered Persons
Gay, lesbian, bisexual, and transgendered persons typically have to be proactive and more vigil in their long term care and estate planning than do heterosexuals. This is because GLBT persons don't have the same rights under federal law and sometimes even in private society. A major area of discrimination is that GLBT persons are typically denied rights, benefits, and protections that come with marriage. The Defense of Marriage Act allows federal law to discriminate against same sex couples, … [Read more...] about Estate Planning for Gay, Lesbian, Bisexual, and Transgendered Persons
How Do I Update My Will?
Any time there is a major change in your life—marriage, divorce, birth of a child—it is a good idea to update your will. Or there may come a time when you want to change your beneficiaries, or add or subtract property to be devised. For minor changes such as changes to specific bequests or a name change or change in personal representative, you would probably just want to make a codicil. With a codicil, you can make specifics changes to certain items while leaving the rest of the will … [Read more...] about How Do I Update My Will?
What’s Keeping You from Writing Your Will?
Death is a touchy subject for almost everyone. In order to think about writing your will, you have to think about death. This is one reason why so many people put off writing a will; there tends to be an emotional block around the subject of death. Of course there is more to it than just fear of death—there are fears about the future of your family, too. If you find that you cannot think of death because you are afraid of what your family will do without your income, or you are having … [Read more...] about What’s Keeping You from Writing Your Will?
What Is a Special Needs Trust?
If you want to provide for a disabled child or adult, you might want to consider a special needs trust, also called a supplemental needs trust. A special needs trust gives a disabled or incapacitated person the little “extras” in life without endangering their public assistance benefits such as food stamps, Medicaid, or Supplemental Security Income “SSI.” Such trusts can allow for education, travel, and home care above what is provided by public benefits, etc. There are a couple of … [Read more...] about What Is a Special Needs Trust?
Who Needs a Pour Over Will?
Many people might not know the term "pour over will." But if you want to create a revocable living trust, you definitely need one. A pour over will works in tandem with a revocable trust. (A revocable trust is created while you are alive and can be changed or amended or even terminated during your lifetime. With some exceptions, it becomes irrevocable on your death.) The main benefit of this trust is that it allows your estate to avoid probate and the associated high court costs and attorney … [Read more...] about Who Needs a Pour Over Will?
Feeling Charitable? Give It Away and Come Out Ahead
What if you bought a piece of property years ago for about $25,000 and now it is worth more than $300,000? You don't want it anymore but want to get rid of it in a way that maximizes your tax advantages. If you sold it outright, you might have to pay capital gains tax, and you don't want that. How about making a charitable remainder trust to your favorite cause? Knowing that both you and the charity will benefit makes it an especially attractive option. How it works: You must be able to … [Read more...] about Feeling Charitable? Give It Away and Come Out Ahead
