The matter of postmortem planning is something to take into consideration when you are planning ahead for the inevitable. Yes, you do have to execute all the appropriate estate planning documents. The basic estate plan would include a will and/or a trust, a living will, and durable powers of attorney at minimum.You may have life insurance as well, and if you do you must let someone know about your policy or policies.If you use a last will to direct asset transfers the person who will be … [Read more...]
Speak With Attorney After Spouse Passes
Estate planning is a long-term process, and this is one of the reasons why you should think in terms of developing an ongoing working relationship with your estate planning attorney from the start. Things change in your life, and invariably these changes are going to call for estate plan updates.Some of the changes are quite positive, such as additions to the family or an improved financial standing. Unfortunately, others are necessary because someone that you love passes away.When you … [Read more...]
Life Insurance Proceeds Should Be Properly Positioned
Throughout our lives the goal is to accumulate financial resources. This is not just a self-serving endeavor; if you have a firm financial underpinning you will be in a position to provide opportunities to your family members and perhaps even engage in philanthropic activities that benefit the community as a whole.While it could seem as though financial success is nothing but positive, the fact is that you must be careful as you are planning your estate if you have been fortunate enough to … [Read more...]
Balancing Inheritances
Life insurance serves a number of purposes in the estate planning realm, and it is most commonly utilized as a vehicle of income replacement.Many younger adults fail to make preparations for the future because they feel as though this is something that only older people have to concern themselves with. But in fact, the children of senior citizens are probably going to be self-supporting. When you have dependent children estate planning is quite relevant, and making sure that you have … [Read more...]
Life Insurance Can Serve Multiple Purposes
Estate planning attorneys will emphasize the importance of estate planning for people of all ages, even if you don't have a lot of financial resources to pass on to your loved ones. One of the primary reasons for this is because if you're like most people, your family relies on your income to maintain their quality of life.If you were to die suddenly in an accident or due to a catastrophic medical event, your family would be left in a very difficult situation financially as well as … [Read more...]
Estate Planning: Life Insurance Is Key
If you're like a lot of people your first exposure to life insurance takes place when you are offered it on the job as one of your benefits. If you are young and single at that time you may feel like it is nice to be able to leave your loved ones enough to handle your final expenses, but beyond that it may not seem especially important. However, as you enter different stages of your life and people come to rely on your income, life insurance takes on added significance.Clearly, when you get … [Read more...]
Buy Sell Agreements For Small Business Succession
When you are planning your estate after having worked for a company all of your life, you have particular challenges. However, small business owners who are involved in partnerships have many of the same circumstances to address and then some. When you are working for someone else or retired, your assets are your own to situate as you see fit. But when you are the co-owner of a business, your share may represent a large portion of your overall net worth.So when you are planning your estate … [Read more...]
Long Term Care Insurance Can Be The Solution
One of the top stories in the elder law community of late has been the rising cost of long term care. This is a very complex matter because the playing field is changing as the costs are rising, and there are no easy answers. Let's start by recapping the costs associated with long term care, which we have touched on previously in this space.According to a MetLife market survey, in 2010 the national average charge for a day in a private room in a nursing home was $229; this factors out to … [Read more...]
Term vs. Whole Life Insurance. Which One is Best for You?
Everyone knows the value of life insurance and what can happen if you don't have it. A spouse dies, leaving the other spouse with little or no income and no resources. Dreams of staying in your home or sending the kids to college may go by the wayside. Everything caves in on itself.So you need it, but committing to buying it is something else. First off, life insurance is an important part of your financial plan. If you are married or have kids, buying life insurance is a no brainer. … [Read more...]
The Long and Short of Disability Insurance
One of people's greatest fears is that they will get sick or injured, can't work for a long time, get in debt, and then lose their savings and their house, basically losing their independence and dignity. Sounds grim, and it is.If you have enough money in savings or investments that you could weather up to five years of unemployment, stop reading here. For the rest of you, disability insurance might be the answer.But do you need short-term disability or long-term disability, or both? … [Read more...]
