When you are looking around for information about estate planning, you may hear about joint tenancy. There are always those who are looking for easy answers, and joint tenancy can seem like a simple solution on the surface. Joint tenancy is a somewhat fancy way of describing co-ownership. If you add someone to the title or deed of property that you own, this person would become a joint tenant. When you pass away in direct personal possession of property and you arrange for its distribution … [Read more...]
What Is the Nomination of a Guardian?
People are sometimes remiss when it comes to estate planning. They put it off for various different reasons. One of the primary reasons is the idea that there will always be time to take care of it later on. Younger adults often adopt this line of thinking. In fact, it could be argued that estate planning is more important for younger adults than it is for older people, especially when minor children are involved. With this in mind let's look at the nomination of a guardian. Who Would Care for … [Read more...]
Youthful Wisdom Yields Long-Term Results
Some retirement planning experts have suggested that people should begin thinking about retirement when they are still in college. It is certainly true that you can never start saving too soon. The quality we know as "wisdom" is often thought of as being the exclusive domain of those who have a considerable amount of life experience. This may be true to some extent, but sometimes young people can make wise decisions as well. When you do the math you have a considerable amount of time to … [Read more...]
The Importance of Estate Planning for Parents of Minors
Sometimes people do not understand the value of taking certain actions until tragedy strikes. They find out what can happen the hard way, and this can be quite sad for some families. With the above in mind we would like to emphasize the importance of estate planning for the parents of minor children. Young adults often times decide that they do not need an estate plan because they are in fact young and they don't expect to pass away any time soon. However, every day when you tune into the … [Read more...]
Keep Your Plan Up-To-Date
Estate planning lawyers will tell you that even young adults should have a basic estate plan in place. Executing a vehicle of asset transfer along with the appropriate advance health care directives is a must for all responsible people. However, the estate plan that is appropriate for you when you land your first career position is not going to be sufficient as things in your life begins to change. The suggestion here is to be proactive about always keeping your estate plan up-to-date. As … [Read more...]
Don't Jeopardize Special Needs Benefits
You have to see the big picture and think everything through when you are arranging for the transfer of assets to those that you love after you pass away. Each situation is different and you should carefully evaluate the recipients' needs and proclivities before taking any action. This is something that is very important when it comes to making provisions for someone in the family who may have special needs. People with disabilities often take advantage of programs such as Medicaid to assist … [Read more...]
529 Educational Savings Plans
Most people who have achieved a modicum of success are well aware of the value of education. When you are considering the broader implications of your legacy making educational opportunities available to your family members may be very important to you. Leaving behind inheritances is one thing, but paving the way for individual achievement may be a far greater gift. If you agree with the above you may want to consider contributing into a 529 educational savings plan. These are state plans … [Read more...]
Far Too Many Go Through Life Unprepared
Recent surveys have indicated that the percentage of individuals in the United States who have children who do in fact have an estate plan in place is right around 50%. This leaves half of the parents in the country without having made any provisions for the well-being of their children, and this is truly a sad state of affairs. While it is understandable that freewheeling single people may not prioritize intelligent advance planning, you really should have an estate plan in place as soon as … [Read more...]
Making Provisions For Minor Children
Estate planning is going to involve inventorying your assets in anticipation of future distribution of the same to your loved ones. You must then decide on how you are going to get these assets from point A to point B. When you're doing this you have to identify those who will be receiving inheritances and ideally choose the vehicles of asset transfer that are appropriate given the age and proclivities of these recipients. Along these lines many people have to stop and take pause as they are … [Read more...]
Young Families Need an Estate Planning Lawyer Too
If you were asked to visualize the typical estate planning client sitting in the lawyer’s office, who would you see? The stereotypes might include a fifty-something successful entrepreneur, sixty or seventy year-old retired grandparents, or even an eighty-plus year-old widow all planning how to handle the estate they will eventually be leaving behind. Yet young people, especially those with children, need to have an estate plan in place to protect their family in case one or both parents … [Read more...]
