Estate planning is something that a lot of people don't see as an immediate concern because death seems like a long way off. Because of this many individuals go through life without any estate planning documents at all. Others latch onto overly simplistic solutions feeling as though anything is better than nothing. One of the things that some people will do instead of devising a proper estate plan is to add a beneficiary or beneficiaries to a payable on death or transfer on death … [Read more...] about Don't Rely On Overly Simplistic Solutions
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Residential Asset Protection
Your home may be your most valuable personal asset, and as a result you may be very interested in protecting it from any legal actions that may be lodged against you in the future. People who are in certain lines of work are naturally vulnerable to lawsuits, and for these individuals (and others) a qualified personal residence trust may be a good option. Once you place the property into the trust it is protected because it is technically no longer your personal property and it is not … [Read more...] about Residential Asset Protection
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 … [Read more...] about Life Insurance Proceeds Should Be Properly Positioned
Recent News Underscores Need For GLBT Planning
The truth of the matter is that every responsible, self-supporting adult should have an estate plan in place. But even though this statement is accurate, in fairness it should be stated that estate planning is more essential for some people than it is for others. With this in mind there was some recent news circulating that underscored the importance of intelligent long-term planning for gay couples who are in committed relationships. The state of North Carolina passed a … [Read more...] about Recent News Underscores Need For GLBT Planning
Probate Expertise Makes All The Difference
You may have heard the word "probate" referred to without fully understanding what it is all about. Briefly described, probate is a legal process that your estate must pass through before the heirs to the estate receive their inheritances. Because it is a legal process it takes place under the auspices of the probate court that is local to the deceased. So, your last will is not just read among family members. It must be deemed valid by the court, and anybody who wanted to … [Read more...] about Probate Expertise Makes All The Difference
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 … [Read more...] about 529 Educational Savings Plans
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...] about Far Too Many Go Through Life Unprepared
Addressing Details Can Keep Peace Among Family Members
Everyone would like to see their family members all getting along well 100% of the time, but unfortunately few if any families are totally resonant with one another at all times. It can take some effort to create a harmonious dynamic, and this is something to keep in mind when you are making preparations for the latter portion of your life and eventual death. First of all, keeping decisions out of the hands of your family members can go a long way toward squashing any possible … [Read more...] about Addressing Details Can Keep Peace Among Family Members
Assisted Living Carries Big Price Tag
Budgeting for the latter stages of your life involves making intelligent long-term projections. If you want to be prepared for all contingencies you should be pragmatic and conservative with regard to your estimates. With this in mind, you would do well to consider the possibility of incurring long-term care expenses at some point in time. If you are fortunate enough to live into your senior years it becomes likely that you will need living assistance before all is said and … [Read more...] about Assisted Living Carries Big Price Tag
How Wills Are Used In Estate Planning
In the field of estate planning there are many different legal instruments that are utilized, and some of these are rather complex and not commonly understood. One exception would be the last Will and testament, but the fact is that there are other types of Wills to consider as well. With a last will you state your wishes regarding how your assets will be transferred to your loved ones after you pass away. While it could seem as though this is a simple and efficient choice with … [Read more...] about How Wills Are Used In Estate Planning
