The future always seems uncertain, and that will never change for any of us, even as many young children begin taking the first steps, it’s not too early to make long-term plans to ensure their financial security. Inheritance planning when children are too young to act for themselves can ensure their financial security for many years to come. There are many different directions that a person’s belongings or estate could head after the person has passed; after probate laws and surrogate courts … [Read more...] about Is Inheritance Planning as Simple as Writing a Will?
Blog
Why Pet Planning Matters
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
5 Shortcomings of Retirement Planning Software
Retirement planning software can help by generating quick overviews of where we’re headed financially, but unless you know the major shortcomings of these programs, you’re likely to miss some important information that could make or break your retirement plan. First, many retirement planning programs use return rates that are unrealistic, whether through user setting or a program default. A 2009 study of popular retirement planning software condenses the 5 primary shortcomings of these … [Read more...] about 5 Shortcomings of Retirement Planning Software
What is Guardianship and When is it Necessary?
Guardianship is a legal proceeding by which a person petitions the Court to allow the petitioner to assume control over the physical person or property of another person. Guardianship can occur in several circumstances: Injury or illness of an adult that leaves the adult unable to care for themselves or their propertyMinor Children who do not have a parent to care for themMentally disabled persons who are at risk of being taken advantage by designing personsOlder adults suffering from … [Read more...] about What is Guardianship and When is it Necessary?
What Does it Mean to be Named Executor in Someone’s Will?
The short answer to this question is that the person who has named you as executor trusts you to see that the bequests made in the will are carried out. The more complicated answer is that the executor has many duties to the estate and can be liable if such things as the estate taxes are not paid. Some of the duties of the executor are Distributing assets according to the dictates of the willPaying debts of the estate and final debts of the deceasedMaintaining assets of the estate such as a … [Read more...] about What Does it Mean to be Named Executor in Someone’s Will?
What is Elder Law and How Does It Affect You?
Elder law is an area of the law specializing in issues that affect the growing aging population. At one time, the focus of this area of the law was solely on estate planning, wills, durable powers of attorneys and other issues that affect people who may need nursing home care and their family members who cared for them. These matters are still a part of Elder law but as the baby boomer generation begins to reach retirement age, the focus has shifted. Social Security uses Patti Duke and Chubby … [Read more...] about What is Elder Law and How Does It Affect You?
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?
When to Use a Living Will
People are living longer, which means more may face mentally debilitating diseases such as Alzheimer’s or other long term illnesses. These people may no longer be able to make their own medical decisions. So, how are decisions made? If there are no disability planning documents, a court will name a guardian to make all decisions for that person. Having someone else make all of your decisions may seem scary. If so, you should use a Living Will along with other disability planning … [Read more...] about When to Use a Living Will
Three Things a Revocable Living Trust Can’t Do
While a Revocable Living Trust is a great estate planning method for avoiding probate and for preparing for potential mental incapacity, there are some things it just can’t do. Here are three examples: Protect Assets from Creditors. If someone wins a lawsuit against you that entitles them to money damages, they become what’s called a “judgment creditor.” A judgment creditor can levy on your property in order to collect the amount owed, and a Revocable Living Trust does not shield your … [Read more...] about Three Things a Revocable Living Trust Can’t Do
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...] about Young Families Need an Estate Planning Lawyer Too
