When you are engaged in the process of estate planning you invariably recognize that it is important to prepare for the inevitable eventualities that you will face during your twilight years. Many people find it increasingly difficult to take care of their day to day personal needs as they advance in age, and they often reach the point where they need assistance with things like cooking, bathing, shaving, eating, etc. Some seniors will require in-home care givers to help them out, and others may … [Read more...] about Are You Aware Of The Veterans A & A Pension?
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Are You Responsible For Your Parents' Debt When They Die?
When a parent falls seriously ill or dies, there are enough emotions riding high without throwing in financial worries that accompany these situations. But money troubles too often come part and parcel with aging parent issues. A frequent concern of adult children is whether they are going to be responsible for their parents' debts after they die. The answer is probably not, but there could be a couple of situations in which you are. The elderly, living on a fixed income, may use up all of … [Read more...] about Are You Responsible For Your Parents' Debt When They Die?
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
Do Small Estates Have To Go Through Probate?
Fortunately, no, small estates in Indiana do not have to go through probate, which is good, because that saves a lot of time and money. There are some restrictions on what makes an estate small, however. In Indiana, a small estate is one where the gross estate, less liens and encumbrances, does not exceed $50,000, the costs and expenses of administration, and reasonable funeral expenses. In such cases, the personal representative for the estate may immediately disburse and distribute the … [Read more...] about Do Small Estates Have To Go Through Probate?
Can I Avoid Probate?
Yes, you can avoid probate with a little advance planning. Many people are interested in how to set up their assets in order to avoid probate (court proceedings to transfer their property to their beneficiaries) after their death. These vehicles will help you achieve that goal: Insurance policies—insurance proceeds will go directly to a beneficiary and avoid probate, unless the beneficiary is your estate401Ks—money from a 401k will go directly to beneficiaries, avoiding probateLiving … [Read more...] about Can I Avoid Probate?
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?
Diversify to Protect Your Investments
Everyone has heard the warnings about putting all your savings into one basket. One only has to look back a few years to see what might happen if you do. Although extreme examples, there was the Madoff debacle, where trusting people invested their entire savings with Bernie Madoff, a shyster who took them to the cleaners, and Enron, where employees put their entire retirement savings into company stock and lost everything when the company collapsed. So how do you protect yourself and your … [Read more...] about Diversify to Protect Your Investments
What If My Loved One Needs a Guardian?
If you are concerned about a family member being able to care for themselves, you might want to consider guardianship. A guardian can be appointed for persons who cannot provide self care or manage their finances, who have dementia, or are otherwise incapacitated mentally or physically. Those who are habitually drunk or abuse drugs or have a developmental disability can also be considered incapacitated for guardianship purposes. There are three kinds of guardianships: Guardian of the … [Read more...] about What If My Loved One Needs a Guardian?
