If you worry about what will happen to your pets should you die , you are not alone. Leona Helmsley, New York real estate magnate, dubbed “The Queen of Mean” because of how she treated her employees, died in 2007 and left roughly $12 million to her dog, Trouble. A judge later reduced that amount to $2 million. Most of our pets, even the spoiled ones, could get by on a lot less. Thanks to a change in the 1990 Uniform Probate Code, most states now allow you to provide for pets in estate … [Read more...] about Pet Trusts Ensure Your Animals' Well Being
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Disability Insurance Protects Your Income
You have your life insurance in place, your 401(k), and you are starting to save for your kids' college or your dream retirement home. Think you have it all covered? What if you have a serious accident or contract a life threatening illness? Your health insurance would pay for the medical bills, and long term care insurance might kick in at some point if it were serious enough. But these would not pay your bills or provide income. You could run through all of your money and lose … [Read more...] about Disability Insurance Protects Your Income
Developing A Retirement Plan
Although everyone should be saving for retirement, few actually are. According to statistics published by the Employee Benefit Research Institute, approximately 60% of adults in the workforce are actively saving for retirement and only 65% of those that are saving have more than $50,000 saved. The worst statistic, however, is only about half the savers actually crunch the required numbers to know how much they need to save. Before you can make a plan, you need to know a few things: 1) What … [Read more...] about Developing A Retirement Plan
Bequeathing the Family Vacation Home
It’s hosted countless get-togethers with family and friends. Your grandchildren loved spending summers there; diving into the lake, roasting marshmallows and discovering just how fascinating nature can really be. You remember the first time your grandson caught a fish and the first time he caught poison ivy. In fact, many of your most treasured memories happened there. The family vacation home holds a wealth of memories and traditions - traditions your family members will likely want to … [Read more...] about Bequeathing the Family Vacation Home
Did Your Loved One Have Life Insurance?
When a loved one passes away, we’re often left with the task of sorting through mail and files to locate the important papers. But what happens if you can’t find everything you’re looking for? If you suspect that your loved one had a life insurance policy or an annuity but can’t find the documentation, you may have a difficult task ahead of you. Finding an outstanding life insurance policy isn’t simple because unlike a pension, there is no place where these policies are registered so that … [Read more...] about Did Your Loved One Have Life Insurance?
Estate Planning Guide for the Newly Divorced
A divorce, whether acrimonious or amicable, is an emotionally and, oftentimes, financially devastating life event. A Separation Agreement or final Decree of Divorce stipulates division of assets, child custody, visitation and support and alimony payments. However, there are other things you need to do to prevent your ex-spouse creating further financial difficulties or receiving assets if you die. If you have minor children, a Last Will and Testament or a Living Trust is essential. These … [Read more...] about Estate Planning Guide for the Newly Divorced
Passing On A Legacy – Preserve Your Family Heirlooms
Family heirlooms may be your only connection to past generations. You might possibly have possessions that once belonged to your great-grandparents or, even, great-great-grandparents. It is a privilege to hold jewelry your great-grandmother wore, a journal your great-great-uncle wrote or early photographs taken by your grandfather. These family heirlooms deserve the honor of preservation so future generations have the same opportunity to enjoy their heritage. Treasures that have been … [Read more...] about Passing On A Legacy – Preserve Your Family Heirlooms
Nursing Homes and Long Term Care
Aging is a fact of life. Another reality is there is no health guarantee in the latter years of life. Some seniors remain relatively healthy until their last days. Others, however, are not so fortunate. When a senior becomes unwell or has mobility difficulties, tough decisions have to be made. The two most common choices available in these situations is home care or residential care. Long Term Care Health Insurance Long term care health insurance provides numerous benefits: Sickness and … [Read more...] about Nursing Homes and Long Term Care
Medicaid 101
Medicaid is a program for those who cannot afford medical care. It is managed by the state and funded by both state and federal government funds, and is the largest source of funding for medical and health services for people with limited resources. It is often confused with Medicare, but Medicare is a Federal program that is not income based and is only for those 65 and older or those who have certain medical conditions. Medicaid however, is "needs" based and serves those with limited income … [Read more...] about Medicaid 101
Choosing Your Executor: Paid or Unpaid?
An executor is a person or institution tasked with carrying out your wishes and handling your estate after you pass away. The executor is legally obligated to meet your wishes and act in the best interest of your estate after you die. Normally, an executor is chosen and named when preparing a Will or estate plan. Should you die without a Will, the court will appoint someone – known as a personal representative - to perform the duties normally assigned to an executor. Since the executor’s … [Read more...] about Choosing Your Executor: Paid or Unpaid?
