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?
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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?
The 411 on 401Ks
It’s difficult to imagine a retirement plan without a 401(k) account, but in reality they have only been in existence for 30 years. A traditional 401(k) is a retirement savings plan, usually sponsored by an employer, which allows a person to save for retirement by having their savings invested. This savings tool defers income taxes for the employee on both the money saved and its earnings until the funds are withdrawn. With a 401(k) sponsored by an employer, a worker will normally have a … [Read more...] about The 411 on 401Ks
What is Probate?
Probate is a legal process the courts use to take inventory of your estate and distribute your assets after you pass away. In addition to dispersing your belongings, it also ensures that all your outstanding debts have been paid and when probate is complete, that your estate is completely dissolved. To accomplish this feat, the probate court relies on the executor you named in your Will or on a personal representative designated by the court if no Will exists. This person is responsible for … [Read more...] about What is Probate?
What's the Difference Between a Will and a Living Will?
They sound like they might do similar things, don't they? But although both of these legal documents perform very important roles in your estate plan, a Will and a Living Will are actually very different. A Will is a document used to tell the courts how you would like your estate to be dissolved. This includes distributing your assets, paying off your debts and naming a guardian for your minor children if needed. A Living Will on the other hand, is a document that tells your healthcare … [Read more...] about What's the Difference Between a Will and a Living Will?
Solvent vs. Insolvent: What's the Difference?
When your estate gets to probate court, it can be classified in one of two ways: solvent or insolvent. Solvent means that there are still assets left over after all the debts have been paid. These assets are then distributed to the heirs as outlined in your Will or if there is no Will, in accordance with state law. An insolvent estate on the other hand, is one where the debts exceed the value of the assets. In this instance, all the assets are sold off but cannot completely cover the … [Read more...] about Solvent vs. Insolvent: What's the Difference?
