Your estate planning attorney is a competent and knowledgeable professional who can help you create a solid estate plan in a timely manner. But you can hinder your attorney’s job if you do not do your part in the estate planning process. Write Down What You Want If you are already cognizant of some basic aspects of estate planning before you meet with an attorney, write down what you want out of your plan. Make a list of your beneficiaries and include a preliminary idea of what you would … [Read more...] about How to Help Your Estate Planning Attorney Help You
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How to Create A Comprehensive Disability Plan
A mental disability or terminal illness can leave you unable to handle your finances and make your own medical care decisions. That is why it is important to create a disability plan. Without a disability plan, the legal system will decide who has control over your medical wellness and financial assets. Make a Medical Plan A mental or severe physical disability may leave you without the ability to tell your family members and doctors how you want to be cared for. If you would like to name … [Read more...] about How to Create A Comprehensive Disability Plan
How To Use An Incentive Trust
Do you worry that a family member may squander money you leave him or her? An Incentive Trust is a legal document you can create to disperse funds over time or as life goals are met. An incentive plan is a great way to encourage a child or grandchild to succeed in life and to teach them financial responsibility. Encourage Life Goals An Incentive Trust may encourage your loved ones to pursue their life goals and reach success without depending fully on an inheritance. Leaving an inheritance … [Read more...] about How To Use An Incentive Trust
Why Planning Your Funeral Is An Important Part of Your Estate Plan
When you pass away, your loved ones will be faced with planning your funeral. This can be a very difficult process during their time of grief, especially considering the array of decisions they’ll have to make and the huge expense that comes with a funeral. You can make this time easier for your family by making many of your arrangements before you pass away and since you have time to shop around, you may also save them a little money in the process. What Arrangements Should You Make? You … [Read more...] about Why Planning Your Funeral Is An Important Part of Your Estate Plan
What is Elder Law?
Ours is an aging population. The baby boom of the mid 1900's and advances in medical care have changed the face of our society, making senior citizens the growing majority of the American population. Elder law is a growing field that focuses on the legal needs of these older citizens. Some common aspects of elder law include: Estate Planning An elder law attorney can help you plan your estate. This mean making all arrangements for your assets after you have passed away. With the help of … [Read more...] about What is Elder Law?
Buying Insurance for Peace of Mind
Although “estate planning” might conjure up images of Wills and Trusts, buying the right insurance is also a part of creating a comprehensive plan for your estate. Of course these days, you can get insurance for just about anything – so, which policies do you really need? Health Insurance Maintaining good health is important to your financial well-being because it allows you to keep working and paying your bills. But even the most health-conscious can become sick or injured, so having … [Read more...] about Buying Insurance for Peace of Mind
What's the Difference Between a Guardian and a Conservator?
If you suffer an illness or injury that leaves you unable to care for yourself, you’ll need someone to handle your affairs on your behalf. This is when a guardian and/or a conservator would be appointed for you. What’s the difference between the two? A guardian is a person who’s appointed by the court to take care of your personal interests and day-to-day care. Some of the things a guardian might decide for you are where you’ll live and what kind of medical care you’ll receive. A guardian is … [Read more...] about What's the Difference Between a Guardian and a Conservator?
How Does A Revocable Living Trust Affect Your Income Taxes?
When you fund property into a Revocable Living Trust, you transfer ownership of property from your name into the name of the trustee. Typically, you serve as the trustee while you’re alive, so that you control the property and retain all the benefits of property ownership. And because the trust is revocable, you can cancel the trust and transfer the property back into your individual name at any time. Under IRS rules, the only way you can avoid being taxed on the property in a trust is to … [Read more...] about How Does A Revocable Living Trust Affect Your Income Taxes?
Does Your Estate Have Enough Liquidity?
Estate liquidity is the amount of cash and cash equivalents available in your estate to pay creditors and other bills that may arise after you pass away. Many estates are heavy on illiquid assets like real estate, and too light on liquid assets. This means that when the cash runs out, illiquid assets have to be sold in order to pay the bills and settle the estate. Forced sales always put the estate at a disadvantage. For this reason, it’s important to plan for sufficient liquidity. One way to … [Read more...] about Does Your Estate Have Enough Liquidity?
Estate Planning for New Parents
If you’ve just had a baby, you know how busy and overwhelming life can be. Amid all the excitement and the adjustments you’re making, it’s important to take some time to think about your estate plan, and how you’d like to provide for your child in the event that you pass away. Especially at this time in your life, planning for this unfortunate circumstance is the last thing you’re likely to want to think about; however, this is an essential part of protecting and providing for your … [Read more...] about Estate Planning for New Parents
