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
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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
How Do Contract Rights Fit Into Your Estate Plan?
Most people are familiar with joint versus individual ownership of property, but did you know that there’s a third way to own property? It’s through contract rights, and this type of ownership can have a large impact on your estate plan. In general, property in which someone holds contract rights is not subject to probate. Examples of this type of property include payable on death accounts, life insurance policies, retirement accounts, and revocable living trusts. Payable on death accounts … [Read more...] about How Do Contract Rights Fit Into Your Estate Plan?
The Importance of Advanced Health Care Directives
Many people wonder if they should include instructions in their Will to let loved ones know what kind of medical care they’d like if they’re in the final stages of a terminal illness. But your Will is not the place for this type of information. In fact, in many cases, your family doesn’t even find your Will until sometime after your death. What’s more, your Will, by definition, does not take effect until you die – so it’s powerless to make sure that your health care wishes are … [Read more...] about The Importance of Advanced Health Care Directives
Is a Life Insurance Policy Considered Part of My Estate?
With so much buzz about the estate tax returning in 2011, many people are taking a closer look at just what constitutes the value of their estate. Some items are obvious – your home for example, your cars and your personal belongings, but what about life insurance? Is that considered part of your estate as well? The answer is yes and no. If the life insurance policy is “owned” by you, then yes, the proceeds of the policy will be included in calculating the value of your estate. If … [Read more...] about Is a Life Insurance Policy Considered Part of My Estate?
