Unfortunately, a significant percentage of marriages do not withstand the test of time. First marriages fail at a significant rate, and perhaps surprisingly, the majority of second and third marriages end in divorce. These statistics are eye-opening if you adopt a completely pragmatic stance. Depending on the circumstances, you may want to consider entering into a premarital agreement if you are a divorced person who is getting remarried. Though you will certainly be hoping for the best, you … [Read more...] about Inheritance Planning After Remarriage: Protect Your Children
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Inheritance Planning: Consider the Recipients
When you envision the process of inheritance planning, you may logically think about preparing assets for distribution to your loved ones. You execute certain legal documents, and you slice up your assets like pieces of a pie. This is one way to look at it, but there is another aspect to consider. The giving is only part of the equation; you also want to consider the life situation of each respective recipient. There are different ways to transfer assets, and the ideal way to get assets into … [Read more...] about Inheritance Planning: Consider the Recipients
Acts of Charitable Giving Can Enhance Your Legacy
You can look at estate planning in one of two ways. The bare-bones approach is to simply arrange for asset transfers to your loved ones after you are gone. However, you can take a more comprehensive approach and engage in the process of legacy planning. Throughout your life, you have made an impact in many different ways. This influence can be felt even after you pass away if you carefully shape your legacy. Charitable giving can be one way to make a difference. There are various different … [Read more...] about Acts of Charitable Giving Can Enhance Your Legacy
Medicaid and Long-Term Care: A Brief Primer
Long-term care can seem like something that is only relevant to others, but in reality, everyone should take the matter seriously. We all get older, and you should prepare for the eventualities of aging so that you are not confronted with any unpleasant surprises as a senior citizen. Most people will qualify for Medicare coverage at the age of 65, but Medicare does not pay for long-term care. Since nursing home care can cost $100,000 or more per year, this is a very significant hole in the … [Read more...] about Medicaid and Long-Term Care: A Brief Primer
Should I Use a Revocable or Irrevocable Trust?
If you have not researched the subject extensively, you may assume that a trust is a single type of document that serves a universal set of purposes. In fact, this is not the case. There are various different types of trusts that can be used to satisfy different objectives, though some of them can accomplish multiple aims simultaneously. One major difference between trusts is the right of revocation. You can revoke or dissolve some types of trusts, and there are also irrevocable trusts. At … [Read more...] about Should I Use a Revocable or Irrevocable Trust?
What Is Indianapolis Supplemental Needs Trust?
What Is Indianapolis Supplemental Needs Trust? from Paul Kraft Supplemental Security Income is a need-based program that provides financial support for people with disabilities. Learn more about Indianapolis supplemental needs trust in this presentation. … [Read more...] about What Is Indianapolis Supplemental Needs Trust?
Do I Surrender Control When I Create a Power of Attorney?
You are probably aware of the fact that a power of attorney is a legal document that you could use to give someone else the power to make decisions on your behalf that would be legally binding. There are various different reasons why you may want to use a power of attorney when you are fully capable of handling your own affairs. For example, you may be out of the country on business for an extended period of time, and you may give an associate the power to enter into certain business … [Read more...] about Do I Surrender Control When I Create a Power of Attorney?
Top Five Estate Planning Mistakes to Avoid
People sometimes make assumptions with regard to estate planning, and they make decisions that ultimately yield negative results. In this blog post, we will look at five estate planning mistakes that people often make when they do not understand all of the facts. 1.) Do-it-Yourself Estate Planning There are websites on the Internet that sell do-it-yourself legal documents, including last wills and living trusts. While it is not against the law to create your own estate planning documents, … [Read more...] about Top Five Estate Planning Mistakes to Avoid
Probate: Is it a Problem?
When you start to look into the subject of estate planning, you will invariably hear a lot of things about the legal process of probate. This process would come into play if you are in direct personal possession of property when you pass away. This would be the case if you have a will, and it would also be the case if you die intestate. While it is true that there are certain drawbacks that can go along with the probate process if things are not done correctly, it does not necessarily have to … [Read more...] about Probate: Is it a Problem?
What Is Sandwich Generation Planning?
There are role reversals within families over the years. When you are young, you depend on your parents for everything, and there is still some sense of dependency even after you start to become a young adult. However, when you become a parent in your own right, you are the one that has someone depending on you. At first, your parents will probably be fully capable of handling all of their own affairs. However, at some point, they may need help with their activities of daily living while your … [Read more...] about What Is Sandwich Generation Planning?
