UGMA and UTMA accounts are two types of custodial accounts that parents or grandparents can open for their children or grandchildren. These accounts allow for asset transfers to children while still retaining control over the account until the child reaches a certain age. However, there are some key differences between UGMA and UTMA accounts that you should be aware of before opening one. The Basics UGMA stands for Uniform Gifts to Minors Act, while UTMA stands for Uniform Transfers to Minors … [Read more...] about What Are UGMA and UTMA Accounts?
Blog
How to Cope With the Death of a Loved One
Death is an inevitable part of life, and it is something that we all must face at some point. Coping with the death of a loved one can be one of the most difficult experiences that anyone can go through. It is a time when emotions are high, and it can be hard to know how to deal with the pain and grief that comes with losing someone you love. Grieve in Your Own Way The first thing to remember when coping with the death of a loved one is that everyone grieves differently. Some people may feel … [Read more...] about How to Cope With the Death of a Loved One
Medicaid for Seniors: 2023 Facts and Figures
It can seem like the Medicaid program will have no relevance if you know you will qualify for Medicare when you are an elder. This makes sense on the surface, but there is a major gap in the Medicare coverage that you should understand when you are anticipating your future expenses. Long-Term Care This program will not pay for the custodial care you would receive in a nursing home, and it does not cover in-home care that is provided by a caregiver. Paying out-of-pocket is not a very pleasant … [Read more...] about Medicaid for Seniors: 2023 Facts and Figures
These Tips Can Jumpstart Your Estate Plan
Some people drag their feet when it comes to estate planning because they don’t have enough basic information. With this in mind, we will provide a few tips in this post to give you some foundational knowledge to draw from going forward. Don’t fret about taxation unless you are a multimillionaire. You may assume that estate planning involves complicated steps that must be taken to minimize tax exposure. In reality, the tax situation for the vast majority of people is very favorable. There … [Read more...] about These Tips Can Jumpstart Your Estate Plan
2023 Caring.com Survey Reveals Widespread Estate Planning Unpreparedness
Caring.com conducts annual surveys to get a feel for the percentages of American adults that have estate plans in place. They release the results during the early portion of the year, and they have recently shared their 2023 findings. We will take a look at some of the important takeaways in this post. Overall Preparedness The percentage of adults with estate plans has remained constant for the most part over recent years with slight fluctuations. This time around, 34.1 percent of all people … [Read more...] about 2023 Caring.com Survey Reveals Widespread Estate Planning Unpreparedness
These Advantages Add to the Appeal of Living Trusts
There are two significant benefits that living trusts provide that get a lot of attention. One of them is the fact that you can include spendthrift protections for a beneficiary that is not ready to handle a significant inheritance. The trust would become irrevocable after your death, and the beneficiary would not be able to reach the principal. This would also apply to their creditors, so there is asset protection, and you don’t have to provide a lump sum distribution all at once. Another … [Read more...] about These Advantages Add to the Appeal of Living Trusts
Generation Y Members Need Estate Plans
The millennials, or “Generation Y,” are now between 25 and 40 years of age. According to a survey that was conducted by Caring.com, less than 30 percent of Americans in this age group have estate plans in place. Obviously, people do not usually pass away when they are in their 20s, 30s, or 40s, but it does happen each and every day. If you are in this group and you want to take a gamble as a single person, you may not be risking much, but the situation is very different for people with … [Read more...] about Generation Y Members Need Estate Plans
Retirement Planning Should Extend to Legacy Preservation
Retirement planning is a crucial process that everyone should undertake to ensure their financial security in their golden years. It involves setting and achieving financial goals for the future, such as saving enough money to cover living expenses, health care costs, and other retirement-related expenses. In this post, we will discuss the importance of retirement planning and some strategies that can help you achieve your retirement goals. The Importance of Retirement Planning One of the main … [Read more...] about Retirement Planning Should Extend to Legacy Preservation
Pet Trust: Ensuring Your Furry Friend’s Future
Pets are a great source of companionship, love, and support for people of all ages. However, for senior citizens, owning a pet can be especially beneficial. As people age, they may find themselves living alone or in isolation due to various reasons such as retirement, loss of a spouse or friends, or physical limitations. In such cases, pets can provide much-needed emotional support and improve the overall quality of life for seniors. However, longevity can be a source of concern, and from an … [Read more...] about Pet Trust: Ensuring Your Furry Friend’s Future
Secrets and Intrigue: A Look at Five Unusual Trusts
A lot of people do not understand the fact that there are many different types of trusts that can be used when you are planning your estate. The primary reason why you should work with an estate planning attorney is to become apprised of your options so you can make informed decisions. With this in mind, in this post we will look at five unusual trusts that you may be learning about for the first time. Secret and Semi-Secret Trusts The first trust that we will look at is the “secret trust.” … [Read more...] about Secrets and Intrigue: A Look at Five Unusual Trusts
