When you are engaged in the process of estate planning the objective is to prepare your assets for distribution after your death. Of course, when you are considering these details you can't help but think about the last stages of your life as well. This is natural on a personal level, but the matters of estate planning and end-of-life planning are inextricably intertwined on a financial level too. Unless you are in the highest reaches of the upper financial stratosphere how you spend those last … [Read more...] about Consider Long Term Care Insurance
Comprehensive, holistic estate planning takes every possibility into account and this includes addressing the realities of aging in addition to the distribution of assets after death. The fact is that senior citizens are the most rapidly growing segment of American society, and people are indeed living longer than ever before. It is not the most pleasant thought in the world, but the fact is that many of us go through a period of incapacity before we pass away, and it is important to address … [Read more...] about Guardianship & Conservatorship
Advance health care directives are important components to your estate plan, and what they do is record your medical preferences so that your wishes are known should you be unable to communicate them at some point in the future. With a living will you state the medical procedures that you would be willing to accept and those that you would prefer to deny. When you execute a durable medical power of attorney, who empower a person of your choosing to make medical decisions in your behalf if you … [Read more...] about Advance Health Care Directives & HIPAA
It could be said that end of life planning contains three distinct components: the physical, the financial, and the philosophical. You can state your wishes concerning these matters by drawing up three different wills. Standard Will When most people hear the term "will" as it applies to estate planning they are going to think about the standard will that provides instructions for the distribution of the property of the deceased. We have all heard the term "last will and testament." The … [Read more...] about A Will For Every Purpose
When you are planning your estate you hear about a lot different legal instruments, but perhaps the most basic and well known among them is the will. This is of course the document that you draw up to elucidate your wishes with regard to the distribution of your assets after your death. There is also the living will, and this is an an advance health care directive. The living will is used to express your medical preferences in writing so that your wishes are known should you be unable to … [Read more...] about What Is An Ethical Will?
The demand for elder law has grown in recent years as the baby boomer generation reaches their 50s and 60s. Elder law covers a range of subjects including Social Security, age discrimination, Living Trusts and Wills, and healthcare. The primary purpose of elder law protections are to provide for the greater welfare, both socially and economically, for our aging population. First officially brought about by President Lynden Johnson’s administration, the overarching idea of elder law was … [Read more...] about Understanding Elder Law
It seems kind of strange in a way, but one of the primary goals of estate planning is to keep your assets intact as you are passing them along to your loved ones. The reason why this reality is rather odd is that you may naively think that what is yours is yours and when you pass away you simply leave your assets to your heirs in their entirety and that's it. But unfortunately, the government feels as though you do not have that right. Estate tax is imposed when you bequeath your assets to your … [Read more...] about Generation-Skipping Trusts