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?
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
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
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
Three Estate Plan Components You May Have Missed
People often think of estate planning as the act of drawing up a will or a trust to state your final wishes. This is definitely at the core of the process, but there are some details that can be overlooked. We will look at three of them in this post. Advance Directives for Health Care A properly constructed estate plan will address end-of-life eventualities. Admittedly, these are matters that are not very pleasant to think about. At the same time, if you stick your head in the sand, a … [Read more...] about Three Estate Plan Components You May Have Missed
Do You Maintain Control of Assets in a Trust?
There is an inherent challenge from an estate planning perspective with regard to projections for the future. How can you know how much money you will need for the rest of your life? A lot of people do not consider the possibility of using a trust because they assume that you lose control of the assets yourself. Since the future is uncertain, they do not feel comfortable letting go of the resources. This is totally understandable, but there is a step that you can take to give yourself the … [Read more...] about Do You Maintain Control of Assets in a Trust?
How Do You Leave an Inheritance to Minor Children?
There are multiple asset transfer methods used in the field of estate planning, and sometimes the same one will be appropriate for everyone in the family. This being stated, there are other situations that call for targeted solutions based on the circumstances. Estate planning for minors would fit into this category. You cannot leave a direct inheritance to someone that is not old enough to handle their affairs, but you may have a youngster on your list. This can apply to a grandparent, a … [Read more...] about How Do You Leave an Inheritance to Minor Children?
Your Estate Plan Should Be Tailored to Suit Your Needs
A lot of people have misconceptions about estate planning. They think that your choices are limited, and everyone involved will be required to adjust. The idea is that you pass along your assets in a will, and everyone is on their own after they receive their inheritances. Many of these folks assume that trusts are only for extremely wealthy people that have very complicated estates. In reality, this is really not the case. There is an ideal approach to address any situation, and we will look … [Read more...] about Your Estate Plan Should Be Tailored to Suit Your Needs
Top 5 Reasons for Estate Planning Unpreparedness
Two out of three American adults are unprepared from an estate planning perspective, and this is not confined to younger people. Less than half of individuals that are 55 years of age and older have estate plans in place. Why do they ignore an event that is one of the certainties of life? In this post, we will look at five reasons why people fail to take action. Simple Procrastination The first group is comprised of individuals that are fully aware of the fact that estate planning is … [Read more...] about Top 5 Reasons for Estate Planning Unpreparedness