Statistics show that most people do not have estate plans in place, and this even applies to older Americans. Just 43 percent of individuals that are 55 five years of age and up have estate plans in place according to a study that was conducted by Caring.com. In a strange twist, they also found that … [Read More]
Medicaid Eligibility and Special Needs Planning
There are different ways to provide inheritances, and a suitable method for one person may not be appropriate for the next. This dynamic enters the picture in a big way when you’re leaving an inheritance to someone with a disability. With this in mind, let’s take a look at special needs planning. Need-Based Benefits Most … [Read More]
Updating Your Estate Planning Documents After Major Life Events
Updating your estate planning documents after major life events is important so that your documents reflect everything your situation involves. Creating a will or trust is an essential step in protecting your family’s future and ensuring that your wishes are carried out. But life doesn’t stand still, and neither should your estate plan. Major life … [Read More]
Why Funding a Trust is Important
You’ve made a wise decision to set up a living trust. After careful thought, you’ve worked with your attorney to outline how you want your assets managed and distributed, and you’ve signed the paperwork. That’s a major milestone in safeguarding your family’s future. But there’s one essential step left—funding your trust. What Does It Mean … [Read More]
Estate Planning for Minor Children: Protecting Their Future
If you’re a parent, ensuring your children are cared for and provided for is likely one of your top priorities. But what happens if something unexpected occurs? Estate planning for minor children is important to give you peace of mind that your kids will be cared for both emotionally and financially if you’re no longer … [Read More]
Assuage Remarriage Concerns With a QTIP Trust
If you are getting remarried as a person with children from a previous marriage, you may have estate planning questions. How can you make sure that your children receive the inheritances that you would like to leave to them? This is a good question because you never know what can unfold as the years pass. … [Read More]
What Do I Need to Know About the Probate Process?
The probate process is a legal procedure through which a deceased person’s assets are distributed to their heirs. While this might sound straightforward, probate often proves to be a lengthy, costly, and stressful process. For these reasons, many people take proactive steps to avoid it, with a living trust being one of the most effective … [Read More]
Is Life Insurance Part of Your Estate Plan?
Life insurance can play a pivotal role in a comprehensive estate plan. While often thought of solely as a tool for income replacement, it also provides strategic benefits for asset distribution, estate liquidity, and financial security. Including life insurance in your estate plan ensures your loved ones are supported, even in complex financial or familial … [Read More]
Estate Planning Downloads: Beware of Unintended Consequences
There are estate planning downloads out there that are relatively affordable. You purchase a DIY will template, fill in the blanks, and you’re good to go. But is the process really as simple as that? Let’s take a look at that question and the subject of DIY estate planning in general. Choosing the Right Document … [Read More]
What Are the Duties of a Living Trust Trustee?
Many people harbor misconceptions about trusts. One of them is the idea that they are only useful for very wealthy people who have complex estates. This is a half-truth because there are irrevocable trusts that high-net-worth individuals use to address estate tax exposure. However, irrevocable trusts are also utilized by people who are not extremely … [Read More]
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