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
advance directives
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
Did the Pandemic Spur Incapacity Planning Awareness?
Far too many people are going through life without estate plans in place, and sometimes an unexpected event will provide a wake-up call. For most of 2019, no one would have ever thought that intensive care units would be overflowing in just a few months. The pandemic was an enormous shock on many levels, but from an estate planning preparedness perspective, it did not have much of an impact. In fact, the numbers have gone in the wrong direction. Caring.com has been conducting annual … [Read more...] about Did the Pandemic Spur Incapacity Planning Awareness?
Prepare for the Eventualities of Aging
Estate planning is not strictly confined to inheritance distribution decisions. A comprehensive estate plan will address the eventualities that you may face as you get older, and there are some unpleasant realities that should be confronted head on. Aging, Alzheimer’s, and Cognitive Impairment Once you are a senior citizen, it is likely that you will experience life as an octogenarian. When you are in your 80s, your ability to handle your affairs may start to diminish. Over 30 percent of elders … [Read more...] about Prepare for the Eventualities of Aging
Don’t Overlook These Estate Plan Details
There are some estate plan details that many people do not think about. This is one of the reasons why you should work with an attorney to develop your plan. In this post, we will look at some of the aspects that you may not consider. Child Guardianship and Asset Management You should definitely have an estate plan in place if you are the parent of a dependent child. A guardian for the child should be named in a simple will, and you should consider the matter of asset management for a minor … [Read more...] about Don’t Overlook These Estate Plan Details
Three Commonly Overlooked Estate Plan Details
One of the reasons why you should work with an estate planning attorney to devise your plan is because there are things to consider that many laypeople would overlook. In this post, we will look at three of the details that should be attended to when you are planning your estate. Letter of Last Instructions If you are an employer, you are not going to hire someone, give them a title, and turn them loose with no instructions. They would have a general idea of what they are supposed to … [Read more...] about Three Commonly Overlooked Estate Plan Details
A Conversation With an Estate Planning Lawyer
If you were to have an informal conversation with an estate planning lawyer, you would learn a lot in a short period of time. With this in mind, we are going to share a hypothetical conversation between a curious layperson and an estate planning attorney. When should you start to think about developing an estate plan? A lot of people think you can wait until you are a senior citizen for a couple of different reasons. One of them is the simple fact that they don’t like to think about their … [Read more...] about A Conversation With an Estate Planning Lawyer
Pandemic Shows Importance of Advance Planning
We were told all along that the colder weather would usher in a resurgence of the novel coronavirus, and we have reached that point. Estate planning attorneys always emphasize the fact that anything can happen at any time under ordinary circumstances. People understand this, but far too many of them embrace the “this will never happen to me” mantra. The pandemic has painted a very stark picture that is unavoidable. You can be perfectly healthy on one day and find yourself in the intensive … [Read more...] about Pandemic Shows Importance of Advance Planning
Coronavirus Underscores the Importance of Planning
COVID-19 has had an enormous impact on all of our lives, and it has given us a lot to think about. One of the lessons learned is the fact that unexpected circumstances can arise at any time, even some things that are absolutely unprecedented. Even though death is one of the inevitable facts of life, statistics show that the majority of American adults do not have estate plans in place. The most recent study that has been conducted indicates that less than half of people that are 55 years of … [Read more...] about Coronavirus Underscores the Importance of Planning
Incapacity Planning: Choose Representatives in Advance
It is said that “experience is something that you get just after you need it.” There is a lot of truth in this statement, and that’s the way life is in many ways. You cannot fully understand something until you have experienced it, and it is not always easy to learn these lessons. This certainly enters the picture when it comes to planning ahead for the eventualities of aging. When you have been perfectly capable of handling all of your own affairs throughout your life, it can be hard to … [Read more...] about Incapacity Planning: Choose Representatives in Advance
