A properly constructed estate plan will take a holistic, 360 degree approach. Of course, you have to make sure that assets get into the hands of your loved ones in the appropriate manner. This is the part of the estate planning process that everyone understands in a general sense. At the same time, you should consider issues that you may face toward the end of your life when you may not be able to communicate. This is a difficult subject to consider, but you can maintain some control over the … [Read more...] about What Are Advance Directives?
People sometimes make assumptions about estate planning that are based on misunderstandings. There are many reasons for this, and terminology is one of them. Some of the terms that are often used sound similar, but in actuality, they are not synonymous. We will look at some of them in this post. Living Trust and Living Will Everyone knows that a simple will is a document that is used to express your choices with regard to the way your estate will be distributed after your passing. You make … [Read more...] about Overlapping Estate Planning Terms Can Be Confusing
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?
There are some overlapping terms used in the field of estate planning, and this can lead to misconceptions. With this in mind, we are going to look at the difference between a living will and a living trust in this post. Wills and Trusts for Asset Transfers Most people are aware of the fact that a will can be used to state your final wishes with regard to asset transfers. In a general sense, they know that trusts serve the same purpose, but there are differences that a layperson would not … [Read more...] about Is a Living Will Similar to a Living Trust?
Imagine yourself striking up a conversation with the person sitting next to you on an airplane. You find out that they are an estate planning lawyer, and they are open to answering questions that you have about the subject. This would be a great opportunity to walk away with some important information. In this post, we are going to provide a hypothetical discussion between a layperson and an estate planning attorney to give you some food for thought. Do I have to be concerned about taxes on … [Read more...] about A Discussion With an Estate Planning Lawyer
The process of estate planning should be viewed in a holistic manner. Yes, you want to make sure that your loved ones receive their inheritances when the time comes, but you should also consider end-of-life eventualities. Anticipated Longevity It can be difficult to imagine a time when you will be unable to handle all of your own affairs. This being stated, when you see someone that is in their 80s, you would not be surprised to find out that they were experiencing some level of cognitive … [Read more...] about Proper Planning Can Prevent a Conservatorship
Estate planning can seem like a mysterious and complicated matter, but it can be broken down to its component parts. In this post, we will look at five essential documents that should be part of every estate plan. Will or Trust The facilitation of asset transfers is at the core of the estate planning process. You could use a will to state your final wishes, but it is not the best choice unless your situation is extremely simple and straightforward. A living trust is the ideal alternative … [Read more...] about You Need These Five Estate Planning Documents
Most people in the United States do not have estate plans in place, and the overall lack of preparedness is a head scratcher. We will devote a future blog post to the results of a recent survey on the subject, but suffice to say that most people between 35 and 55 are unprepared. This is the confusing part, because a very significant percentage of people in this age group have dependent children. It is irresponsible to go through life without an estate plan when you have others depending on … [Read more...] about Young Adults Need Advance Directives
Estate planning is considered by many to be a purely financial exercise. Without question, you have to decide how you want your assets to be distributed after you are gone and state your wishes in a legally binding manner. However, a well-constructed estate plan will include another component. Sadly, many people become unable to communicate at the end of their lives. Decisions may present themselves, and it is wise to anticipate all possibilities in a proactive manner. This is partially done … [Read more...] about Are Your Advance Directives in Place?
More and more, Americans are choosing to be cared for and are dying in their own homes. If you wish to be cared for and die in your own home, it’s especially important to have a plan in place to facilitate that choice. Read on to learn more. How Will You Age in Place and Be Able to Die at Home? … [Read more...] about How Will You Age in Place and Be Able to Die at Home?