You know that you’re going to need to draft an estate plan eventually. You imagine it being used by your family after you’ve passed away in old age, so it seems like something that you wouldn’t have to do until well after you’ve retired. The truth is that it is not...
Estate Planning
3 things to know about a special needs trust
A special needs trust is designed to provide financial support for an individual with disabilities while still allowing them to maintain eligibility for government benefits. The trust’s assets can be used to pay for expenses not covered by government programs, such as...
4 questions you should ask your parents about their estate plan
Many adult children are well-informed about their parents’ estate plans. Unfortunately, some of them have no idea about what it entails or that it even exists at all. If you are in the dark concerning your parents’ estate plan, consider asking them the following...
A fixed income could put your home at risk
Living on a fixed income is simply part of retired life. You have to scale back your daily cost of living expenses so that retirement savings, Social Security retirement benefits and possibly part-time income would be enough to pay all of your bills. Evaluating your...
3 options for transferring financial assets to your heirs
As you set up your estate plan, your main goal may be to transfer the financial assets that you own on to the next generation. You also have to address some physical assets, such as family heirlooms or a house, but finances play a big role. Exactly how you do this...
Should you put your home in a trust?
As a part of your long-term care plan, you may want to consider putting your home into a trust. If you intend to stay in your home and live there as you age, putting it into a trust could be a good option that will allow you to protect the asset and your right to...
Do you need to put everything in your will?
You may have heard people say to update your will to ensure everything is accounted for. It would be more correct to say update your estate plan. A will is not the only estate planning tool, and including an asset in a will that you have already dealt with elsewhere...
Choosing the right conservator: Things to consider
A conservator is a person appointed by yourself or the court to manage your estate and other aspects of your life should you become incapacitated. Given the nature of their responsibilities, it is important that you choose the right individual for this role. However,...
Your debts can prevent you from leaving an inheritance for family
When you decide who receives your personal possessions, you probably make those decisions based on the personalities of your beneficiaries and your relationship history with them. Although you may consider and try to balance the financial value of those assets, the...
Is it time to discuss estate planning with your aging parent?
Your parent had a scary fall and ended up in the hospital to be treated for a broken arm. While you have been aware of the risk of falls and injuries, this accident might have made it especially clear to you and your siblings that your parent is not getting any...