A power of attorney gives you a chance to choose an agent. For instance, a medical power of attorney will be focused on healthcare decisions. If you’re incapacitated and you can’t make these decisions, your agent is allowed to do so. It’s important to choose the right...
Estate Planning
Safeguarding your digital assets as part of your estate plan
If you’re concerned about asset protection as you age, it’s important to look beyond the traditional estate planning scope of tangible assets and financial accounts. For older adults, protecting digital assets has become an essential component of comprehensive estate...
You can pass this major asset without a will
There are many different ways to pass wealth to the next generation. Financial assets could be listed in a will and given to someone directly. They could be put in a trust so that the beneficiary gets payments at certain times or at the discretion of the trustee....
Tips for discussing your estate plan with your family
Discussing an estate plan with family members is a delicate matter. It’s a conversation often laden with emotion because of the weight of financial implications and the reminder of mortality. However, this conversation is crucial for ensuring that your wishes are...
3 things to know about irrevocable trusts
Trusts are often a fundamental part of estate planning. There are many types of trusts, each with unique features and benefits. Among these, irrevocable trusts are considered one of the most powerful tools in protecting and preserving wealth. While they may seem...
How to talk to your elder parents about advance directives
Advance directives are legal documents allowing individuals to express their healthcare wishes in advance, helping ensure their preferences are honored in case they cannot communicate their choices themselves. These directives typically include a living will and a...
Is it too soon to make an estate plan?
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...
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...