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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
