A Power of Attorney (POA) is a document that allows you to name someone to make a decision for you. Your Power of Attorney will dictate what decisions can be made and what your wishes are so they can be followed. For disability planning, there are two common types of POAs: medical and financial. Medical POA A Medical Power of Attorney … [Read more...] about Should You Create Separate Medical and Financial POAs?
Long term care insurance companies would like you to believe that you will loose everything if you face a long stay in a nursing home. While extended care can drain some of your finances it is important to understand the truth about your need for long term care and what LTC insurance actually does before you consider such a policy. Long Term Care … [Read more...] about The Truth About Long Term Care Insurance
If you do not have a Last Will and Testament you are facing intestacy and the estate settlement process determined by law. When an estate has no valid Will or other testamentary instructions the law will pick the executor, heirs and guardian. Who Is in Charge of Settling Your Estate If your estate does not have a Last Will and Testament, no … [Read more...] about Estate Settlement Without A Will
When you pass away any funds that are left in your IRA will pass to your chosen beneficiary. In most cases, there is a good chance funds will be left to be inherited. Directly to Heir Passing funds directly to an heir creates three potential problems: if your heir withdraws all at once, he or she will owe income taxes on the entire account, your … [Read more...] about Should You Use a Irrevocable Trust for your IRA?
If you have a sizable estate, you may be familiar with the option of gifting assets as a way to pass on some of your family’s inheritance early. Before you begin gifting, you must understand the rules of the gift tax and the benefits and disadvantages of gifting your assets. Gift Tax The federal gift tax is a duty imposed upon gifts above … [Read more...] about Should You Gift Assets?
Did you know that you can name a beneficiary for your retirement accounts? Doing so will allow your accounts to pass to your chosen heirs outside of probate. This could provide your family with a fast cash supply for your final expenses if other estate holdings are tied up in probate. Retirement accounts can also provide a steady source of income … [Read more...] about Leaving Your Retirement Accounts to Your Family
If you want to keep active during retirement, a business is a great way to do so. Choosing the right retirement business may seem tricky, but it doesn’t have to be. Consider the Market The first step is understanding your local economy and the current market. Consider what is missing. Do you have an idea for a one-of-a-kind product that you … [Read more...] about Choosing the Right Retirement Business
Reciprocal Last Will and Testaments, sometime called “I Love You” Wills, is an estate planning device that allows married couples to easily leave their entire estate to the other spouse in the event of death. To decide if a Reciprocal Will is right for you and your family, consider the potential benefits and pitfalls that come with this legal … [Read more...] about Benefits and Perils of Reciprocal Wills
Because you don’t know what the future holds, asset protection is a great way to make sure you will have money for your retirement and still be able to leave an inheritance to your children. Asset protection can protect you from creditor judgments and lawsuits. Evaluate First, you must evaluate what your estate is worth and which of your assets … [Read more...] about How to Protect What You Have
For parents with minor children, a guardian plan is vital. You must name someone to care for your children if you don’t want the decision to be left to a court of law. Adopted Children If you have solely adopted the children in your household and you want your partner to receive custody upon your death, you should have a guardian plan. Your … [Read more...] about Naming Your Live-In Partner as Guardian