Leaving a Legacy Basic estate planning is a must for those who wish to leave an inheritance to their loved ones and provide information about their final wishes. If, however, you are among those who prefer to leave more than just a basic inheritance, an advanced estate plan with a focus on legacy planning might be a better … [Read more...] about Leaving a Legacy
When you leave an inheritance for minor children, an Irrevocable Trust may be your best friend. These trusts offer benefits such as estate tax reduction and asset protection. Within the world of Irrevocable trusts there are many different types. Common pot trusts and individual trusts, two kinds of irrevocable trusts, are often used to leave an … [Read more...] about Choosing between a Pot Trust and an Individual Trust
Have you been named as an Attorney-in-fact on a family member’s Power of Attorney (POA)? Your responsibilities may vary depending on the size of the assets in question and on what powers your loved one had granted to you. Manage Business Affairs If your family member owns part or all of a business, you may be in charge of helping to run that … [Read more...] about What Are Your Duties as Attorney-in-Fact?
Do you have a furry loved one who will need care after you pass away? If so, you can provide for your pet with a Pet Trust. This is an Irrevocable Trust that allows you to set aside money for your animal’s living expenses and medical care. Assistance to Pet The best way to help a loved one after you pass away is to leave an inheritance for him or … [Read more...] about Should You Use a Pet Trust?
Do you know how you will pay for your living expenses when you retire? If you don’t have enough retirement savings, you may have to continue working longer than you would like, or if you are unable to work, you may have to sell assets to pay bills. If you don’t currently have a plan in place, or if you haven’t given much thought to your plan, you … [Read more...] about Creating a Strong Retirement Plan
Medical emergencies happen every day. You never know when a medical crisis could leave you mentally disabled or in a constant vegetative state and unable to make your own medical decisions. This is why you should have a disability plan. One of the most common disability planning devices is an Advance Medical Directive. Choose a Health Care … [Read more...] about What Does Your Advance Medical Directive Do?
An essential aspect of estate planning is providing for your family members after you are gone. This is especially important if you have minor children. Until your children have reached adulthood they will need someone to care for them and financially provide for their needs. Name a Guardian You must choose a guardian for your children in case … [Read more...] about Including Your Children in Your Estate Plan
One of the initial steps to creating an estate plan is to evaluate how much your assets are worth and what debts you owe. The net worth of your estate can help your attorney to decide what level of estate planning you need. This evaluation will also determine if your family will have to pay estate taxes upon your death. Evaluating your net worth … [Read more...] about Evaluating Your Net Worth
A payable on death (POD) account is any type of bank account that you designate a person to take over upon your death. Name a "Beneficiary" In order to make an account payable on death, you must complete a designation form with your account holder. It is important to reevaluate these designations each time you up-date your estate plan. If your … [Read more...] about How a Payable on Death Account Works
Have you ever considered the possibility that you could someday become mentally disabled or physically in a vegetative state? Not many people consider this, but this could happen at any time. For this reason, a disability plan is a vital part of estate planning, and you should begin your preparation today. Your disability plan will take care of … [Read more...] about When is the Best Time for a Disability Plan?