If you have a loved one with special needs, he or she is probably not far from your thoughts. Worrying about how such a family member will be cared for after you have passed away can be difficult. During the estate planning process, you can create a special needs plan for your loved one that [...]
If you decide to create an estate plan that goes beyond a basic Last Will and Testament, you may encounter Revocable and Irrevocable Trusts. Both types of Trusts are an essential part of Advanced Estate Planning. They each offer different benefits to help you tailor your plan to your needs. Revocable A Revocable Living Trust [...]
I had a friend who's parents were divorced. His father remarried and later died, leaving everything to his spouse. His mother also remarried, and when she died, she also left everything to her spouse. The step-parents' estate plans left everything to their own children. My friend was completely disinherited. If you have children from a [...]
Saving for retirement can help to ensure you have enough for your basic living expenses as well as any extras you desire. Knowing how much to stockpile may seem confusing, but it doesn’t have to be. Current Expenditures You can estimate your current yearly costs by calculating your monthly expenses and multiplying by twelve. For [...]
A disability or incapacity plan allows you to make arrangements for your medical care and financial assets if you should become disabled to the point of not being able to act for yourself. In case you become mentally or physically disabled and need someone to speak for you, you can use your plan to name [...]
If you have finished your basic estate planning and are looking toward advanced planning for purposes of asset protection, you should understand how and why to guard your estate. An asset protection plan keeps your property and the property of your loved one’s safe from being taken to settle a lawsuit or for a divorce. [...]
A POA, or power of attorney, is a common estate planning device that allows you to name an attorney-in-fact to handle your financial assets if needed. Attorney-in-fact When you create a Power of Attorney, you will have to decide what family member or friend is best suited for the position of Attorney-in-fact. If you are [...]
Most people over the age of sixty-five will need some sort of long term care before their death. With such high odds, you should plan for your long term care and discuss your choices with your family. Weigh Your Options There are a variety of long term care options ranging from day time only care [...]
If you are a parent with young children, it is imperative to name a Guardian to care for your children in the event that you and your spouse pass away. The consideration that your children may grow up without you can be heart-breaking, but don’t let that be a deterrent to choosing a Guardian during [...]
If you count a furry loved one among your family members it is important to provide for his or her care after your death. You can create a pet plan by naming someone to take your pet in after you have gone and by leaving funds for your pet’s medical care and daily needs. Name [...]
