One important component of protecting your family is thinking about how to use life insurance beneficiaries. Beneficiaries are those people who are entitled to receive your assets if and when something happens to you. The primary purpose of purchasing a life insurance policy is to protect your loved ones and give them funds they can […]

Is your new college student headed off to campus this fall? If so, don’t neglect an important part of the prep process: a power of attorney. While you’re loading up on under-the-bed storage bins and notebooks for them, make sure they’ve got a place to keep important paperwork like a power of attorney. Without it, […]

Did you just start a new job or did you recently purchase private life insurance? If so, you probably came across the term “beneficiary” as you filled out this information. This is the person or people who will receive the funds from your policy when you pass away. For most people, there will be a […]

Trustees will be required to do some or all of the following tasks listed below based on the express terms outlined in the trust’s creation. When putting together a trust, you will need to think carefully about who to install in the role of trustee. This person will have important responsibilities in adhering to your […]

When creating a trust you have the opportunity to name someone else or a corporate entity to serve as a trustee. The trustee needs to administer the terms of the trust. All trusts require some level of administration. A few of the factors to consider in deciding whether or not a member of your personal […]

A trustee is appointed to manage the administration of a trust’s terms. This person also acts as a custodian for the assets held in a trust and is responsible for administering and managing the finances of a trust based on the instructions included in the trust document. Some of the common responsibilities for a trustee […]

Did you know that if you transfer certain assets in periods before applying for Medicaid due to low income that you might have to go through a penalty phase? This is known as the lookback period and is in place to discourage people who are trying to qualify for Medicaid quickly from spending down or […]

Yes, you can find power of attorney documents and templates online, but it is rarely in your best interest to use these in your business. The very intent of a power of attorney is to let the person of your choosing be able to act in the event of an emergency; unfortunately, digital documents don’t […]

The SECURE Act, passed at the end of 2019, changed a number of rules regarding inherited IRAs, making it more difficult for most beneficiaries to save on taxes by “stretching” distributions over many years. However, an exception to the new rules potentially changes advice that special needs planners often give clients. For many reasons, it’s usually […]

If your loved ones are left to figure out the mess of your estate after you’re no longer around to help provide context, that’s not a gift. In fact, it can cause added stress and grief during an already difficult time in their lives. But that’s not the only reason that your estate can cause […]