Blending two families often comes with its share of ups and downs. Spouses who are busy trying to handle the emotional and practical aspects of blending families often forget about some of the estate planning considerations that a blended family brings with it such as: Fiduciaries – the executor of your will, an agent in a power of attorney, or a trustee of a trust all wield considerable power within your estate plan. Once two families are blended you may wish to reconsider these roles and … [Read more...] about Five Important Estate Planning Considerations for Blended Families
Retirement Planning: Debt Reduction Is Key
Some people toss around the word "retirement" as though it was some type of given. This could stem from the misconception that everyone will be able to retire once they start receiving Social Security and Medicare coverage. If you're one of these individuals you may want to do some research. The Social Security Administration states that the average monthly check in 2010 was $1072. As we all know, we're in the throes of a budgetary crisis. Social Security outlays account for 20% of the national … [Read more...] about Retirement Planning: Debt Reduction Is Key
When to Start Retirement Planning
For most people, the last thing they are thinking about in their 20s is retirement planning. In your 20s is when you typically settle on a definitive career path and land your first “real” job. Thinking about how to fund your retirement in 40 years is likely not at the top of your “to do” list. It should be though, right along with estate planning. Unfortunately, the days of easy retirement planning went by the wayside many years ago. Pensions are rare these days and the future of the Social … [Read more...] about When to Start Retirement Planning
Top Three Major Life Changes That Warrant Updating Your Last Will and Testament
Creating a Last Will and Testament is the foundation of any estate plan. While executing a Will is certainly essential, updating it is equally as important. As the saying goes “nothing stays the same.” So how do you know when you need to update your existing Will? Although each person presents unique circumstances, there are some common events that warrant revisiting your Will, as well as any other estate planning tools you have in place. Major life changes always warrant updating your Will. … [Read more...] about Top Three Major Life Changes That Warrant Updating Your Last Will and Testament
Planning for Your Pet in Your Estate Plan
For many, a pet is much more than a pet, he or she is part of the family. According to the Humane Society of America, more than half of American families are home to at least one pet. Although dogs are the most popular pet followed closely by cats, there are an infinite number of other animals from birds to pigs that are kept as pets. Regardless of the type of animal that you have made part of your family, chances are that you wish to ensure that your pet will be well taken care of after you are … [Read more...] about Planning for Your Pet in Your Estate Plan
Elder Law – How to Petition for Guardianship
If you have an elderly family member or loved one who has become incapable of caring for himself or herself, you may wish to step in and help make day to day decisions for your family member or loved one. Unfortunately, you may also have found out that having good intentions, or even being related to the person, is often not enough to allow you to make those decisions. Often, an appointment as guardian of the ward, or person who needs assistance, is required before you can help. State laws … [Read more...] about Elder Law – How to Petition for Guardianship
Long Term Care Costs: Are You Ready?
The costs associated with long-term care are worth paying attention to if you are engaged in planning for the future. The MetLife Mature Market Institute survey tells us that a year in an assisted-living facility in the United States in 2010 averaged over $39,000. The same period of time residing in a private room in a nursing home would run you over $83,000 on average nationally. According to the United States Department of Health and Human Services some 70% of senior citizens will someday … [Read more...] about Long Term Care Costs: Are You Ready?
Estate Tax May Have New Look In 2013
One of the things that you would do well to keep in mind when you are considering the subject of estate planning is the fact that things do not stand still. When you first arrange for a consultation with an estate planning attorney and walk out of the office with an estate plan in place you could get complacent, feeling as though you have satisfied this responsibility. This is a mistake because that initial plan is going to have been devised based on your life as it stood on that day. Time … [Read more...] about Estate Tax May Have New Look In 2013
Aging Is A Journey, Plan Carefully
When you decide that you would like to go on a trip you are generally going to invest a good bit of time making preparations. Of course you want to identify your destination, and you will probably develop an itinerary. And if you are like a lot of people, you will consider all the contingencies that may arise and make sure that you are prepared to handle them. Life itself can be viewed as a journey, and along these lines it is important to make preparations for all the eventualities of aging. … [Read more...] about Aging Is A Journey, Plan Carefully
Do I Have to Probate My Dad’s/Mom’s Estate?
If you have recently suffered the loss of a parent, you may have a number of practical and legal questions regarding whether or not you need to probate your parent’s estate. When a decedent dies, many states require the estate assets to pass through a legal process known as probate. Which estates require probate, and which type of probate process is required, or available, will depend on a number of factors. The most important factor in determining whether an estate must pass through probate is … [Read more...] about Do I Have to Probate My Dad’s/Mom’s Estate?
