For most people, an estate plan consists of numerous documents. A Last Will and Testament provides the cornerstone of any estate plan; however, other ancillary documents may also be part of the plan such as a trust, insurance policies and bank accounts. What happens if two or more of these documents conflict? Let’s assume that Bob has a wife named Mary and two children—John and Beth. Bob dies of a heart attack. Bob’s Will specifically states that all of his assets are to be split evenly between … [Read more...] about What Happens When Estate Planning Documents Conflict?
Roth IRAs and Estate Planning – The Backdoor Approach
Individual retirement accounts, or IRAs, have become increasingly popular over the last few decades due in large part to the fact that employer sponsored retirement and pensions have all but become a thing of the past. If you have an IRA, or are thinking of opening one, you may wish to consider a Roth IRA instead of a traditional IRA. In a traditional IRA, you are allowed to contribute a specific amount of money each year into the account tax-free. The funds in the account then earn interest, … [Read more...] about Roth IRAs and Estate Planning – The Backdoor Approach
How Taxes Can Derail Your Estate Plan
Ideally, an estate plan should encompass much more than a basic Last Will and Testament. Although a Will usually serves as the foundation for any comprehensive estate plan, your plan should not stop there. Numerous other considerations should go into a well-rounded estate plan, including the tax implications of your plan. People often make the mistake of turning to boilerplate estate planning forms found on the internet in an effort to cut expenses when creating an estate plan. While there … [Read more...] about How Taxes Can Derail Your Estate Plan
Estate Planning in the Digital Age
Today, almost everything is accomplished electronically. If you really stop and think about how much you do in a single day that is done in one electronic form or another, you might be astounded – particularly if you are over the age of about 40 or so. All of these digital transactions are done through some type of electronic account. Those accounts are also part of your estate, though you may never have thought about them that way. So what happens to them when you die? The answer depends on … [Read more...] about Estate Planning in the Digital Age
Autism Awareness Month Highlights the Need for More Research
The month of April has marked Autism Awareness Month across the country since the mid-1970s. The Autism Society hopes that by designating the months of April as Autism Awareness Month it will bring public attention to the disorder and therefore finally locate the cause and/or the cure for those suffering from an Autism Spectrum Disorder, or ASD. Autism is not just one disorder but refers to a broad range of disorders that are collectively referred to as Autism Spectrum Disorder. While ASD … [Read more...] about Autism Awareness Month Highlights the Need for More Research
Legal Concerns When Your Spouse Develops Alzheimer’s
Alzheimer’s disease is a progressive disease that slowly destroys memory and thinking skills of the sufferer. Currently, it is believed that over five million Americans suffer from the disease with 600 more diagnosed each day. As we age, the risk of being diagnosed with Alzheimer’s increased exponentially. In fact, your chance of being diagnosed with Alzheimer’s almost doubles every five years as you age.To some degree, most of us worry about having Alzheimer’s, but what about the consequences … [Read more...] about Legal Concerns When Your Spouse Develops Alzheimer’s
What Legacy Will You Leave Behind?
It seems as though we are constantly being reminded how important it is to create an estate plan, but what about planning your legacy? Your legacy is more than just the division and distribution of your assets, but what is it? People have defined “legacy” in many ways. At the end of the day, your legacy is what you leave behind. It is what you are remembered for and encompasses your values, your opinions, and your beliefs as well as your life’s work and passions. These things are a bit harder … [Read more...] about What Legacy Will You Leave Behind?
Medicaid vs. Medicare
Whether you are a senior in need of assistance with the high cost of healthcare or you have an elderly family member who needs assistance, both the Medicaid and Medicare program may be able to help. Understanding the basic differences between the two programs will help you decide whether either program might be able to help. Both programs are funded by the federal government, but Medicaid is administered by the states. The eligibility guidelines for Medicare are the same for everyone. Medicaid … [Read more...] about Medicaid vs. Medicare
Why You Need to Discuss Your Estate Plan with Your Children
For most of us, the idea of having a detailed conversation with our adult children about finances, estate planning, and funeral preferences doesn’t sound like much fun. In fact, a trip to the dentist probably sounds like more fun; however, there are a number of reasons why you should do it. When your children are young, there is no reason why they need to know the status of your finances, what you are worth, or to even consider the possibility of you dying. As you age, however, your children … [Read more...] about Why You Need to Discuss Your Estate Plan with Your Children
Genetic Material and Estate Planning
Advances in science and technology have brought us many things and many opportunities over the last century. They have also dramatically changed what we include in our estates for the purpose of estate planning. Digital assets, for example, are now something that the average person must address in an estate plan. Another asset that you, or your spouse, may include among your assets is genetic material. This particular addition to estate assets can cause a significant amount of confusion and … [Read more...] about Genetic Material and Estate Planning
