Your estate plan should be as complex or as simple as your estate is, but in all cases it should take advantage of the tools that are right for the job. All estates plans should start with a Last Will and Testament; however, after that the estate planning tools you use will depend on your goals and needs. Trusts are another popular estate planning tool. In case you are under the impression that trusts are only for people with vast estates, think again. Specialized trusts have developed over the … [Read more...] about How to Use a Specialized Trust — The Gun Trust Example
What Is Elder Abuse?
Sadly, elders are abused in America every day. According to the National Center on Elder Abuse, between one and two million Americans over the age of 65 are mistreated, abused or taken advantage of by people on whom they depend for care every year. Many believe that figure may grossly under-represent the number of actual occurrences, as many elders are hesitant, or unable, to report abuse. Elder abuse can take the form of physical, emotional or sexual abuse as well as neglect or financial … [Read more...] about What Is Elder Abuse?
What to Do If You Suspect Elder Abuse
As some point in your life, you are likely to have an elderly loved one who is unable to fully care for himself or herself . As people in the United States live longer, the population of people over the age of 65 continues to increase. Many people now live into their 80s and 90s with a great deal of independence. Even those who are relatively independent, however, eventually need some type of assistance in most cases. Others may need full-time care because of medical conditions that prevent them … [Read more...] about What to Do If You Suspect Elder Abuse
Signing Over The Deed to Your Home to Avoid Probate — Things to Consider First
Avoiding probate is one important goal for most people who are in the process of estate planning. If you only have a modest estate, you might think that devoting the time and money to consult with an estate planning attorney is not necessary. One of the biggest mistakes that people in your situation make is to sign over the title to their home to a loved one under the belief that it will avoid probate and save money. Before you do this, there are some things you should consider first. Once you … [Read more...] about Signing Over The Deed to Your Home to Avoid Probate — Things to Consider First
Long-Term Care Insurance — Is It For Me?
Although most of us look forward to our golden years when we can finally relax and enjoy life, many of us also worry about what will happen if our health is less than perfect. Thanks to advances in medicine and technology over the last decade, we can look forward to living longer, but that could also mean we will require long-term care at some point. Given the fact that a stay in a long-term care facility can cost upwards of $100,000 a year, and that private health insurance policies often do … [Read more...] about Long-Term Care Insurance — Is It For Me?
Adult Children and Your Estate Plan Dos and Don’ts
If you are in the process of creating an estate plan, and you have adult children, you are probably trying to figure out the best way to approach handling your children in your plan. Although only you and your estate planning attorney can ultimately decide how you want to address your children in your estate plan, consider the following “dos” and “don’ts” as you go about the process of creating your plan. Don’t assume that you are required to treat each child the same. This does not mean you … [Read more...] about Adult Children and Your Estate Plan Dos and Don’ts
Inheritance Planning: Family Discussion Useful
One of the reasons why it is important to retain the services of an experienced estate planning attorney is because you need personalized attention. When you communicate your wishes to your attorney and he or she has the opportunity to evaluate your assets a plan can be developed that is unique to you, your intentions, and your family. The communication should not stop there however. There are cases when family members wind up disagreeing among one another after a loved one passes away with … [Read more...] about Inheritance Planning: Family Discussion Useful
Inheritance Planning In Action
Estate planning is all about making preparations for giving, and of course these gifts are going to change hands after you pass away. However, you can actually take action while you are still alive by giving gifts to the people that you intend to leave bequests to eventually. This practice can serve multiple purposes. For one, you get the personal satisfaction that goes along with an act of generosity. For another, you proactively transfer assets free of taxation. And thirdly, as you are giving … [Read more...] about Inheritance Planning In Action
How to Include Your Pet in Your Estate Planning
Although the old saying is that “dog is man’s best friend”, many cat and other animal owners would disagree. Regardless of what type of pet you own, if you are an animal lover then you undoubtedly wish to provide for your pet in the event of your death. In some cases, simply discussing the matter with a family member or loved one will suffice; however, it is important to understand that the family member or loved one is under no legal obligation to fulfill your wishes with regard to your pet … [Read more...] about How to Include Your Pet in Your Estate Planning
Blended Families and Joint Accounts for Estate Planning Purposes
Blended families are the norm anymore in America. If you have recently remarried, or are planning to remarry in the near future, you have likely given a considerable amount of thought to how you and your new, or future, spouse will handle financial matters. Unlike a first marriage, partners in a second, or subsequent, marriage often come into the marriage with children from the previous relationship as well as an existing financial and estate plan. Creating an estate plan that accounts for all … [Read more...] about Blended Families and Joint Accounts for Estate Planning Purposes
