In the United States, we are conditioned to believe that we must have an insurance policy for absolutely everything possible from our homes and vehicles to our health and life. We are told that the consequences of not having insurance are severe. In some cases, this may be true. In the case of life insurance, whether or not you truly need a policy depends on a number of personalized factors; however, consider the following when contemplating life insurance: The purpose of a life insurance … [Read more...] about Things to Think about When Considering Purchasing A Life Insurance Policy
Make Sure Your Special Needs Child Receives All the Financial Support Possible by Using a Supplemental Needs Trust
Anyone who has raised a special needs child can tell you that the cost of doing so can be significant. Yet as a parent, you want your child to get the benefit of every possible source of assistance available right? We all want that for our children. In the case of a special needs child, it can be ever more important to make sure that he or she has access to all the financial assistance programs out there. While the federal government has numerous assistance programs such as Medicaid, SSI and … [Read more...] about Make Sure Your Special Needs Child Receives All the Financial Support Possible by Using a Supplemental Needs Trust
What Does a Trustee Do?
Trusts come in many forms and are created for a wide variety of reasons. Regardless of what type of trust you create, or for what reason you create the trust, the trust must have a trustee. Along with deciding how to fund your trust, you must decide who to appoint as the trustee of the trust. Deciding who to appoint as trustee may be the most important part of the trust formation process given the responsibilities and duties associated with being a trustee. Sometimes, in an inter-vivo trust, … [Read more...] about What Does a Trustee Do?
Estate Planning for Blended Families
The concept of a blended family was once the exception to the norm in America. In today’s modern world, however, blended families are becoming more common than “traditional” families. If you are part of a blended family, you may have “your children”, “his/her children” and “our children”. Ideally, you and your spouse have managed to integrate all the children into the family unit and do not differentiate on a day to day basis. The law, however, does still differentiate. As a result, estate … [Read more...] about Estate Planning for Blended Families
How Is A Trust Administered?
Many people understand the basic concept of a trust, but aren’t entirely familiar with how a trust is actually administered once it is created. The laws of the state in which the trust was created, as well as the terms of your, trust will dictate the specifics of how your trust is administered; however, there are some commonalities among all trusts. When you create a trust, you must designate a trustee as well as beneficiaries. The trustee will be responsible for administering the trust while … [Read more...] about How Is A Trust Administered?
Guardianship or Conservatorship of a Parent
At some point in your life, you may be faced with deciding how to handle a parent who has become incapable of caring for herself or himself. This may be due to a physical incapacity, a mental incapacity, or both. When the child becomes the parent, it can be a confusing and complicated situation. Not only must you make a difficult decision to step in, but there are legal steps that must be taken as well. Often, when an adult child is required to step in to take over legally for a parent, it … [Read more...] about Guardianship or Conservatorship of a Parent
Blended Families & Joint Property
How your property is titled is a crucial consideration when estate planning under normal circumstances; however, it takes on heightened importance when you are part of a blended family. If you are part of a marriage where both spouses have children from a previous relationship, you may wish to pass down property directly to your children and your spouse pass down property directly to his or her children. How your property is titled can directly impact your ability to achieve that goal. If you … [Read more...] about Blended Families & Joint Property
Universal Life Insurance Explained
Purchasing life insurance is often a critical part of estate planning. Although many other factors that impact your estate can change, life insurance is often purchased predominantly because the policy holder believes its value is fixed. By knowing ahead of time how much your life insurance policy is worth, and what it will cost you in premiums, you can adjust the remainder of your estate accordingly. While it is true that many forms of life insurance do provide fixed values, universal life … [Read more...] about Universal Life Insurance Explained
Power of Attorney Explained
Most people have heard the term “power of attorney”, yet many do not completely understand what a power of attorney is and what the limitations of a power of attorney are. A power of attorney is a legal agreement whereby you, as the grantor, give the legal power to make decisions on your behalf to another person. The person to whom you give power of attorney is often referred to as your agent. A power of attorney can be general or specific. Any type of power of attorney can also be made … [Read more...] about Power of Attorney Explained
What Is A Health Care Directive?
Most states recognize some form of advanced directive, often referred to as a health care directive or living will. Understanding the benefits and purpose of a health care directive can help you decide whether executing one should be part of your estate plan. A health care directive generally allows you to accomplish two important things. First, you may legally appoint someone who will have the authority to make health care decisions on your behalf in the event you become incapacitated and … [Read more...] about What Is A Health Care Directive?
