As we age, our parents age as well. At some point in time, you may begin to worry that a parent is reaching the point where remaining in his or her home may be difficult, or even dangerous. Approaching the subject of moving to a retirement home, however, may not go over well with your parent. Many elderly individuals view the need to leave their home to move to a care facility as giving up their independence. One approach that may work to open up the lines of communication on the subject is to … [Read more...] about What Does It Cost for An Elderly Parent to Remain at Home?
With Whom Should You Discuss Your Estate Plan?
At some point during the planning or implementation of your estate plan, you may start to wonder with whom you should discuss the details of your plan. There is no standard answer to that question. Some people choose to share all the details with everyone involved while others share nothing with anyone. Only you can make the final decision; however, there are some things worth considering before you make the decision. Executor/Guardian/Trustee: If you plan to name someone as the executor of a … [Read more...] about With Whom Should You Discuss Your Estate Plan?
Reasons to Seek Guardianship of an Adult
If you have an adult family member or loved one who you believe is unable to care for themself, you may wish to seek guardianship over them. State laws will vary somewhat; however, a guardian is generally someone who has control over the person, whereas a conservator has control over the estate of the person. In practical terms, this means that as guardian you will be able to make decisions such as where they will live and what doctor will treat them. Only a court can decide if someone requires … [Read more...] about Reasons to Seek Guardianship of an Adult
How to Choose A Trustee
Who you appoint as the trustee of a trust can have a huge impact on the success of the trust itself. Stories abound in the news of people who made a bad choice in the appointment of a trustee and consequently lost enormous sums of money. Deciding on a trustee can be a very difficult and personal decision. When choosing a trustee for your trust, there are a few factors that you should take into account before making your final decision. The Purpose and Complexity of The Trust: What type of trust … [Read more...] about How to Choose A Trustee
Estate Planning Options for Small Business Owners
As a small business owner, you have likely spent years growing your business to the point where it is at today. As such, your business is now an important asset that must be considered when creating your estate plan. Regardless of how you wish to dispose of your business in your estate plan, you will want to avoid incurring estate or gift taxes to the extent possible. There are numerous options that may help you accomplish this, including the following: Sale of Your Business: Selling your … [Read more...] about Estate Planning Options for Small Business Owners
Qualifying for Medicaid for the Elderly
If you have an elderly loved one who is likely to need long-term nursing home care, or who may need extensive medical care in the future, you may wish to start planning for how to pay for it now. Even if your loved one planned for his or her retirement, the fact is that most Americans are not capable of paying for long-term care, or for the cost of serious health related problems. Conversely, qualifying for Medicaid can be complicated if your loved one has any assets or income. The cost of … [Read more...] about Qualifying for Medicaid for the Elderly
Whitney Houston’s Estate Value Soaring After Death
The world is mourning the death of Whitney Houston who died this week at the relatively young age of 48. The legendary singer/actress was found dead of unknown causes in her Beverly Hills hotel room where she was staying in anticipation of the upcoming Grammy Awards. Best known for the song I Will Always Love You, Houston once seemed to have the touch of gold with a string of number one hits and a successful attempt at crossing over to acting with her role in The Bodyguard. Sadly, the last … [Read more...] about Whitney Houston’s Estate Value Soaring After Death
Trusts — Irrevocable Versus Revocable
When creating your estate plan, you may wish to make use of one or more trusts. A trust can be very complicated, or amazingly simple. At its core, a trust is comprised of a grantor who creates the trust, a trustee who oversees the trust, one or more beneficiaries, and assets that are used to fund the trust. In many cases, the grantor, trustee and beneficiary position may be held by the same individual. While trusts come in many varieties and perform a wide array of functions, the two broad … [Read more...] about Trusts — Irrevocable Versus Revocable
Divorce and Estate Planning
Unfortunately, divorce is now more common now than it was years ago. In fact, more than half of all first marriages, and approximately 60 percent of second marriages end in divorce. While divorce clearly affects the spouses and children emotionally, it also has a significant financial impact. If you are currently in the process of a divorce, or recently finalized one, be sure to consult with your estate planning attorney to ascertain what estate planning changes may need to be made. While each … [Read more...] about Divorce and Estate Planning
Retirement Planning and Estate Planning – Why The Two Go Hand in Hand
Most people have created some type of retirement plan as well as an estate plan; however, people often fail to understand why the two need to be considered together instead of independently. Think of it this way. Your retirement plan involves money and assets. Your estate plan also involves the same money and assets. Therefore, when you create one plan, you should consider how it will affect the other plan. Likewise, when you change one, you will likely need to change the other as well. Take, … [Read more...] about Retirement Planning and Estate Planning – Why The Two Go Hand in Hand
