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
Probate Overview
If you are considering the creation of an estate plan, one important consideration is often the avoidance of probate. In order to understand why avoiding probate is such an important facet of estate planning, you need to have a firm understanding of what probate is and how the probate process operates. Probate is the legal process that is often required when someone dies. Although the process may vary somewhat from one state to the next, there are commonalities. Probate begins when someone … [Read more...] about Probate Overview
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
Trust Creation & Pour-Over Wills
When you visit an estate planning attorney to become apprised of your options with regard to vehicles of asset transfer you may well find that a trust is the most appealing option. Depending on the nature of your assets there are a number of different trusts that can be utilized to achieve specific objectives, and many people with significant, diverse holdings may want to use a combination of them. But even people with relatively simple financial profiles often choose to use a trust such as a … [Read more...] about Trust Creation & Pour-Over Wills
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?
Why Do I Need Pay On Death Accounts?
A “pay on death” account is basically an estate planning tool that allows the primary account holder to transfer funds or assets easily and quickly upon your death to a loved one. The best way to understand why you might wish to convert an account to a “pay on death” account is to illustrate what happens if the account is not titled in this way. The “pay on death” option is typically available for bank, retirement and investment accounts as well as securities registrations. Some states also … [Read more...] about Why Do I Need Pay On Death Accounts?
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
Estate Planning Can Include Wisdom Sharing
Obviously financial matters are going to be foremost on your mind when you are engaged in estate planning. However, there are other things to consider as well if you want to be completely prepared for all the eventualities of aging. For example, incapacity planning is important as well because you want to have representatives in place to make decisions in your behalf should you become unable to do so at some point in time. You should also state your wishes regarding how you feel about being kept … [Read more...] about Estate Planning Can Include Wisdom Sharing
