Taking care of someone with special needs is complicated while you’re still alive, but it becomes much more difficult if you don’t have a documented plan for what happens to this beneficiary if something happens to you. Understanding Special Needs Trusts Estate planning should always be customized to individuals and their intended heirs and beneficiaries…. Read More »
Posts Categorized: Estate Planning
What’s The Difference Between Estate And Non-Estate Assets?
Understanding what you own and what you don’t own as part of your estate is important for the purposes of estate planning. Certain assets pass outside of the probate or estate process, and you’ll want to have appropriate plans in place to protect your loved ones for each type. Estate Assets Assets that are owned… Read More »
Six End-of-Life Care Documents Worth Putting in Your Estate Plan
It’s not easy to think about making difficult decisions at the end of your life. But if you’re unable to speak for yourself, it becomes much more difficult for your loved ones to handle these questions, too. Meeting with an estate planning attorney often begins by completing a questionnaire or an inventory about things that… Read More »
How Often Should You Review Your Will and Power of Attorney?
Most people think of estate planning as something that simply must be done. But the truth is that it’s an activity that starts with an initial meeting with an estate planning attorney and should be evaluated every couple of years along with other major life events. If you let your estate plan sit for years… Read More »
What Happens When a Caregiver Passes Away?
It is very important to have an estate plan in place and to appoint the right people to make decisions on your behalf if you’re unable to do so. When someone passes away, it is important to recognize that these estate planning documents can give a valuable roadmap to surviving family members. Older adults are… Read More »
How Does a Supplemental Needs Trust Work?
Do you have a loved one who relies on public assistance to help cover their bills? If so, you must be careful about how you plan for them in your estate documents. Someone who receives public benefits is likely entirely or mostly reliant on these benefits to cover their major expenses. It can be very… Read More »
What Happens If Your Beneficiary Passes Away First on A Payable on Death Bank Account?
A payable on death bank account is a simple planning instrument that allows you to designate someone to receive the assets inside your account very quickly. If you named more than one payee on your payable on death bank account, this makes it easy for the second person to receive those funds if the original… Read More »
Why State Law Controlling Your Assets Is a Problem
You might assume that you do not have enough assets to warrant the creation of an estate plan, but this can be very problematic thinking. The primary reason for this is because the state will determine what happens to your assets not you if you pass away without an estate plan. Who is entitled to… Read More »
How Does Life Insurance Fit into An Evolving Estate Plan?
Most people don’t have life insurance or enough of it. In fact, over 30 million Americans do not have enough life insurance coverage, according to a study produced by LIMRA. In many cases, that average shortfall comes to over $200,000 but the gap is even bigger for people who earn a great deal of money…. Read More »
Why Is a Residuary Clause So Important?
In crafting your will, you probably sat down to make a comprehensive list of all of your assets and liabilities. This is so that you can create a specific bequest to your loved ones so that they receive the items you promised to them or that you intend for them to have. But a common… Read More »