There is more to estate planning than disposing of your assets after your death. Planning for your incapacity is just as important. Read on to learn more about how incapacity planning can save you and your loved ones' anxiety. Read on to learn more. … [Read more...] about Planning for Incapacity
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Legacy Planning Is an Expression of Gratitude
Thanksgiving symbolizes the feeling of gratitude, and aside from the traditional get-togethers, people use the occasion to show that they are grateful in various different ways. Gift giving is a profound expression of gratitude, and if you are going through life without an estate plan, you may want to use the holiday as motivation. Passing Along Your Legacy When you initiate the estate planning process, you should create an inheritance list and think about the best way to provide for each … [Read more...] about Legacy Planning Is an Expression of Gratitude
Estate Planning Demystified
Most people in the United States do not have estate plans in place, and the lack of preparedness is not confined to very young adults. Less than half of people that are in their 40s and 50s have estate plans, and there are different reasons for their inaction. One of them is the simple fact that they don’t know where to begin, even though they acknowledge the fact that estate planning is important. In this post, we will share the basics. Create a General Outline Before you start to dig into … [Read more...] about Estate Planning Demystified
Will Your Estate Plan Still Work If You Move?
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation. Read on to learn more. … [Read more...] about Will Your Estate Plan Still Work If You Move?
Will Your Parents Need Long-Term Care?
The responsibilities that you assume as you go through life will often shift, but if you are committed to your family, they will come in a steady succession. By the time your children are grown, you may find yourself providing assistance for your aging parents. As time goes on, they will invariably require more and more help. At some point, the level of need may exceed your capabilities, and long-term care can be the only answer. Assisted Living Costs If you have never thought about the … [Read more...] about Will Your Parents Need Long-Term Care?
What Is a Step-Up in Basis
It is important to understand the way that taxes can impact inheritances when you are planning your estate. If you have never looked into the subject, you may be pleasantly surprised when you hear the facts. In this post, we are going to hone in on the step-up in basis. Before we get there, we will take a broader look at inheritances and taxation to provide you with a foundation. Income Tax and Individual Retirement Accounts An inheritance is not looked upon as taxable income by state tax … [Read more...] about What Is a Step-Up in Basis
Building Flexibility into Your Plan
There are all sorts of formalities to an estate plan. Does that mean you can’t change anything by yourself? Read on to learn how your estate plan, if done properly, can give you the flexibility to make changes by yourself as to certain assets. Read on to learn more. … [Read more...] about Building Flexibility into Your Plan
Five Reasons to Use a Trust
If you ask a sampling of people to explain what estate planning is all about, most of them would say that you draw up a will. Of course, you can use a will to express your final wishes, but there are some good reasons why you may want to consider utilizing a trust instead. We will look at five of them in this post. Special Needs Planning You have to consider benefit eligibility if you are going to be leaving an inheritance to a loved one with special needs. Many people with disabilities rely … [Read more...] about Five Reasons to Use a Trust
Address These Sources of Inheritance Erosion
When you plan your estate, you make decisions about the inheritances that you will be leaving to your loved ones. At the same time, you have some control over the size of the pie that will be sliced up after your passing. There are some looming threats that can impact your legacy, and we will take a look at some of them in this post. Elder Financial Abuse It is a very sad phenomenon to say the least, but unfortunately, elder financial abuse is widespread. This subject started to draw … [Read more...] about Address These Sources of Inheritance Erosion
Can You Change a Trust?
A trust is an estate planning device that is often misunderstood. Many people are under the impression that you can never change a trust, and you lose control of the assets. This is not entirely true, and in this post, we will provide some clarity. Irrevocable Trusts There are some trusts that you cannot revoke once they have been established. Generally speaking, you would not be able to change the terms of this type of trust. The trustee is the administrator of a trust, and the person … [Read more...] about Can You Change a Trust?
