Most adults in the United States do not have estate plans in place, and when they do take some type of action, it is often hastily done and incomplete. Yes, you have to the state your final wishes in writing, but you should also consider the hands-on tasks that must be completed after you are gone. Attention to detail is key, and we provide some insight in this post. Administration of a Will If you use a will as your asset transfer vehicle, you would name an executor to act as the … [Read more...] about Facilitate a Smooth Estate Administration Process
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Can You Dissolve a Trust?
There are different types of trusts that can be used to satisfy various respective objectives. When it comes to the question of whether you can dissolve a trust, the answer is yes and no, and we will provide clarity here. Irrevocable Trusts There is a legal concept called “incidents of ownership” that is the dividing line between the different types of trusts. Losing ownership of assets does not sound like a good thing, but under some circumstances, it can be beneficial. You do in fact … [Read more...] about Can You Dissolve a Trust?
An Overview of Estate Planning With Life Insurance
A lot of people that do not have estate plans fail to take action because they do not have a significant store of resources to pass along. If you are single and no one is depending on you, this is understandable, but there are reasons why everyone should have a plan in place. This being stated, if you are married, an income replacement vehicle is a must. The necessity is magnified if you have children, and life insurance can fit the bill. Term Life Insurance One of the two most commonly … [Read more...] about An Overview of Estate Planning With Life Insurance
Five Must-Have Estate Planning Documents
There is no one-size-fits-all estate plan that is right for everyone, but the differences are related to the asset transfer methods that can be used. Aside from that, there is a basic framework that is universal, and it boils down to the execution of five core documents. Asset Transfers The flexible portion is the asset transfer component. Obviously, you can state your final wishes in a simple will, but there are drawbacks and limitations. One of them is the fact that a will is admitted to … [Read more...] about Five Must-Have Estate Planning Documents
2021 Estate Planning Survey Yields Interesting Results
The popular website Caring.com conduct surveys every year to measure the estate planning preparedness of American adults. They have recently released their 2021 version, and there is a surprising shift among people in a certain age group. COVID Wake-Up Call In the United States, the average life expectancy is about 78 years, so many people think of estate planning as something that it is only relevant for senior citizens. On one level, this attitude is understandable, but we all know that … [Read more...] about 2021 Estate Planning Survey Yields Interesting Results
Trust Administration Demystified
A lot of people harbor misconceptions about trusts, and one of them is the idea that it is very complicated to administer a trust. They think that the administration process is much simpler if you use a will, but this is not the case. When a will is used, it will be admitted to probate after the death of the testator, and the court would supervise during the administration process. It will usually take eight months to a year for probate to run its course, and no inheritances are distributed … [Read more...] about Trust Administration Demystified
Share Final Arrangement Preferences in Your Estate Plan
You can take two different approaches to the estate planning process. There is a bare-bones, unemotional perspective that involves nothing more than expressing how you want your pie to be sliced and distributed. The other option is more comprehensive in nature, and it will take the feelings of your loved ones into consideration. A more holistic orientation will also give you the ability to attend to details with your own preferences in mind, and this can enter the picture when it comes to … [Read more...] about Share Final Arrangement Preferences in Your Estate Plan
Biden Would Like to Reform Social Security
According to the Social Security Administration (SSA), between 10,000 and 15,000 applications for benefits are being received every day, and this volume has been consistent for years. There is no end in sight, because the baby boomers are reaching retirement age. Clearly, there is a lot of interest in the ongoing solvency of the Social Security program, and the person in the Oval Office is certainly concerned. President Biden has proposed some changes, and we will look at the details … [Read more...] about Biden Would Like to Reform Social Security
Alzheimer’s Is a Looming Threat
Alzheimer’s disease affects far too many families, and the impact is felt on a number of different levels. In this post, we will share some key facts that will open your eyes if you have not explored the subject. Facts and Figures Everyone knows that Alzheimer’s causes dementia, but aside from the memory loss, there is another aspect that flies under the radar. If you were to name the diseases that kill the most people in the United States, breast cancer and prostate cancer may come to … [Read more...] about Alzheimer’s Is a Looming Threat
Consider These Five Estate Planning Questions
According to a recent survey, most people without estate plans think that it is important, and they know they should take action. Many of them procrastinate because they don’t know how to proceed. With this in mind, let’s look at five questions you can consider to jumpstart your estate planning efforts. Are you concerned about the money management capabilities of your heirs? It can be disconcerting to leave a significant inheritance to someone that is inexperienced or irresponsible with … [Read more...] about Consider These Five Estate Planning Questions
