During times of high stress such as tragedy or emergency, we tend to feel helpless. This article explores how a comprehensive estate plan helps reduce anxiety in uncertain times. Read on to learn more. … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
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Can You Revoke Your Trust?
When you are planning your estate, you should understand your options so you can make fully informed decisions. With this in mind, a lot of people make assumptions about trusts that are not accurate, and the matter of revocability is sometimes misunderstood. Irrevocable Trusts There are in fact trusts that you cannot revoke under most circumstances. If you establish an irrevocable trust, you cannot act as the trustee, so you would not control the trust. This is called “surrendering … [Read more...] about Can You Revoke Your Trust?
Life Care Planning and the Medicaid Waiver
People routinely prepare for their active retirement years, but most of them do not see a holistic picture. Yes, you have to accumulate the resources that you need to live well during your golden years, but an additional transition will probably enter the picture. Living Assistance More than half of senior citizens will need paid living assistance, and many others will receive assistance from unpaid caregivers. You should prepare for this eventuality in advance, and the first step is to … [Read more...] about Life Care Planning and the Medicaid Waiver
Estate Planning: Have You Covered All Your Bases?
Some people are under the impression that the only estate planning document you need is a will. This is a very shortsighted perspective because there are other considerations that will enter the picture if you want to plan your estate properly. Asset Transfers The idea that a will is the right choice for most people should be tossed out the window. In reality, the majority of people with a reasonable store of resources would be better served by the utilization of a revocable living … [Read more...] about Estate Planning: Have You Covered All Your Bases?
Can You Revoke Your Trust?
When you are planning your estate, you should understand your options so you can make fully informed decisions. With this in mind, a lot of people make assumptions about trusts that are not accurate, and the matter of revocability is sometimes misunderstood. Irrevocable Trusts There are in fact trusts that you cannot revoke under most circumstances. If you establish an irrevocable trust, you cannot act as the trustee, so you would not control the trust. This is called “surrendering … [Read more...] about Can You Revoke Your Trust?
These Steps Will Lead to the Ideal Estate Plan
A lot of people do not have estate plans in place because they simply do not know where to start or what to do. With this in mind, we are going to share some steps that you can follow to create a framework. Inventory Your Assets The first order of business will be an asset inventory because you have to identify what you expect to be able to pass along to your loved ones. This would include family heirlooms and other personal possessions that are meaningful to you. Another element that you … [Read more...] about These Steps Will Lead to the Ideal Estate Plan
Can You Establish a Trust for a Dog?
You may have heard about celebrities like Leona Helmsley or Oprah Winfrey that created estate plans that left millions of dollars for their dogs. It can seem like something that is in the realm of the rich and famous, but ordinary people can be interested in pet planning solutions. Senior Loneliness Imagine the situation that you may be in when you start to reach an advanced age. Your spouse may pass away before you do, and after retirement, you will not have daily interactions with your … [Read more...] about Can You Establish a Trust for a Dog?
Seven Eye-Opening Facts About Long-Term Care
Elder law attorneys provide assistance to clients that are preparing for the eventualities of aging. Long-term care is one of them, and you should absorb some facts about the subject so you can approach it realistically. You will probably need long-term care. Most people would naturally assume that they will never need paid living assistance. Yes, they may get a little help here and there from family members and friends, but that should be sufficient. In fact, the statistics tell a … [Read more...] about Seven Eye-Opening Facts About Long-Term Care
When Should You Use a Trust Instead of a Will?
A lot of people assume that a will is the best estate planning tool to use if the situation is not extremely complex. In reality, a trust of some kind can be preferable under a number of different circumstances, we will look at a handful of them in this post. Protecting a Spendthrift Heir Let’s say that you have a son that is not good with money. He has come to you for bailouts over the years, and you are concerned about the way he will handle his inheritance. If he spends all the money too … [Read more...] about When Should You Use a Trust Instead of a Will?
Four Tips to Help You Prevent Estate Challenges
A contested estate can create a nightmarish scenario for your family, so you should take the appropriate steps to prevent problems before they happen. With this in mind, let’s look at some tips that should help you facilitate a smooth estate administration process. Take Action to Put a Plan in Place When it comes to the difficulty level of the administration phase, the worst thing you can do is nothing at all. If you die intestate or without an estate plan, the probate court would be forced to … [Read more...] about Four Tips to Help You Prevent Estate Challenges
