Far too many people go through life without giving a second thought to the subject of estate planning. They assume that they will have time to address it when they are old and gray, and if they never get around to it, the matter will take care of itself. In reality, there are some compelling reasons why you should have an estate plan in place, and we will look at some of them in this post. Prevent a Messy Situation If you die without any estate planning documents at all, the condition of … [Read more...] about Yes, You Need an Estate Plan
When you are looking ahead toward your retirement, you probably envision leisure and recreational activities, you will have time to keep yourself in shape. Most seniors can remain active, and you can make the best of your freedom when you feel well. These golden years can be a lot of fun as you reap the rewards of your hard work, but the clock will always be ticking. As time passes, you may find it more and more difficult to do things that you have done throughout your life, and the … [Read more...] about Life Expectancy Underscores the Importance of Medicaid Planning
The revocable living trust is very effective estate planning device, and a lot of people are aware of the two major benefits. If you have a living trust, the administration would not be subject to probate. This is a costly and time-consuming legal process that is a public proceeding. Anyone that wants to access the records can find out how the assets were distributed, so there is a loss of privacy. Another widely publicized benefit is the ability to protect a spendthrift beneficiary. The … [Read more...] about These Living Trust Benefits May Be Overlooked
A lot of people think that estate planning is something that you do not have to think about until you are a senior citizen. In fact, according to a survey that was conducted by Caring.com this year, 67 percent of adults do not have estate plans in place. Surprisingly, only 44 percent of individuals that are 55 years of age and older have wills or trusts, but the numbers are far worse for millennials. This is disturbing because estate planning is important for all responsible adults. Young … [Read more...] about Yes, Millennials Need Estate Plans
When you discuss your options with an estate planning attorney, you will learn about the revocable living trust. This device is a popular alternative to a simple will because it provides benefits that are simply not there when a will is utilized. Estate Administration The executor that is named in a will would admit the document to probate, and the court would provide supervision during the administration phase. Creditors must be notified about the passing of the decedent, and they are … [Read more...] about Legal Assistance Is Invaluable During the Trust Administration Phase
If you put your estate plan in place as a stopgap measure without giving it a lot of thought, you may have overlooked some important details. With this in mind, we will look at some of the elements that are often omitted in this post. Letter of Final Instructions Let’s say you are going on vacation and you ask your sister to take care of some things around your home while you are gone. You would not leave her a to-do list without providing instructions so she can find the things that she will … [Read more...] about Are There Gaps in Your Estate Plan?
When you start to think about the eventualities that you may face when you reach an advanced age, nursing home care will be part of the equation. It is logical to assume that Medicare will cover this type of care, but in fact, this is not the case at all. According to the state, the average cost of nursing home care Vermont is over $10,000 a month. The average length of stay is one year, and 13 percent of people that receive paid care require the assistance for more than five years. A … [Read more...] about What Is the 2021 Medicaid Asset Limit in Vermont?
When you think about estate planning, monetary asset transfers will probably come to mind first. This is understandable, and it is important to make sure that your loved ones receive their inheritances in an effective manner. However, this is not the only consideration. A properly constructed estate plan will address some unpleasant eventualities that may present themselves toward the end of your life. Aging, Alzheimer’s, and Cognitive Impairment If you were born 1960 or a year after that, … [Read more...] about Prepare for Incapacity to Prevent a Guardianship
When you do not know where to begin, estate planning can seem like an intimidating subject. This is understandable, because you are stepping into the great unknown as a layperson with a limited understanding of the process. In this post, we will provide some tips that will help you understand how to take the right steps to protect your loved ones. Don’t fall into a cycle of procrastination. You may put estate planning on the back burner because you simply do not know where to begin, and you … [Read more...] about These Estate Planning Tips Will Help You Protect Your Family
A living trust is a very effective estate planning device that is ideal for many people because of the across-the-board advantages. One of the benefits is the fact that you maintain control of the resources while you are alive and well, because you retain the right revocation and you can act as the trustee. On the other hand, since you retain incidents of ownership in this manner, the assets would be part of your estate for tax purposes, and they would be available to litigants if you are … [Read more...] about What Happens to Assets Not Included in Your Living Trust?