Many people mistakenly believe that a simple Will is all the estate planning they need. However, it is very likely you may need more than a Will to cover your all assets. A Will does not cover all types of property. This is a list of five items your will cannot cover or address. Survivorship property: If you own property in joint tenancy with a right of survivorship with a co-tenant, your Will does not determine ownership and succession rights. Instead, the surviving joint tenant automatically … [Read more...] about 5 Types of Assets A Will Does Not Cover
Special Needs Children and Social Security Benefits
Most families with children of special needs rely on Supplemental Security Income (SSI) benefits administered by the Social Security Administration to some extent to provide for the children after the parents pass away. For some families, this is the only plan that they have. However, recent news from The Washington Post should give all families pause. The paper reports that the Social Security Trust Fund will run out of money in 2016. It may be time to make other plans. Parents of children … [Read more...] about Special Needs Children and Social Security Benefits
What to Consider When Choosing an Executor or Trustee
The executor of your Will is the person you appoint to administer and oversee your Will. Your executor is legally and financially responsible for making sure your heirs, beneficiaries receive their property, and creditors receive payment for their debts. Your executor is also responsible for paying any estate taxes on the total value of your estate. Because your executor is responsible for complying with state laws and federal tax laws, you should choose one wisely. Your executor’s fiduciary … [Read more...] about What to Consider When Choosing an Executor or Trustee
The Top Three Other Documents Your Estate Plan Should Include
When you decide to proceed with the creation of an estate plan, an experienced and qualified estate planning attorney will inevitably discuss including other documents in your estate plan in addition to your Will or Trust. Your estate plan should, at a minimum, include three other documents. These are: Advance Health Care Directive: This important document allows you to appoint a health care agent and to make specific decisions regarding future medical treatments you want to receive if you … [Read more...] about The Top Three Other Documents Your Estate Plan Should Include
Family Estate Planning Should Include the Family Business
If you own your own company, you know that running a business is a complicated venture that takes loads of planning time. Besides planning to grow and expand your business, you must also determine what will happen after your death. No Business Estate Plan If you don’t include your business in your estate plan, then it may not survive your death. If you have full or partial stake in a business, it will be considered a part of your estate upon your death. If you have not named someone to take … [Read more...] about Family Estate Planning Should Include the Family Business
Planning Should Include Your Pets
When it comes to protecting your beloved pets, no one does it better than you. You love them... You feed them... You make sure they have everything they need to live a happy, healthy life. But what would happen if you were no longer around? Who would care for your pet? Would your friends and family know what foods to feed or what medications to give? How can you ensure that your pet continues to receive the love and care they need? What a Pet Trust Can Do A Pet Trust is a powerful legal … [Read more...] about Planning Should Include Your Pets
Planning for Loved Ones with Disabilities
Families who have a family member with a disability must plan for the future very carefully. How assets are left after your death can have a tremendous impact on the quality of life for that person. In the past, a Will may have been enough, but times have changed. To protect a person with special needs, a well-defined estate plan is vital. How A Special Needs Trust Works A Special Needs Trust allows a parent, grandparent, family member or guardian to provide funds for a disabled child without … [Read more...] about Planning for Loved Ones with Disabilities
Avoiding Estate Planning Mistakes
Estate planning is an ongoing process – when life changes, so should your plan. Many believe that once estate planning documents, such as a will, living trust or a durable power of attorney, are executed, their estate plan is complete. This is not the case – in fact, there are several mistakes that people tend to make in estate planning: 1. Failing to keep documents up to date. Changes such as marriage, divorce or the death of a spouse, beneficiary or executor should trigger a review … [Read more...] about Avoiding Estate Planning Mistakes
Dementia Strikes High Percentage Of Elders
While it is certainly not healthy to go through life expecting the worst, it is prudent to be aware of the challenges that you may face as you reach an advanced age and take the appropriate precautionary steps. With this in mind it is a good idea to understand the fact that people are living longer than ever, and when you reach an advanced age the possibility of contracting dementia exists. The most widespread cause of dementia among our nation's senior citizens is Alzheimer's disease. Just … [Read more...] about Dementia Strikes High Percentage Of Elders
Shaping An Enduring Legacy
Making sure that your loved ones are provided for to your satisfaction is probably going to be your first objective when you are planning your estate. However, many people are in a position to craft a lasting legacy. This is something that can be very satisfying personally while being simultaneously beneficial to the community around you. How you would like your influence to be felt is a personal matter but we see many examples out there. The creation of a charitable foundation may be a … [Read more...] about Shaping An Enduring Legacy
