If you do not yet have an estate plan, you should make 2014 your year to create one. Whether you are a young adult, senior citizen, or anyone in between, you absolutely need an estate plan in place. Having the right plan will not only give you peace of mind, but will afford you and your family significant protections. Yet making a resolution is much different than actually sticking to it. Millions of Americans make resolutions every year to lose weight, save more money, or any number of other … [Read more...] about Your New Year’s Resolution Should be to Make an Estate Plan
Estate Planning
The Question of What to do With Personal Property in Your Estate
Whether you have a large or small estate, developing an estate plan is the best way to avoid potential conflicts between your family members that could arise after your death. Regardless of the specific inheritance choices you make, simply making those choices and letting your family know what your wishes are will go a long way in preventing conflicts. One of the best ways to ensure that your family doesn’t end up fighting over what you leave behind is to come up with a plan that specifically … [Read more...] about The Question of What to do With Personal Property in Your Estate
Yes, You Need To Update Your Living Trust
If you’ve created a revocable living trust, you shouldn’t make the mistake of ignoring it once it’s finished. A good estate plan is a living estate plan, and one that you need to care for just as you would anything else that needs regular attention. Our lives change. Sometimes they change for the better, sometimes for the worse, but they are never the same from day to day. Of course, your living trust isn’t something you need to update all the time. It’s a fairly flexible document, but that … [Read more...] about Yes, You Need To Update Your Living Trust
Some Practical Concerns When Choosing a Health Care Agent
In California, when you create an Advance Health Care Directive, you will want to select a representative who can make the choices you would make if you weren’t incapacitated. While it is very common to select your spouse or another close family member for this task, there are some practical concerns that may cause you to reevaluate the decision and choose someone else. Decision-Making Ability A health care agent may be required to make some very difficult decisions, especially if you are … [Read more...] about Some Practical Concerns When Choosing a Health Care Agent
If You Don’t Want to Make an Estate Plan: Think of Your Family
Estate planning is something that many people know about, but far too few actually go about doing. The fact is, making an estate plan is often a very difficult thing to do because it requires you to think about uncomfortable realities and possibilities. If you find yourself having a difficult time getting started with the process, you might want to focus on the potential benefits that estate planning can have for your family. Your Young Children If you are a parent with a minor child, your … [Read more...] about If You Don’t Want to Make an Estate Plan: Think of Your Family
Ohio Veteran Faces Eviction by Daughter
A recent story out of Ohio shows the dangers that many people, including veterans, face when they decide to hand over power of attorney to those who might abuse it. John Potter, a 91-year-old Ohio man, gave general power of attorney to his daughter after Mr. Potter’s wife died in 2004. Sometime between 2004 and 2010, his daughter transferred the deed of his home to herself. After learning about the transfer, Mr. Potter decided to fire his daughter as his agent and name his granddaughter as his … [Read more...] about Ohio Veteran Faces Eviction by Daughter
What You Need to Know About Being an Executor
If a friend approaches you and asks you to serve as the executor of his or her estate, there are some issues you will need to think about before you accept this position. While simply being asked means that the friend considers you trustworthy enough to serve in this important role, you should resist the urge to accept right away. As executor, it will be your job to manage the probate process correctly. Here are some brief points you need to know about this process before you … [Read more...] about What You Need to Know About Being an Executor
Life Settlements Laws Gaining Momentum as States Seek to Reduce Medicaid Expenses
When people apply for Medicaid, known as Medi-Cal in California, they have to be able to prove that they do not own more than the specific asset limit. If they qualify, Medicaid will then pay for their health and long-term care expenses. Those who don’t qualify for Medicaid and who need to transfer to a nursing home or extended care facility, or who require other types of long-term care, will have to pay for these expenses privately. In an attempt to mitigate the long-term care Medicaid … [Read more...] about Life Settlements Laws Gaining Momentum as States Seek to Reduce Medicaid Expenses
When You Need to Revoke Your Living Trust
Though it doesn’t happen very often, there may come a time when you might want to revoke your living trust. Revoking a living trust is relatively straightforward, though it does require you to perform some specific steps. You should always speak to an experienced and qualified estate planning attorney before you decide to revoke, but after that, if you decide that revoking your trust is appropriate, you can then take the steps your lawyer outlines for you. Here is an overview of the … [Read more...] about When You Need to Revoke Your Living Trust
Why You Need to Talk About Estate Planning With Your Parents
If you have begun looking into the estate planning process for yourself, you might want to give some serious thought to talking about the subject with your parents. Most people never bother to create an estate plan, and while you won’t be around to know if your plans were successful or not, your efforts will affect your family. For those same reasons, knowing whether your parents have begun estate planning or not is important because you need to know what kind of problems you might have to deal … [Read more...] about Why You Need to Talk About Estate Planning With Your Parents
