When considering creating or updating your estate plan in 2023, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...] about New Year Resolution: Review Your Estate Plan (part 2 of 2)
Parents of Minor Children
New Year Resolution: Review Your Estate Plan (part 1 of 2)
With the New Year upon, consider as one of your resolutions creating or updating your estate plan. What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to better understand … [Read more...] about New Year Resolution: Review Your Estate Plan (part 1 of 2)
Protecting Your Kids’ Inheritance From Their Creditors
If one or more of your children have accumulated a lot of debt, you might hesitate to give property to those kids in your estate plan. The property might well end up in the hand’s of a child’s creditors, so many people think it better to give the property to another family member. However, you can leave assets to an indebted child without fear that creditors will get it all. A spendthrift trust is specifically designed for this type of situation. You can fund the trust with the money and … [Read more...] about Protecting Your Kids’ Inheritance From Their Creditors
Incentive Trusts: Using Your Legacy to Benefit Your Loved Ones
Leaving someone an inheritance is not as simple as adding some zeros to his or her bank account balance. It can be…but this is not always in the best interests of your loved ones. It’s likely that some of your heirs are mature and established with a history of being able to handle their own affairs appropriately, and you may have no concerns about them. But you may also have some younger heirs who have not yet made their marks in life, or some family members who have personal problems or a … [Read more...] about Incentive Trusts: Using Your Legacy to Benefit Your Loved Ones
Special Needs Planning; Some Considerations
If you are the parent of a child with special needs, planning for his or her future without parents is a more critical matter than the issue would be for a parent of a child who is not disabled. The concerns are twofold: who will your care for child if you become incapacitated and what happens to the child at your death? Some of the questions you need to consider when you begin the planning process are: Whom would you trust as guardian for your child if you were unable to care for them … [Read more...] about Special Needs Planning; Some Considerations
Estate Size and Living Trusts
A question that often comes up in estate planning is “How much money do you need to get a Living Trust?” The question is a fundamental misunderstanding, but a common one. Although there would not be much point in doing so, you can put as little as a single penny into a Living Trust. The question is based on the premise that Living Trusts are designed for rich people. It’s a false premise. Living Trusts are designed for anyone who either wants to give something for one person to manage for the … [Read more...] about Estate Size and Living Trusts
Who Should Be Your Child’s Guardian?
A well constructed estate plang will not only addresses the distribution of your assets, but can also nominate a guardian for minor children. While there are legalities to consider, it’s important to remember that you are also determining the quality of your children’s lives if you die before they reach the age of 18. Many parents understandably have a difficult time imagining their children without them. But they need to consider many factors for guardianship, including: Type of … [Read more...] about Who Should Be Your Child’s Guardian?
What You Need to Know About Testamentary Trusts
A good trust is one that suits your needs and desires. For many parents with young children, a testamentary trust is exactly what you are looking for if you are concerned about your children being able to manage property if you were to die suddenly. Here are a couple of quick points about testamentary trusts and why they are useful. The trust relationship. Every trust is basically a specific legal relationship between certain people. When you create a trust you select who these people are … [Read more...] about What You Need to Know About Testamentary Trusts
Planning Considerations for Real Families
In an ideal world, all of our children or other beneficiaries would be fully grown, responsible, and disability-free upon our deaths. However, we don’t live in a perfect world and unforeseen circumstances often exist. Whether your beneficiaries are minors, are receiving assistance from the government based on a disability, or are otherwise not in the best position to manage an inheritance, there are plenty of great solutions available through proper estate planning. If your beneficiary is a … [Read more...] about Planning Considerations for Real Families
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
