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
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Are Pay on Death (POD) Accounts a Good Idea?
While there are some rather complicated estate planning instruments utilized to achieve certain objectives, there are some simple and straightforward ways to transfer assets to your loved ones as well. One of these would be through the utilization of payable on death (POD) or transfer on death (TOD) accounts. You can set up an account like this at banks or credit unions, and some brokerage houses will allow for transfer on death options as well. When you set up the account you name a … [Read more...] about Are Pay on Death (POD) Accounts a Good Idea?
5 Types of Assets A Will Does Not Cover
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 … [Read more...] about 5 Types of Assets A Will Does Not Cover
How Do I Know If Probate Is Necessary for My Spouse’s Estate?
If you recently lost your spouse, you probably do not want to think about the practical and legal steps that are required following a death. To ensure that your spouse’s estate is properly handled, and assets are transferred to the intended beneficiaries and/or heirs of the estate, however, you need to consider the need to probate his/her estate. Let's see when you will need to probate a spouse’s estate in California. Why Might I Want to Avoid Probate? Probate is the name given to the … [Read more...] about How Do I Know If Probate Is Necessary for My Spouse’s Estate?
Can an Agent Make Gifts Using a Power of Attorney?
A Power of Attorney is among the most used of all estate planning documents. As such, there is a very good chance that you will execute, and/or be named as an Agent in, a Power of Attorney at some point. If so, it is imperative that you understand how the Agent’s ability to make gifts is treated in the document. To help you better understand, let's look into the ability to make gifts using a Power of Attorney. What Is a Power of Attorney? A power of attorney, or POA, is a legal document … [Read more...] about Can an Agent Make Gifts Using a Power of Attorney?
Baby Boomers and Estate Planning
How important is it to you that you provide for the financial security of your heirs after you pass away? The Wall Street Journal once reported that for half of the Baby Boomer generation, the answer to the question is "Not important at all." The fact that many Baby Boomers do not think providing for the financial security of their heirs has received a lot of press. However, if you are reading this blog, then you are probably in the other half. The question then becomes how you can provide that … [Read more...] about Baby Boomers and Estate Planning
Things You Need to Know about Long Term Care Insurance
Americans enjoy a longer average lifespan than the majority of the world. The average female can expect to live to see her 85th birthday. Advances in medicine, technology, and science have allowed us to live longer, but at a cost. Illnesses that would have killed us a century ago can now be treated. A heart attack that would have caused death a century ago can now be managed with emergency medicine and the latest technology. All of this, however, has a financial cost. If you are fortunate enough … [Read more...] about Things You Need to Know about Long Term Care Insurance
What’s a Power of Attorney?
You’ve, likely, heard the term, “power of attorney.” Powers of attorney are legal documents used to authorize someone else to act on your behalf, in some sort of legal situation. There are financial, health care, real estate, and business powers of attorney. Financial powers of attorney are often called, “General Durable Power of Attorney.” “General” means that the document covers a myriad of situations, mainly financial and personal business oriented. “Durable” means that the power of … [Read more...] about What’s a Power of Attorney?
Life Insurance–So I Need It?
In America, we insure our homes, vehicles, businesses--some of us even insure our pets. Along with all these types of insurance, we are also all told that we simply cannot be caught “dead” without life insurance. Do you really need life insurance? Is it the best option for you? Only you can make that decision, but there are some things to consider when contemplating the purchase of life insurance. If you are part of a young family with no other means of support in the event of your death, … [Read more...] about Life Insurance–So I Need It?
What You Need to Know about Long-Term Care Insurance
The longer you live, the more likely it is that you will need long-term care (LTC). Failing to plan for the cost of that care could put your retirement nest egg at risk. Counting on Medicare or your basic health insurance for help is not a viable option as neither will likely cover LTC. Purchasing a separate long-term care insurance policy is one way to plan for the high cost of LTC; however, should you buy in LTC insurance? Let's see what you may need to know about long-term care … [Read more...] about What You Need to Know about Long-Term Care Insurance
