The President’s bout with COVID-19 demonstrates the importance of keeping planning current. An Advance Health Care Directive appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. Follow this link to a blog written by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic
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Projecting Lifespan Is Part Of Long-Term Budgeting
Exactly how long you are going to have to pay your way after you stop working is going to have a lot to do with how much money you need to accumulate before you retire. We all know that there are no guarantees regarding how long you will live, but there are averages that we can draw from. Of course the figure changes all the time but as of this writing the average lifespan in the United States is 78.1 years for people of all genders and ages. However, the older you get the more likely it is … [Read more...] about Projecting Lifespan Is Part Of Long-Term Budgeting
Why You Need to Plan for the Cost of Dying
Protecting your loved ones is likely an important reason why you created an estate plan. For your estate plan to fully protect you and your loved ones, however, you may need to incorporate funeral planning into the plan. While it may not be easy to consider, the reality is that protecting your loved ones often calls for you to consider your own death. To help you understand, let's look why you need to plan for the cost of dying. Death Is Expensive Thinking of your death and funeral in … [Read more...] about Why You Need to Plan for the Cost of Dying
Protecting An Elderly Person’s Privacy On the Internet
The elderly are constant targets of electronic theft. Although all of us are potential targets, the elderly are especially vulnerable because they may have less experience with computers and electronic technology. Adults age 60 and older may not have as much technical experience as younger generations. Furthermore, as we age, we become subject to memory loss, which may cause us to believe we recognize email addresses or senders’ names. However, this makes them more likely to open phishing emails … [Read more...] about Protecting An Elderly Person’s Privacy On the Internet
Choosing an Estate Planning Attorney
Creating a comprehensive estate plan is one of the most important things you will do during your lifetime. When done properly, your estate plan will ensure that your loved ones are well provided for in the event of your untimely death as well as distribute your assets pursuant to your wishes. If not executed properly, it can wreak havoc with your finances and fail to provide the protection for your loved ones that it was intended to do. Given the importance of your estate plan, the first step in … [Read more...] about Choosing an Estate Planning Attorney
Basics of Powers of Attorney
A power of attorney, or POA, is a legal document that has been around in varying forms for centuries. The concept, or purpose, behind a power of attorney is the ability to give another person the legal authority to act on your behalf. The extent and the duration of the authority depends on the type of POA that you execute. Although POAs are widely used by people of all ages, they are particularly popular with the elderly. Unfortunately, they are also widely used by people who want to take … [Read more...] about Basics of Powers of Attorney
What are the Benefits of Estate Planning?
Many people choose to put off estate planning because they feel it is not a necessity until a later time in life. The truth is, everyone needs to have an estate plan in place. This will help to prepare for the unexpected. Below are five key of the benefits of having an estate plan. To commence your planning, schedule a meeting with an experienced and qualified estate planning attorney today. Give you and your family peace of mind. With a plan in place, you and your family members will … [Read more...] about What are the Benefits of Estate Planning?
What Happens To One’s Property After They Die?
When someone dies, they typically leave behind various estate assets. This may include cash, investments, personal property or real property. All of the decedents property must be legally transferred upon his or her death. How the property is handled depends on a number of factors. Property held in joint tenancy with another person will pass by operation of law to the surviving joint tenant when the one of the joint tenant dies. In many cases, property held by husband and wife as community … [Read more...] about What Happens To One’s Property After They Die?
Providing for Your Child with Special Needs
If you are the parent of a child with special needs, you need to address your child’s needs in your estate plan to ensure that he or she is well protected both during your lifetime and after you are gone. Care must be taken, however, to ensure that your child will benefit from the financial assistance you intend to gift to him/her. To help you get started, let's see how you can provide for your special needs child in your estate plan. Why Is a Special Needs Trust Necessary? As the parent, … [Read more...] about Providing for Your Child with Special Needs
The Importance of Choosing the Right Fiduciaries
Estate planning is a complex, yet incredibly important, undertaking. One of the most important aspects of estate planning is choosing people for the fiduciary roles within your plan. This is also an area where people frequently make mistakes. Let's explore the importance of choosing the right fiduciaries. What Is a Fiduciary? The law defines a fiduciary as “a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons).” Typically, a … [Read more...] about The Importance of Choosing the Right Fiduciaries
