There’s a new gig in town for some members of the Baby Boomer generation: waiting. No, not waiting tables. That’s not new. This kind of waiting has a much more macabre air about it since it describes people who are waiting for their inheritance in order to get wealthy. That’s right; they’re waiting for someone to die – usually their parent(s) – so that they can inherit the golden nest egg. The unfortunate fact for these “waiters” is that the family landscape has changed. People are living … [Read more...] about The New Profession: Waiting for Wealth
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Why Your Former Spouse May Still Receive Your Life Insurance or Retirement Benefits
Believe it or not, your former spouse may still receive your life insurance benefits, instead of your current spouse, when you die. Although the idea that someone you divorced years ago might receive your life insurance benefits, instead of the person to whom you are currently married, seems rather nonsensical, the law does not always adhere to common sense. Why does this occur? When a couple gets divorced there are a great many thoughts and turbulent emotions swirling around in one’s head, as … [Read more...] about Why Your Former Spouse May Still Receive Your Life Insurance or Retirement Benefits
Incorporating a Safe Deposit Box into Your Estate Plan
Safe-deposit boxes, sometimes referred to as safety deposit boxes, are available at banks and credit unions, and allow you to safely and securely store personal property. While these boxes are often a good choice for keeping valuable property secure, they can pose potential problems during the estate settlement process. Here are two issues you'll want to think about if you have a safe deposit box and are making an estate plan. Probate Safe deposit boxes allow you to store your property, … [Read more...] about Incorporating a Safe Deposit Box into Your Estate Plan
Courts Allowing More Flexible Trust Amendments
As much as I enjoy writing about celebrity Estate Planning gone wrong, and less often, right, occasionally, a court opinion catches my attention. That’s particularly true when the decision will have lasting implications for Estate Planning. This blog returns to the basic lessons about amending a Trust. In a litigious world, disgruntled beneficiaries feel emboldened to fight for what they think is theirs. It doesn’t always work out in their favor, especially when they base their argument on a … [Read more...] about Courts Allowing More Flexible Trust Amendments
As We Age, Here are Two Risks To Make a Plan For Today
As we age, we face new risks. These risks could affect how financially secure you are, whether you have autonomy over your medical decisions, and what kind of legacy you are able to leave behind for loved ones. Fortunately, there are ways to mitigate or minimize some of the biggest risks you will end up facing -- but you need to act quickly and put a plan in place before you find yourself in a bad situation. This guide will explain two of the biggest risks seniors end up coping with and also … [Read more...] about As We Age, Here are Two Risks To Make a Plan For Today
More Than Half of Couples Have No Estate Plan. If You’re One of Them, You Could Regret It
According to a recent study, 52% of U.S. couples have no estate plan in place. This isn't surprising since making an estate plan isn't always viewed as an important financial goal -- especially by younger people. Unfortunately, it is a big issue and it could leave many people facing serious regrets. This guide will explain some of the big problems with having no estate plan and also offers some tips on how you can get started making a plan if you are among the majority without one. … [Read more...] about More Than Half of Couples Have No Estate Plan. If You’re One of Them, You Could Regret It
Should You Consider a Living Trust? Find out About the Benefits Here.
A living trust is an estate planning tool. You may not know what it is, or how it works, since it's not as commonly discussed as a last will and testament. But, it may be a very important tool that you can use to protect yourself and the people you love. This guide explains some of the biggest benefits of making a living trust. If you decide you want to move forward with creating one after learning about all of the advantages a living trust can offer, you should reach out to the Northern … [Read more...] about Should You Consider a Living Trust? Find out About the Benefits Here.
5 Reasons it Doesn’t Pay to Wait to Make an Estate Plan Even if You’re Young
Estate planning isn't something many young people think about doing. Often, those in the prime of their lives feel like they have plenty of time to worry about taking care of making these plans later on once they're closer to the age when most people get sick or pass away. However, waiting can have some dire consequences if life doesn't go according to plan. Taking a chance of facing those consequences simply isn't worth it when it's easy to make an estate plan now and update it later if need … [Read more...] about 5 Reasons it Doesn’t Pay to Wait to Make an Estate Plan Even if You’re Young
Three Common Questions about Trust Administration
If you are at all familiar with trusts and estate planning then you have probably heard of a revocable living trust, which is also known as an inter vivos trust. A living trust can be a valuable tool both in life and in death; but, for many people, it is not always clear just how it operates and how it is administered. What is a revocable living trust? Basically, it is a set of directions that the creator of the trust gives to the trustee that detail how assets are to be managed while the … [Read more...] about Three Common Questions about Trust Administration
Estate Planning and Your Children’s Divorce (Now or Later)
If you are creating an estate plan and want to leave that inheritance to your grown children, there are a number of ways you can do it. However, an inheritance plan can be thrown off by a child who gets divorced after receiving the inheritance. Many parents do not want to see the inheritances they passed to their children become diluted by being divided between a child and the child’s former spouse. In California, divorcing couples will divide community property equally between them unless … [Read more...] about Estate Planning and Your Children’s Divorce (Now or Later)
