One estate planning mistake that people make frequently is that they don’t review their plan once they put it in place. It is a problem to put off estate planning for too long, procrastinating and risking passing away without a plan. However, it is also an issue if...
Estate Planning
Totten trusts are valuable in estate planning
Totten trusts, also known as payable-on-death accounts, are an effective estate planning tool that allows individuals to pass on assets without the complexities of probate. By incorporating Totten trusts into a comprehensive estate plan, individuals can ensure a...
What are revocable trusts?
Revocable trusts, which are also known as living trusts, are a cornerstone of comprehensive estate planning. They offer individuals a flexible and efficient way to manage their assets during their lifetime and after their passing. These trusts are classified as...
What are charitable trusts?
Many people have charities they want to support, and it’s possible to do that even after they pass away. Charitable trusts play a significant role in estate planning by offering a unique way for individuals to contribute to charitable causes while benefiting from...
Young adults need an estate plan too
Many people believe that estate planning is something that only the elderly or those with serious illnesses need to worry about. However, if you are 18 and over and earning a good income, it just makes sense to prepare for your future by creating an estate plan....
Why do many beneficiaries of immense wealth experience inheritor’s guilt?
It’s often uncomfortable for older generations to talk about wealth and inheritance. Unfortunately, even people who take time to establish an estate plan may fail to prepare their beneficiaries for what will happen when they pass on due to this discomfort. This leaves...
Older adults may need to plan to qualify for Medicaid coverage
Long-term care is one of the most pressing elder law needs. People all too often fail to plan for their comfort and care later in life. Many people in the golden years of their lives eventually have health challenges that they cannot manage on their own. They will...
If you just had a child, it may be time for an estate plan
Estate planning is something that people often associate with the end of their life. They assume that they will write a will in the last few years of their life to give their assets to family members and beneficiaries. Maybe they’ll wait until they retire, because...
Why enroll your aging parents in an adult daycare center?
Finding quality care for aging parents is a crucial concern in a world where work and personal life demands can leave families stretched thin. One innovative solution gaining popularity is enrolling aging parents in an adult daycare center. Exploring this decision's...
Why use a medical power of attorney?
Estate planning may start with the division of assets, but that’s not all that it can do. Your estate plan can also be set up to plan for your medical future. This is often very important to consider for those who are making an estate plan as they age, when certain...