If you experience the benefits of a fast-growing company, it’s easy to overlook the potential downside. What happens if you’re no longer in a position to make these important decisions? Growing an estate plan is crucial for entrepreneurs and business owners. Having an estate plan helps you and any chosen loved ones or key employees… Read More »
Blog Posts Page 5
Is There Such a Thing as Too Soon When Distributing Estate Assets?
When you appoint someone as a personal representative or an executor, it is their responsibility to complete a variety of different tasks before distributing any remaining assets. Many estate executors, however, may be unfamiliar with this process and might instead focus on estate taxes. Assets cannot be given to loved ones immediately after a person… Read More »
Study Shows Many People Experiencing Financial Anxiety
Many uncertainties in the market have prompted plenty of people to develop financial anxiety, and studies show that financial planners and other professionals might be underestimating the level of worry that people experience. The MQ Research Consortium in Kansas State University Personal Financial Planning Program determined that over 71% of those clients currently working with… Read More »
Succession Plans Versus Estate Plans: What Is the Difference?
Every person, regardless of their age or how many assets they own, should have an individual estate plan. If that person also owns or co owns a business, however, further planning is required to cover all the most important issues in that person’s estate. In those cases, both an individual estate plan and a strategic… Read More »
Elder Care May Be More Expensive for Your Loved Ones Than You Intended
Having to pay out of pocket for nursing home or assisted living facilities can be expensive given that the median cost for a private room in a nursing home is over $100,000. This means that elder care often falls to family members first so long as family members are able to cover the basic needs…. Read More »
Decision Making Issues to Consider Before Creating a Living Will
Many different end of life care concerns should be addressed in your living will. If you have questions about certain medical decisions, you’ll want to discuss them with your doctor in advance so that you have a clear idea of the options available to you. If you have specific wishes regarding any of this medical… Read More »
Does Your Business Need Succession Planning?
Succession planning requires stepping back and looking at the big picture of your business and all of the key players responsible for maintaining it. Taking a holistic view of your future as well as your current goals ensures that you have the right training, the right people, and the right systems and processes in place… Read More »
Widows Need a New Financial Plan
It can be a dramatic adjustment to your life after a spouse has passed away, but widows must pay special attention to their planning and their finances after losing a husband. Some short-term adjustments might be necessary to recalibrate your goals and to determine your next steps. Getting a clear handle on your finances is… Read More »
Should I Change an Advanced Directive?
Much like other estate planning documents outside of an irrevocable trust, you can change your advanced care directive at any time. However, how you approach the process of making changes is important for maintaining this as a legally valid document. If you want to make changes you need to create a new form, distribute new… Read More »
What Californians Should Know About the Upcoming Medi-Cal Eligibility Threshold Change
Do you have a plan for covering payments if you needed a nursing home? Without personal savings or long term care insurance in place, you could be exposed to difficult questions during a time when your focus should sit mostly with the related health issues. This is why you need to think about qualifying for… Read More »
Which Assets Do and Do Not Belong Inside a Living Trust?
The major reasons for creating a living trust are to distribute assets according to your wishes and in time effective and cost-effective manner and to avoid probate. This means thinking carefully about which assets you will title inside the living trust. Some of the most common assets to be titled into a living trust include… Read More »
Do You Own NFTs Or Cryptocurrency? You Need Estate Planning
You need to think carefully about how you will give beneficiaries a way to access your digital wallets. Giving someone you trust or a group of people a way to access your digital wallet when you pass away is essential for making sure they get these assets. Your NFTs or cryptocurrency that you’ve spent time,… Read More »
What You Need to Know About Naming a Beneficiary in A 401(K) Plan
You may not live long enough or have enough financial needs to use all the funds in your 401(k) account before you pass away. Your retirement savings will, in that case, pass on to the person you’ve named as the beneficiary of the account. It is important to recognize that this is different from what… Read More »
Important Questions to Consider in Pet Estate Planning
There are many different avenues available to you if you own pets and want to make sure that you have an opportunity to protect them if something happens to you. Many people want to provide immediate care opportunities for their pets, such as appointing a trusted family member, friend, or neighbor with the ability to… Read More »
What Variables Influence How Much My Estate Plan Costs?
A leading reason for many people to put off the process of estate planning is confusion or lack of clarity around what it might cost. There are a number of different factors that will influence what your estate plan costs. The chief among these being your individual goals for your estate planning process. You may… Read More »
What Can a Living Will Do for Me?
Your living will is a written record of the kind of medical care you would want to receive in specific circumstances. This becomes extremely important if you are unable to speak up for yourself about the care that you wish to receive. This can affect you with a permanent or temporary illness or injury. A… Read More »
What To Know About Using a Trust to Pass on Intergenerational Values
An appropriately created directed trust can help to provide for the promotion of social and fiscal responsibility because of the role that members on the directed trust distribution committee can play. As part of an overall wealth management strategy, you might wish to consult with an experienced estate planning lawyer about how to use a… Read More »
Why Is Elder Law Planning Distinct from Estate Planning?
When seeking out a professional to help you to create your estate plan, you also likely have questions about areas of the law that fall under the umbrella of elder law. Estate planning and elder law might be practiced by the same attorney or the lawyer you contact might have most of their clients in… Read More »
How To Help Aging Parents Confront Estate Planning
Perhaps you’re doing your own planning for the very first time and want to know if your parents have made any progress in that regard. Maybe you’d like to know if you’ve been named as a key part of their estate plan so that you have time to plan accordingly. No matter what your reasons,… Read More »
New Study Indicates Retirement Savings Shortfalls
A new study looking at people in retirement determines that retirees aren’t necessarily selecting to spend less in their golden years but are instead influenced by health and wealth issues. The Centre for Retirement Research at Boston College found that household consumption drops 0.7% to 0.8% each year on average during retirement when looking at… Read More »
