While it is important to make sure that your intentions are known via the execution of the appropriate estate planning documents, you must also keep estate administration in mind. Recording your wishes with regard to who gets what is one thing, but you also have to make provisions for administering the estate because things simply do not take care of themselves. After you pass away, the estate must be probated if you use a last will to elucidate your wishes. Someone must take care of the … [Read more...] about Keep Estate Administration In Mind
Addressing Higher Education Expenses in Advance
Compartmentalizing has its place, but in the big picture it is useful to include retirement and estate planning within a broad long-term financial plan. When you are creating such a plan, one of the big expenses that may be part of the equation is the college tuition of your children or grandchildren. Without question, giving the gift of education may be the most profound thing that you can do for your loved ones. There are various ways to take care of college costs, but we would like to take … [Read more...] about Addressing Higher Education Expenses in Advance
Estate Planning: What About the Children?
When you look at the statistics with regard to estate planning preparedness, you find that less than half of the adults who are under the age of 50 have an estate plan in place. In fact, statistics show that the younger you are, the less likely it is that you will have executed the appropriate estate planning documents. This may seem like no cause for concern. Young adults are not going to worry about passing away because death only takes place among the old, right? Apparently this is the … [Read more...] about Estate Planning: What About the Children?
Have Your Will Prepared by a Professional
People sometimes procrastinate, continuing to postpone something that they know they need. If you were to do this, the suggestion that the matter in question could be resolved with the click of a computer mouse could be an attractive one. However, when you hear about an offer that sounds too good to be true, you may want to take pause because it is unlikely that anyone has figured out a way to reinvent the wheel. This perspective is quite relevant with regard to the entities who want you to … [Read more...] about Have Your Will Prepared by a Professional
Final Arrangements: Pre-Planning is an Option
If you are a mature and serious minded individual, you probably want to cover all your bases for the well-being of your family members when making preparations for the future. With this in mind, you want to make sure that you do not overlook your final arrangements. People who do not leave behind instructions with regard to final arrangements leave their loved ones in a difficult situation. You need to let people know how you want to be laid to rest or they simply won't know exactly how to … [Read more...] about Final Arrangements: Pre-Planning is an Option
Asset Protection: Devise A Plan With Professional Guidance
Making sure that your assets are distributed to your loved ones in accordance with your wishes is clearly something that must be accomplished when you are planning your estate. But at the same time, it is a good idea to understand how everything is connected. Your overall financial plan should blend into your retirement plan, and ultimately inform the legacy that you will be leaving behind after you pass away. For this reason, it is wise to work within an intelligently conceived financial … [Read more...] about Asset Protection: Devise A Plan With Professional Guidance
Oldest Among Us Face Dementia Threat
The "oldest old" is a term that is used in the elder law community to describe individuals who are at least 85 years of age. It could be natural to assume that this would be a relatively small group. But surprisingly, we are told that this is the fastest-growing age demographic in the United States. Therefore, the fact is that you may well live into your mid-80s and perhaps significantly longer than that. With this in mind, you have to consider some of the contingencies that you may face if you … [Read more...] about Oldest Among Us Face Dementia Threat
Ray Charles Foundation Files Suit Against Seven of His Children
The legendary musical composer and performer Ray Charles created a foundation before he passed away that provides support to certain educational programs. As a musician, he knew that ongoing royalties would be coming in and he was in a position to help others even after he passed away. Ray Charles also took care of his children. According to an article that is appearing on the CNN website, Ray Charles provided each of his 12 children with a $500,000 trust. He did require them to agree to make … [Read more...] about Ray Charles Foundation Files Suit Against Seven of His Children
Advance Planning Is Essential For Unmarried Domestic Partners
Estate planning is one of the basic fundamental responsibilities that you have to take care of once you become a responsible, self-supporting adult. If you go through life without asserting your wishes, you are shirking one of your responsibilities. This is true even if you are a relatively young adult. The above being stated, perhaps estate planning is a bit more important for some people than it is for others. For example, if you are legally married and you happen to pass away unexpectedly … [Read more...] about Advance Planning Is Essential For Unmarried Domestic Partners
Medical Matters: Make Your Preferences Known
Estate planning is largely thought of as the process of leaving instructions regarding what will be taking place after you pass away. Without question, this is a large part of the endeavor, but it is useful to consider the period of time that may precede your passing as well. With the above in mind, the execution of advance health care directives is highly recommended. One of these directives is called a living Will. This type of will has nothing to do with arranging for the transfer of … [Read more...] about Medical Matters: Make Your Preferences Known
