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If your parent dies when they have no money or assets left, you may find yourself in a difficult position. If you’re in charge of managing the estate, you may begin receiving letters from creditors or calls from those trying to collect debts. One of the issues with a...
Estate Planning
Are heirs on the hook for debts after your death?
If you are in debt when you pass away, one of the things that might happen is that those creditors could go after your estate for the money that they’re owed. A good estate plan will take steps to make sure that your heirs are protected against these creditors staking...
3 ways to protect your assets through estate planning
As you work on your estate plan, one of the most important things to do is to look into how you can preserve your assets. You have a number of options that will help you do so. Some include sending your life insurance into a trust, setting up an irrevocable trust...
What is asset protection planning, and do you need to do it?
Most people think that estate planning just involves making a last will. Some people see the value in a living will that protects them if they become medically incapacitated. Far fewer people understand how valuable asset protection planning is. Often a part of...
Should you talk to your heirs about your estate plan?
You may feel like your estate plan is fairly private, and you may not want to share it with anyone. That’s fine. It is private if you’d like it to be, and no one has to give you their advice or input regarding your decisions. You have the final say. That said, there...
4 times you will want to update your estate plan
Taking the time to create an estate plan can help the people you love have financial protection if something tragic happens. However, it can be a big mistake to presume that your estate planning needs just disappear after you create your initial estate plan or create...
Would a spendthrift trust benefit your heirs?
You spent a lifetime accumulating money and personal property, and you want to leave it to the people you love when you die. Sadly, your children or other close family members have repeatedly shown that they struggle with making good decisions when it comes to money....
What are the 3 major goals for your powers of attorney?
There are times in life when you cannot speak up on your own behalf. When you are a child, you typically do not have the legal authority to make your own decisions. The same is true for older adults experiencing cognitive decline and those with incapacitating medical...
Is it time to take your estate plan digital?
You may know the importance of having an estate plan in place, but have you considered how you’ll make sure that your loved ones are able to find all of your documents once you pass away? There have been cases where someone has died and left behind a will or plan, but...
How can you prove your parent doesn’t have the mental capacity to make decisions?
As a potential beneficiary and heir to your parent’s estate, you’ve always known that you’d have to play a role in taking care of it. One thing that you have always been concerned about was what would happen if your mom or dad could no longer make good, sound...