Subscribe To This Blog’s Feed
Adding a bunch of extra documents to your estate plan may seem expensive and wasteful. Many adults only think that they need a will and nothing else to protect themselves and their families when they die. It is certainly true that a will can accomplish many of the...
Estate Planning
Making a special needs trust for an adult child
Most parents no longer have legal or financial responsibility for their children once their kids turn 18. Becoming a legal adult means that their children are now responsible for meeting their own needs. However, not every child can be truly independent just because...
Who should you choose as a health care power of attorney?
It’s not always a simple task to choose someone to make medical decisions on your behalf. You may not have someone you know who feels the same way about life-sustaining treatments or the kinds of interventions that you’d like if you are unable to tell the medical team...
If a parent dies without assets or money, what happens?
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...
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....