Estate Planning
Estate planning comprises a meticulous process that undertakes planning for situations where a person wouldn’t be able to make their own decisions due to a disability or in the case of their passing. The term estate refers to the property one might own; both tangible and intangible. Your property could be hard cash, bank accounts, property, cars, jewelry, insurance, retirement, investments, savings, etc.
Bequeathing assets to heirs / beneficiaries or an institution and planning for incapacity remain main reasons for planning. However, that’s not all estate planning is limited to. Under this umbrella term, there are various other details that can be defined and elaborated.
Estate planning allows you to:
- Protect assets
- Medicaid planning
- Designate a guardian for a minor child
- Designate a healthcare proxy that can make medical decisions on your behalf
- Use it for Medicaid planning for long-term care
- Document end-of-life preferences
You also decide on a power of attorney that can make financial decisions and carry out tasks such as paying bills, settling debt, legal or business decisions, and manage an investment portfolio. When carried out with an estate planning attorney, it can be used to reduce or eliminate taxes.
Here you’ll find yourself perusing through a plethora of articles that could be your resource when you’re learning what planning is all about. You can begin by understanding the bare bones of planning and make your way up, studying different types of planning tools, what mistakes to avoid, what myths to not believe, and more.
When creating an estate plan to protect beneficiaries, many people establish a trust to hold their property and money and safeguard these assets from creditors. However, what most of them don’t know is that not all trusts can protect the family assets from creditors. If you want to wrap a security blanket around your assets…
For you to avoid postponing your estate planning tasks, it is imperative that you find the right estate planning lawyer to work with you. After you have your financial and family information together, the next important step is to get legal help. Let us look at the top 5 steps to use to get the…
Not every estate plan comes out successfully, some fail even before they start. Poor estate planning leads to high expenses, misunderstandings, despair and cause rifts between the beneficiaries. Without proper directives and preparation, families find themselves embroiled in arguments and indecision that is easy to be avoided with some care and foresight. Many people think…
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