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.
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.
There is a lot of stigma, taboo, and existential fear associated with death. There is not really a need for an explanation why this is so, but yes, passing away and leaving the mortal world can be a daunting thought, to say the least. However, the fact of human mortality should only convince you to…
Estate planning in Staten Island is not really an easy job to do. You have to pay all these costs, spends hours with an attorney and make tough decisions about your life’s earning and whom it should go to. Also, the constant lingering thought of your own death or incapacity is not exactly fun. However,…
No matter what you may have thought before, trusts aren’t only useful for people like Jeff Bezos or Bill Gates. In fact, their terms can also be beneficial to those with a reasonably valued estate. Your spouse, children, and other loved ones are close to your heart. You trust them blindly and would love to…
Retirement is inevitable—sooner or later, you will have to decide for a time when you are no longer able to earn. If you want to keep taking care of your needs without relying on others, you need to have a comprehensive estate plan in place that manages your funds in the best possible way. Some…
Regardless of how old you are, the topic of death and finite mortality can seem quite overwhelming to think about. Most people shy away from the conversation as existential crisis induces anxiety, unlike any other. However, despite the morbidity and unpleasantness around the topic of death, it’s still an important discussion to undertake. Planning for…
There is probably no human being on this planet who hasn’t thought about their death. Yes, the idea is quite morbid and unsavory, but seeing that is inevitable, it tends to cross the mind at least once. When we’re younger, the thought has its own angst nuance about it. However, adults have it a little…
Back in the day, the American dream for the ideal family involved heterosexual couples with two kids – a girl and a boy – standing smiling in front of a white picket fence home. The reality is far from it. Today, families come is all types of packages. You have your average American families, LGBTQ+…
When we hear words like ‘revocable trusts’ and ‘beneficiaries,’ we tend to zone out a little. Our only exposure to these terms has probably been American television shows where it is always the wealthy friend who has a trust fund! They walk around in their expensive furs just waiting to turn 21 so they can…
What Counts as Incapacitation in a Living Trust? However morose it may sound, as responsible human beings we must plan for the dimmest future. You may be happy and healthy right now, but that doesn’t mean you are going to be just so forever. One day, like everyone else, you will leave the world, bequeathing…
How to Choose a Trustee for Your Living Trust We meet many people during our lifetimes, but only a few make it into our close circles. If you really begin to think about it, how many of them would you trust with your life on the line? Well, when you’re planning your estate or setting…