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.

How to Be a Good Estate Executor

How to Be a Good Estate Executor

Scenario Burt was at home when his friend, Ken, called him to his home. Since being diagnosed with cancer, Ken hasn’t been the same, and Burt expected bad news. However, he was surprised when Burt gave him a copy of the will, and told him that he would be his executor when he passes away.…

Expats & Estate Planning: What You Need to Do

Expats & Estate Planning: What You Need to Do

As an expatriate, you need to know that you are one of 36 percent of Americans living abroad. Forty percent of expatriates opt for South America and Canada, while 26 percent love Europe. Working as an expatriate offers unique opportunities. You will have to live in different countries for a large part of your life,…