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.
Children. The moment you receive your bundle of joy, your aim is to guard the child from anything that puts them at risk. We also seek to ensure our kids are ok long after we are gone. But not all children are responsible with money. Many kids grow up to become irresponsible with the wealth…
Every parent wants to set their child up for success, even after their gone. Special needs children offer a unique perspective on a variety of things. Families must take careful consideration when estate planning to offer the greatest number of benefits to the child. Below is a brief overview of three of the most common…
You have been assigned the role of an estate executor, and then after the probate is done, you realize that one of the beneficiaries cannot be found. What do you do? Well, as an executor of the estate, you have the task of making sure all beneficiaries get their portion as expected. This is made…
It is a tradition for many people to spend their holidays with loved ones each year. During this time, the family bonds and gets to talk about so many issues that affect their lives. They talk about their successes, plans and failures, and go ahead to forge the way forward. But few families take the…
As an executor, times come when you have to sell the property that has been left behind for beneficiaries. One of the most common directives that executors come across is to sell the property and share the proceeds equally among the beneficiaries. You can talk to the estate planning lawyer to interpret the will for…
Many people are in a state because of work responsibilities. When the time comes for them to retire, they have to move from one state to another to enjoy their retirement years, or they wish to be closer to their families. Whether you are moving to the next state or to a further one, you…
As a rancher, you need to have a comprehensive estate plan that includes a medical directive, power of attorney and a trust. The plan needs to make sure you have an estate plan that covers all the property that you own. Having a detailed estate plan makes sure that you save your family time and…
Countless people believe that once they have drafted the legal documents, then the estate planning procedure is complete – wrong. Well, we know that a large part of the process deals with legal issues, but you also deal practical stuff as well. After your demise, most of the decisions your loved ones will deal with…
When you set up your to do list, chances are that you will rarely plan for the aftermath of unfortunate events such as injury and death. However, anything can happen anytime, so you need to plan for the unexpected so that you avoid any anguish on the part of the family or friends. Good news…
As a woman, and one of good repute, taking matters in your own hands is the best way to make sure you have your future secured. After working so hard to create a comfortable and secure lifestyle for your loved ones, it is time to come up with an estate plan. But many ladies make…