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.
Many collectors hold onto their valuable items to the last minute, and the thought that the items could go to someone else is scary to many of them. One of the reasons why collectors revere their items is because they come at a great cost and the demands for caring for the items is intense.…
When it comes to Islamic estate planning, Islamic laws take over. The aim of this law is such that the person will follow specific religious and legal stipulations to write a will and transfer the assets after death. For you to get these documents, you need to have a person that has been in the…
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.…
When it comes to Islamic estate planning, Islamic laws take over. The aim of this law is such that the person will follow specific religious and legal stipulations to write a will and transfer the assets after death. For you to get these documents, you need to have a person that has been in the…
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Surveys tell that more than 55 percent of Americans die without a valid will. Of the 45 percent that do, 71 percent of them don’t update their wills during their lifetime. This is a big mistake. Some life events tell you to update the estate plan immediately. Let us list them so that you are…
Scenario When Hillary took over Angela’s estate planning case, he was committed and very easy to work with. When the payout process ended, and the money was released to Angela, Hillary couldn’t be found. He had disappeared, and soon Angela started realizing that some of the property had been written into other people’s names. We…
There are various problems that can make you disinherit your child. These include: You have a bad relationship with the child The child has amassed a large estate and they don’t need what you have to give them One of the kids has the greatest needs, for instance, a child with special needs. Whatever reasons…
You might think that being named in somebody’s will as an administrator is a huge thing – but it also comes with a few dangers. As an administrator, your role is to manage the estate matters of the departed friend. Typically, the testator chooses an individual that he trusts, which means if you are the…