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.

Estate Planning for Differently-abled People

Estate Planning for Differently-abled People

Studies show that more than 15 percent of people aged 5 years and above have special needs. Having a special needs child is not a choice you make – it comes naturally. While you have limited power over disability, you can do things differently to make life better for this heir or beneficiary- from identifying…

Estate Planning for Non-citizens

Estate Planning for Non-citizens

The number of non-citizens in the US has quadrupled since 1965. Studies show that non-citizensn in the US reached a record 44 million in 2017. While you might find it pleasing to relocate to the country to look for work or to live, challenges arise once you decide to plan your estate. As a non-citizen,…

Estate Planning for New Homebuyers

Estate Planning for New Homebuyers

It is a well-known fact that 33 percent of people buying houses are first-time homebuyers. So, you have just bought your first house, or this is an addition to the ones that you already have. Well, many people are so excited when they buy a home that they forget one vital element of life –…

Estate Planning Essentials for College Students

Estate Planning Essentials for College Students

College is an exciting time for young adults. It’s one of their first major steps towards adulthood and with it comes adult responsibilities. To make the transition easier, parents should sit down with their college kids and come up with an estate plan. This will ease any parental concerns and let the student live their…

Estate Planning During Family Gatherings

Estate Planning During Family Gatherings

Estate planning is a family activity. Getting the entire family together can be difficult. People have their own lives involving work, school, family activities, and other time-consuming obligations. Family gatherings such as holiday parties and picnics can be the perfect setting for an estate planning discussion to take place. This article has several tips to…

Estate Planning: Handling Creditor Claims

Estate Planning: Handling Creditor Claims

Every state comes with its own rules and regulations on how the debts need to be paid. The executor is required to notify the creditors that the person has passed away so that these creditors can lay claim for their payments. The way the notice is sent to the creditor varies from one state to…

Estate Planning and Mental Illness

Estate Planning and Mental Illness

A mentally ill child is your responsibility. The government also chips in with public benefits to help you handle the situation. However, we have seen some cases where the family of the mentally ill child ended up jeopardizing the eligibility to receive these benefits. Let us focus on how you can plan your estate the…

Estate Planning and Adopted Kids

Estate Planning and Adopted Kids

Estate planning mistakes can leave your adopted child, however much you love him, without any cent. Each state has rules about inheritance, which means you need the services of an established estate planning attorney to interpret the rules for you. They also guide you on coming up with the best estate plan. When you don’t…

Estate Planning After Cancer Diagnosis

Estate Planning After Cancer Diagnosis

Cancer – the dreaded disease that has beaten even the minds of the best scientists. Cancer diagnosis isn’t a death sentence, but many times, the prognosis of patients is poor. Some patients live for a few months while others survive with the cancer for years. Some families see cancer as a taboo, a subject they…