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.
According to studies, only 17 percent of Americans work with a financial advisor when it comes to matters finance. They believe in handling their finances, which is a huge mistake. Proper financial management is vital in planning your estate, the reason to work with an advisor to help you with the process correctly. Still, many…
Scenario When Jane’s mother passed away, she knew she would get a good share of the estate that her mother had grown over the years. She knew that the mother had real estate and money in the bank. When the will was finally read out, she was surprised to discover that the mother hadn’t left…
When 78 year old Anne lost her husband James to an accident, she realized that she had no idea what his passwords were. She couldn’t access his Apple account on the iPhone, iPad and computer that they had stored all their data on. On calling Apple to get help, she was advised that she needs…
Estate planning mistakes can turn out to be expensive than you ever thought. The amount you spend fixing the mistakes – that is if they can be fixed at all – is huge. The situation is simple – when a person makes a mistake in planning their estate and get deceased later on, they won’t…
This article is part of a larger series that presents a number of ways a will or estate plan could be challenged. Taking these potential threats under consideration is critical when planning your estate and they are often overlooked until it’s too late. One of the most important steps in one’s life is creating an…
As stated in the four previously published articles, estate planning is a critical part of one’s life, especially as you get older and/or bring children into the world. The other three articles covered things such as fraudulent signatures and undue influence and how these can affect the validity of an estate plan. When planning for…
Celebrities across the world have entertained us in more ways than one. We have seen tragedies both in life and in death among our favorite celebrities, but there are a few tragedies that go past death, leaving their families trying to grapple with both physical and monetary losses. We are referring to estate planning mistakes…
Business succession planning refers to a series of financial and logistic decisions that you make regarding who takes over your business when you pass away, retire or become incapacitated. When you run a family business, succession is never that simple. You have to account for a lot of things when you transition from one generation…
This article gives readers a brief overview of several core concepts in estate planning. This guide is an excellent starting point for people new to estate planning and can be used in conjunction with an estate planning attorney. Knowing these basic concepts will benefit you and ensure the estate you’ve committed your life to earn…
As a farmer or ranch owner, you face similar obstacles in estate planning akin to other businesses. However, you will come across a few aspects of the estate plan that are unique to the farm. When you own a farm that you have held on to for a long time, then you need to undertake…