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.

Dangers of DIY Planning

Dangers of DIY Planning

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…

Brief Overview of Estate Planning

Brief Overview of Estate Planning

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…

Estate Planning for Farmers

Estate Planning for Farmers

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…