A testamentary trust can be an exceptionally useful tool for many people trying to plan their estates. However, it is not necessarily appropriate for everyone, and you should consider the benefits carefully, with the guidance of an experienced attorney, to see if it works for you. Here are five benefits of a testamentary trust you should consider:
Advance directives are an important part of any estate plan, but not everyone has them in place for their future. As a result, they may not be ready for a potential circumstances that could arise requiring their loved ones scrambling to deal with the situations over which no one has control or authority.
Anyone who has a loved one with special needs is necessarily concerned about what they can do to ensure their loved one will be cared for if no one is around to assist. Fortunately, there are certain steps you can take to provide for your loved ones through your estate planning, which can help to protect them legally and financially. Here are five things you can do to protect your loved one with special needs:
When people hear “Medicaid planning,” they assume that it is something for people with little or no assets. However, in reality the people who can potentially benefit the most from Medicaid planning are people who may not currently qualify for it due to having significant monthly income, money in the bank or ownership of property. So how do you know if Medicaid planning may be right for you, and what should you do if you want to incorporate it as part of your estate plan?
A Power of Attorney is generally considered an essential part of any estate plan, because of how important it is to protect your interests while you are still alive. Without one, you may find yourself in a legally tenuous situation that can cause endless grief for both you and your loved ones. Here are five reasons you should make sure to get a Power of Attorney as part of your estate plan:
An increasingly important part of estate planning in the modern world involves a kind of property that does not exist in any physical sense. This type of property, known collectively as “digital assets,” includes a variety of personal assets that may make up a substantial part of a person’s estate. But what exactly are digital assets, and how are you supposed to make an estate plan around them? Continue reading “Planning Your Estate to Account for Digital Assets”
One of the most essential components of any estate plan is advance directives. These documents can help protect a person’s interests in the event that they become unable to manage their own affairs. However, advance directives are not documents you can simply create and forget about. If they are not up to date, you could face significant legal issues later on. Continue reading “Are Your Advance Directives Up to Date?”
A living trust, also known as an inter vivos trust, is not the most well-known estate planning tool available. For some people, a living trust can be an essential tool for protecting their wealth and minimizing the potential problems that can arise during the probate process. Here are a few questions you should ask yourself to see if a living trust is right for you: Continue reading “When Should You Consider a Living Trust?”
While estate planning is a complex process for anyone, it can become even more complicated if you have a large number of assets to manage within your estate plan. Unfortunately, many high net worth individuals fail to anticipate the complications that such large estates can cause, resulting in legal and financial problems for themselves and their heirs. Here are five common mistakes high net worth individuals make when planning their estates: Continue reading “Common Mistakes in Estate Planning for High Net Worth Individuals”
If you are getting older or have a chronic illness, you may have spent time thinking about what would happen to your loved ones if you were to pass away, or if you could no longer take care of yourself. Despite these concerns, you may have put off estate planning. By planning your estate properly, you can protect yourself and your loved ones from serious legal difficulties.
Here are five ways estate planning can benefit you and your family: Continue reading “Five Ways to Avoid Legal Problems With Estate Planning”