If you create a trust for the purposes of estate planning, it is equally important to valuate who you intend to appoint as trustee. The trustee is responsible for administering the trust after you pass away. One of the leading reasons for many people to choose to use a trust is because probate is time consuming, public and expensive. Living trusts are another tool to help you maintain privacy and avoid Read More
Chronic Health Conditions Could Affect Retirement Savings and Estate
A new study finds that later born generations of older adults in the United States are more likely to suffer from chronic health conditions when compared with previous generations. This has important implications for the possibility of long term care planning. Long term care planning refers to the strategies you have in place to protect you if and when you suffer from a disability or medical condition that requires Read More
What To Consider Before Placing Assets in a Charitable Remainder Trust
Plenty of people intend to accomplish philanthropic goals through their estate and may consider irrevocable trust tools such as a charitable remainder trust, but it is important to be cautious about how you choose to use this. While it might be the right choice for your goals, you need to carefully balance your own financial needs alongside that, especially when using an irrevocable trust for estate planning Read More
What Is the Difference Between A Third Party And First Party Special Needs Trust?
Planning ahead for the future of a child with special needs requires advanced considerations. Outright gifts of money could accidentally bar your loved one from getting crucial government benefits through Medicaid and other programs. This means that sheltering assets in what is known as a special needs trust may be the only opportunity to provide financial support during your life and after you pass away. There are Read More
Are Assets Moved To A Revocable Trust Protected From Creditors?
There are many different myths out there about how trusts can be used in the estate planning process, and it is very important to educate yourself as well as to work with a qualified estate planning attorney. A knowledgeable estate planning attorney can tell you a lot more about how this process works and how best to use a revocable trust as part of your estate plan. It is also important to identify whether or not a Read More
Preparing For the Third Phase of Your Financial Life
Most people go through three major phases with finances in their life. The first financial phase is build and grow when you're first starting your career and are focused on maximizing contributions to your 401(k). This can be a good time to accumulate as much as you can taking into account all the different financial concerns that can pop up in future retirement, like the cost of long-term care. The second financial Read More
Can I Put Restrictions On An Inheritance?
You may be thinking carefully about the legacy you wish to leave behind for your loved ones, and the unique considerations of your family dynamics and your individual beneficiaries. This raises plenty of questions, including whether or not you can place restrictions on an inheritance left behind for loved ones. Anyone who is on the receiving end of an inheritance should clearly read the fine print of the will or Read More
Why Is A Living Trust An Important Part Of Your Financial Planning?
After you pass away, you may still want to have some level of control over your finances so that you know that your family is protected as well as financially stable. A leading estate planning document for accomplishing this goal is a living trust. There are many different benefits of using a living trust, but the first is that it allows a great deal of flexibility and control. In a revocable living trust, you can Read More
It’s Time To Spring Clean Your Estate Plan
As you clear out closets and look to make donations to make way for summer, don't forget about the important consideration of reviewing and updating your estate plan. An estate plan only functions properly when it is reviewed on a regular basis. A major life event could be a reason to stop and review your estate plan, such as a marriage, divorce or birth of a child or grandchild. However, every five years you Read More
Women Must Plan Ahead for Their Financial Future and Life Insurance May Be the Option
A 2021 Insurance Barometer survey found that 43% of women felt they would leave their families with a difficult financial situation if they passed away unexpectedly. This number was five full percentage points more than the answers given by men in the same survey. Women face earning power challenges that make it more important for them to look ahead into their future to plan for retirement and also need to generate Read More
