Your family and loved ones are much more important than your money, yet you want to avoid leaving them in debt. If you have purchased assets (such as a home) using borrowed funds, the debt will continue to exist even after your death. Creditors and debt collectors may attempt to collect from you before they know your circumstances. To see how preparing for the future may prepare you for a smoother transition and more peace of mind, continue reading...
If you're looking to collect life insurance proceeds as the policy's beneficiary, the process is fairly simple. However, during the emotional period immediately following a loved one's death, it could feel as if your entire world is falling apart, so it's helpful to understand what steps you need to take to access the insurance funds as quickly and easily as possible.
Whether it’s to qualify for Medicaid, avoid probate, or reduce your tax burden, transferring ownership of your home to your adult child during your lifetime may seem like a smart move. But in nearly all cases, it’s actually a huge mistake, which can lead to dire consequences for everyone involved. With this in mind, before you sign over the title to your family’s beloved homestead, consider the following potential risks.
One of your primary goals is to keep your family out of court and out of conflict no matter what happens to you. Yet, as you can see, if your family has to go through probate, your estate plan falls woefully short of that goal, leaving your loved ones most stuck in an unnecessary, expensive, time-consuming, and public court process. By having a comprehensive estate plan, you can help your loved ones avoid probate altogether or at least make the process extremely simple for them.