Even multimillionaires are not immune to an oversight in designating their heirs. One prominent example is Kobe Bryant whose legal team failed to list his youngest daughter in the family trust. And though they can easily correct this, it's not the same for everyone. Hefty legal costs and lengthy proceedings can have a tremendous financial impact on your family.
One of the most important lessons you can teach your kids is financial literacy - helping them understand not just the value of properly managing their money but also understanding your family's situation and the importance of wealth preservation. It is a gift you can give that lasts a lifetime. In today's generation, money is still not a typical dinner table discussion in many affluent and working-class families, but we think it should be. Read here to learn more.
With all of the media about "digital wills" and "online estate planning nowadays", it is really tempting to think that you can do your estate planning yourself, online, for a single reason - to reduce cost. Your reasons may be good but may not go well with your intentions towards your family as online estate planning can be a big trap and may leave your family and assets at risk - worse off than if you had done nothing at all. Read here to know why and how to do it the right way.
Right now, huge numbers of people, of various age groups, are facing the reality of mortality due to the global pandemic. Thinking about this situation that may affect us anytime, many of us are courageously taking this as an opportunity to learn what we need to do for the people we love and the assets we've worked hard for. Proper estate planning can keep our family out of court and conflict, and this article will show you the right tools to make sure everything is in place to do the right thin
The coronavirus has infected millions of people in the US, including parents of young children. This brought fear to every parent like you, that if worse could happen to you and your spouse at the same time, who would watch your children? Who would take care of them even just for a short period of time? Situations like this can be traumatic for your minor kids so it is critically important to devise a plan and name legal guardians to protect them in case the unthinkable happens. Learn more here.
The burden of both to carry on with your work and manage your child's full-time care and education can be overwhelming. If you are like most parents - struggling with guilt even before the coronavirus pandemic because of the lack of time to simply play with your kids or help them with their homework, then, you are not alone. Here are some ideas to help you alleviate the feelings of not doing enough for your kids which in the long run, you will appreciate if the unthinkable happens to you.
Contrary to popular belief, creating a trust isn’t a luxury reserved only for the ultra-rich. Your desire to maintain your privacy, to protect, and have control over your assets if you are no longer able to, no matter how much they are worth does not need you to be wealthy to create your own trust fund because there are no financial minimums required for creating one. Taking this step is an option even for people living paycheck to paycheck. Read here to learn more.
Naming long-term guardians for your kids is critical and should be your number-one planning priority to ensure they will never end up in the hands of strangers in the event of your incapacity or death.
Traveling, especially in foreign destinations, means you’ll likely be at greater risk than usual for illness, injury, and even death. In light of this reality, you must have a legally sound and updated estate plan in place before taking your next trip. Read here the 4 critical estate planning tasks before going on vacation.