You might assume your close family and friends will take care of your children if anything ever happens to you, but everything won’t be simple and easy unless you prepare for it. Your family and friends would probably want to take care of your children, but it is not up to them to decide. If you did not appoint a guardian for your children, even a stranger could gain custody of your loved ones. Plan now so you could make certain that your children are never taken into the care of strangers.
A lot of times, people hide their Wills or estate planning docs in secret locations where they'll likely never be found after their death. Or they'll put their Will in the care of unreliable caretakers, whom may forget they even have the documents and never truly know when is the right time to present it to the family after your death. Consider this illuminating case that winded its way through the NY court system and provides a cautionary tale about safeguarding your documents.
The lack of estate planning has lead Aretha Franklin’s family to lengthy court battles, major expenses and great amount of stress. Although a will would have been helpful, even a will could not have saved Aretha Franklin’s family from going to court, because of the size of her estate.
Regardless of your financial status, planning for incapacity or your eventual death is something that you should immediately address, especially if you have children. Here's what Aretha Franklin’s death taught us.
Collecting life insurance policy proceeds is not always a complicated process, but after the death of a loved one, everything seems difficult. You want to be prepared and avoid having more stress added on during such a tough time. Knowing all the steps that need to be taken beforehand will help you get access for the proceed easier and in much less time. Here is how the process works, and what you should be aware of.
Talking to your children about money is a very important task and should be done in different stages. This conversation doesn’t happen all at once in one day, in fact you will need to consider their age before talking about family wealth and how it plays a role in their life. Here is how you should approach each stage when having “the money talk” with your children.
Your biggest responsibility as a parent is making sure your child is not in the hands of strangers or anyone you wouldn’t want your child with. While you try your best to take care of your child in every way, child abduction is still a real and scary event that happens even today. The difference is the speed with which the children are found. An AMBER alert is the catalyst that speeds up the process. Here is more about The AMBER alert system and how it has helped many families.
It is common for family members to fight during the passing of family heirlooms from one generation to the next. However, this can be easily avoided if you clearly state in your estate plan, what item you would like to pass to which family member. In fact, there are multiple things you can do as a part of your estate plan to avoid family conflicts when passing family heirlooms.
Moving out is a big step for your kids as they are starting a new phase of their life. You might not have thought about what would happen if they were to become incapacitated, but that is a very important thing to consider before you kids move out. As they turn 18, you will not have access to their financial or medical records, unless they sign certain documents to allow you access. Here are documents you should make them sign so that they are taken care of in an unforeseen accident or illness.
If you were planning to retire in your 60s, which is when most people plan to retire, it may not be a realistic age anymore. This is because of increased lifespan, rising healthcare costs, and increased need to care for aging parents. You might feel like you haven't saved enough to retire, or haven’t saved at all and that is why retiring in your 60s won’t work. Here is why you shouldn't retire in your 60s, but instead at the age Suze Orman has suggested.
It can be hard for elderly relatives to take care of themselves and sometimes are taken advantage of. Elderly need help with daily functions and finances so they are likely to befriend someone that is trying to help them without realizing they are being financially abused. Here are some red flags of financial abuse that you should be on the lookout for if you are caring for an elderly loved one.