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
Most people believe that having an estate plan simply means drafting a will or a trust. Both wills and trusts are estate planning documents that can be used to pass your wealth and property, however, there is much more to include in your estate plan to make certain your family members access or control your assets should you become unable to do so yourself, and that all of your assets are transferred seamlessly to your heirs upon your death. Here are a few reasons to consider adding a trust to y
The last will and testament laws vary from state to state and so, the validity of your will depends on where you live when you die. Your will is a part of your legal documents, a baseline foundation of your estate plan that can ensure your wishes are respected by the people you love when you die. However, it may not be enough to protect your wishes as it does not keep your assets out of court and does not operate in the event of your incapacity. Moreover, it is useless if it is not legally valid
Know that no matter how poor or rich your parents are, they especially must secure an estate plan because their affairs will affect you and will become your responsibility in the event they become incapacitated or die. Their estate plan ensures that their assets no matter how much or how little it can be will be distributed to their heirs according to their personal wishes. If you do not know whether or not your parents have estate planning in place that will help you best support them, read on.
It can be difficult trying to convince your elderly parents about the importance of social distancing and self-quarantine during the pandemic but with proper communication and telling them how much you care using "I" statements will help them realize your point. Be clear about why you're worried and model the way for them, even if they have not modeled the way for you in the past. Read here to learn more about how to effectively communicate with your parents and get them to stay at home.
Setting up an estate plan is critically important for business owners because owning a business is challenging even in the best of times and with the current global pandemic, things are much more overwhelming as you pivot to build the most stability for you and your business. If a whole estate plan feels too overwhelming right now, at least get an inventory of your assets and business in place, where your loved ones/partners and your team could access if you become ill or die. Learn more here.
Keeping your loved ones out of the probate court and conflict is the primary reason for establishing a living trust. It plays a major part in you and your loved one's life because it does not only keep them out of court and conflict, but it also helps educate them on your true purpose and details what your wishes are for your assets upon your demise. Read here to know if your living trust is set up the right way for the people you love.
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.
As a business owner, you must thoroughly understand how cardholder data is collected and flows through the business in order to comply with the security standards of the PCI Security Standards Council. Here are the twelve PCI Data Security Standards that you must comply with if you plan to accept credit and debit card payments.
At some point in life, you might not be able to make decisions for yourself due to a medical condition, and when this time comes, you should be prepared. To ensure you remain part of the decision-making process concerning your life and that the preferences for your ongoing care are respected, you'll need to have the right legal documents in place. Read here how to help you and your loved ones make these important decisions on your behalf, which you may be unable to make later in the future.