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.
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.
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.
Your retirement account assets are extremely valuable, and you’ll want to ensure those assets are well managed not just for yourself but for your future generations. While the SECURE Act has significantly altered the tax implications for retirement planning and estate planning, there are still plenty of tax-saving options available for managing your retirement account assets, but these options are only available if you plan for them. Read here to know more.
The changes ushered in by the SECURE Act have dramatic implications for both your retirement and estate planning strategies—and not all of them are positive. Here are three of the SECURE Act’s biggest changes and how they stand to affect your retirement account both during your lifetime and after your death.
We are always at risk of becoming incapacitated or deceased — even when there is not the coronavirus seemingly taking over the world by infecting and killing thousands of people. While now is a good time to ensure your estate planning documents in place and up-to-date, I should note that it is always a good time to make sure this important task is completed to ensure that your wishes are honored in the event of your incapacity and that your kids and loved ones are protected.
Whenever someone so beloved dies so young, it highlights just how critical it is for every adult, especially those with young children, to create an estate plan to ensure their loved ones are properly protected and provided for when they die or in the event of their incapacity. While the death of Kobe, his daughter, and the others is terribly sad, it motivates you to get your estate planning handled the right way, or updated, the tragedy just might have some positive impact.