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.
Planning for retirement is the best way to make sure that you are financially stable in the future when you won’t be earning an income. This planning includes more than putting aside a certain amount every month, it is more about figuring out how much to save depending on many different factors in your life such as the economy or medical emergencies. Here are some of the most important factors to consider when planning for retirement.
Many self-made millionaires in their 30s maintain that working smart and working hard can bring you from just making ends meet to a 7-figure income in as little as a decade. It can happen in many ways but it depends on how well you manage your life. Here are a few tips to help you stay focused on the things that matter toward your personal and financial success.
There are many things that we cannot predict, but can prepare for, such as death. After your death, or even if you are disabled and unable to make decisions for yourself, you need to make sure someone can make important decisions on your behalf. This Agent should be someone you can trust and will carry out your wishes exactly they way you would like. Here are different types of agents everyone must have.
Just like any parenting arrangement, platonic parenting requires massive levels of trust, communication, and planning since child-rearing is an immense responsibility that lasts a lifetime. Having an estate plan designed specifically for your family's condition that spells out you and your partner's legal rights, responsibilities, and wishes ensure your new family has a proper legal foundation that keeps them away from court and conflict in the event of your potential incapacity or death.
Same-Gender spouses are often challenged when they need to make parental, medical, and financial decisions for partners who are incapacitated or unable to communicate because they may have family members who remain opposed to the validity of their marriage. If you're in the same situation, you especially must need to put a comprehensive estate plan specifically design for your situation to ensure your planning strategies for your loved ones work exactly as you intended. Learn more here.