The next time you're taking the time to plan your next vacation, think about how much time you've spent making an estate plan. If you're like most people, your vacation planning is probably much lengthier than your estate planning efforts. Even if you haven't created a complete estate plan, you could take some preparatory steps to ensure that you'll be well prepared if an emergency should happen during your vacation. Here are a few questions you can ask yourself that will help you get … [Read more...] about Add Estate Planning to Your Vacation Planning
Estate Planning
Selecting the Right Guardian
Estate planning often serves to alleviate some of our most rarely spoken about fears. If you are a parent with a young child, you have probably worried about what would happen to your child if you should die. Creating an estate plan and naming a guardian lets you sleep knowing that the right person will be there to take over caring for your child. Here are several tips you can use when making your selection. Consider the Relationships A good guardian is one who can provide a stable household, … [Read more...] about Selecting the Right Guardian
Estate Planning Terminology: Ademption
A lot of people who begin their estate planning aren't really sure what happens to their property once they create a Will and choose someone to inherit it. Though a Will may feel like a contract between you and the people you're leaving your property to, they are not the same. Your Will represents your choices, and it does not create an obligation to anyone you choose to leave property to. If, for example, if you choose to sell everything you identify in your Will and use the money to travel … [Read more...] about Estate Planning Terminology: Ademption
Done With Your Will? Great! Now Write a Letter of Instruction
When you write your Will you select one or more people who can serve as your estate executor when the time comes. But once you die and it's time for the executor to begin the estate settlement and probate process, you will also want to have some more specific details ready in the form of a letter of instruction. These letters will give your executor a step-by-step guide to help with the estate settlement process. Details, Details, Details Though state probate laws impose very specific … [Read more...] about Done With Your Will? Great! Now Write a Letter of Instruction
The Importance of Estate Planning for Singles
If you've ever come across an estate planning workshop, book, or any other type of similar material, you've probably noticed that most of the advice contained within is aimed at seniors and married couples. There is very little information out there about how a single person should begin estate planning, or even why a single person needs an estate plan. Though single people are the least likely to have any kind of estate plan, they are in just as much need as their married counterparts. Let's … [Read more...] about The Importance of Estate Planning for Singles
Financial Questions When Diagnosed With a Terminal Illness
As a recent article in Forbes Magazine points out, people who are diagnosed with terminal illnesses have several financial issues they should address. Though it's not always possible to address them quickly or easily, getting advice from your accountant, estate planning attorney, and other professionals will go a long way in ensuring that your family is looked after once you die. Here are a couple of questions you'll want to answer if you've been diagnosed with a terminal disease. Question 1: Is … [Read more...] about Financial Questions When Diagnosed With a Terminal Illness
More Parents Choosing to Spend it While They Have It (Read: You’re not Getting an Inheritance)
If your parents are like an increasing number of aging Americans, you may be surprised to find out that they are not planning on giving you an inheritance. The results of a recently released survey reveal that more and more parents and grandparents are choosing to skip an inheritance and instead use the wealth they've acquired in other ways. Bank of America's private wealth management arm, U.S. Trust, recently released survey results that it acquired after speaking to about 640 people who had … [Read more...] about More Parents Choosing to Spend it While They Have It (Read: You’re not Getting an Inheritance)
Who Pays for a Deceased Person’s Bills?
Executors. Once a person—called a decedent in estate planning and probate circles—dies, someone else has to step in to manage all the property issues. This person is called an executor or personal representative. The executor is responsible for telling all the decedent's creditors about the death and letting them file claims. If there's enough property in the estate to cover the debts, the creditors get paid. If there's not, some of them won't get their money back. In no event, however, does an … [Read more...] about Who Pays for a Deceased Person’s Bills?
Study Reveals Concerns About Elder Financial Abuse
A new survey conducted by a Washington-based nonprofit organization has revealed that many professionals are concerned about the growing extent of financial elder abuse in the nation. The Investor Protection Trust surveyed 762 professionals who routinely work either directly with the elderly or with financial services. Surveyed workers include financial planners, state securities regulators, social workers, and others. The survey revealed that 70% of these workers believe that financial … [Read more...] about Study Reveals Concerns About Elder Financial Abuse
Last Minute Planning Expected To Increase Before 2012 Ends
Estate planning attorneys have been preparing for the end of 2012 for quite some time. No, it has nothing to do with what some people claim will be the end of the world according to the Mayan calendar, but rather the expiring of the $5.12 million gift tax exemption that ends on December 31, 2012. As the law stands right now, individuals are allowed to give up to $5.12 million in estate gifts without those gifts being subjected to additional taxes. Come January 1, the $5.12 million exemption … [Read more...] about Last Minute Planning Expected To Increase Before 2012 Ends
