It seems that there are a variety of myths surrounding the concept – and practice – of estate planning. In an effort to dispel these myths, and help people provide for their family once they’re gone, this article addresses some of the most common harmful estate planning myths. 1st Myth: You have to be wealthy to make an estate plan If you own any property, you’ll have an estate when you die. If you fail to make a plan about what to do with it when you die, then whatever property you have will … [Read more...] about Three Harmful Estate Planning Myths
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Getting Ready to Make Your Will
If you've made the decision to get off the fence and get down to making a Will: congratulations. You've taken a very difficult step that many people never make. Now that you've decided, you may be overwhelmed by the choices you have and the process before you. Relax. It's not difficult to create a Will if you tackle the process in pieces and just do one thing at a time. Here's how to start. Step 1: Make a list of your property A Will won't be the only estate planning tool you use, but it is a … [Read more...] about Getting Ready to Make Your Will
Five Common Elder Law Terms You May Not Know
Getting older isn’t easy. But getting to the point where you, or someone you love, are faced with ongoing age-related illnesses, or the prospect of having to enter a nursing home or assisted-care facility can lead to a lot of stress and confusion. As the saying goes “knowledge is power,” so familiarizing yourself with the common terminology utilized in eldercare and elder law grants you power. Ambulatory Care is any type of health service that does not require an overnight stay in a hospital. … [Read more...] about Five Common Elder Law Terms You May Not Know
Estate Planning Questions – What Does “Insolvent Estate” Mean?
When people die, they leave behind both assets and obligations. For example, let's say a relative dies leaving behind assets worth $500,000, but also a mortgage, credit card debts, and other obligations worth $700,000. In this situation the estate is deemed insolvent because there are not enough assets to pay for the remaining debts. What happens to insolvent estates and what impact do they have on the families of the deceased person? Let's take a look at some common situations. Some creditors … [Read more...] about Estate Planning Questions – What Does “Insolvent Estate” Mean?
Updating Your Will? 3 Reasons to Take Care
Estate plans require regular inspection and occasional maintenance to function properly. If you take the time every year to review your estate plan and find something you wish to change, that typically isn't a problem. However, just as you took care to create your plan properly, you will also want to take care to ensure that the changes you wish to make our done properly and will not cause complications. Reason 1: Changing Your Will Might Not Be Enough A variety of life events can cause you to … [Read more...] about Updating Your Will? 3 Reasons to Take Care
