Even if you are newlyweds, it’s never too early to start thinking about estate planning. Being on the same page as your spouse will ensure your family is ready and able to handle the unexpected. Below are some helpful tips to navigate financial and estate planning. Tip 1. Review Insurance Plans Always be sure to…
Nobody expects to pass away while their family is young, but planning for this possibility is important and responsible. Estate planning shows your family how much you care about their futures. Not having a plan in place can ultimately have disastrous consequences for your family. A good estate plan for young families will include naming…
Discover the appropriate way of funding your trust so that it will achieve your goals, and what assets you shouldn’t transfer to the trust. Signing your living trust isn’t the conclusion of the estate planning approach. You also are required to fund the trust. Knowledge of how to fund a living trust is important for…
Short answer? No, but the appointed agent can make other important decisions concerning your estate. When you carry out a power of attorney, you are naming somebody else to act for you. Financial power of attorney is the more widely known kind, but you can also appoint an agent to execute many other duties. Because…
Thinking about the differences between a living wills and advance directives? Keep reading to discover which to use when establishing your estate plan. Living wills and advance directives are occasionally confused when creating a thorough estate plan, but it’s important to know their differences. Below is what you should know. Living Will vs. Advance Directive…
When you create your estate plan, make sure to think about the potential of establishing an irrevocable burial trust. This somewhat simple legal documentation may enable you to both pay funeral expense and ensure Medicaid benefits for long-standing care. If you are establishing an estate plan, in addition to covering the allocation of your assets,…
Regardless of its growing popularity, a family limited partnership comes with some considerable drawbacks that could make it an improper device for your estate plan. As an estate planning device, the FLP can play a invaluable role in the estate planning process. Nevertheless, it comes with added expenses and drawbacks. It’s important to properly assess…
A testamentary trust can guarantee children or others that need assistance overseeing the proceeds of your will are safeguarded. With so many kinds of trusts available, you may be wondering what places a testamentary trust apart from the others. The below you are going to find answers to frequently asked questions concerning a testamentary trust.…
