Posts Tagged Estate Planning

Three Factors To Keep In Mind When Buying Long-Term Care Insurance

On August 11, 2020   /   Blog  
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Three Factors To Keep In Mind When Buying Long-Term Care Insurance

Many families consider purchasing long-term care insurance in advance to help pay for expensive long-term care in the future. Here are three important factors to keep in mind when buying long-term care insurance. Your daily benefit requirement. Many people look at the national averages for long-term care costs and neglect to factor in regional differences. Don’t make this mistake. Be sure to find out the care costs where you live now or where you want to reside in the future. Timing. The issue here is two-fold: The age at which you apply for the policy initially, and the waiting period you choose for the policy to take effect before you begin receiving benefits. Typically, the younger you are when you apply, the cheaper your policy. Of course, the benefits of the lower premium must be factored in against the amount of time a younger person will likely continue to pay

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How to Augment Your Retirement Income

On August 4, 2020   /   Blog  
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How to Augment Your Retirement Income

Most people rely on IRAs, 401(k)s and Social Security benefits to fund their retirement. An article in U.S. News & World Report explored some other options to boost your retirement income. Here are some highlights. Renting out part or all of a home. If your children are on their own, you may have more house than you need. Renting out a room, or making improvements like a kitchenette and bathroom to create an “apartment” within your home, can have a dramatic impact on your income. If you don’t like the idea of having a permanent housemate, websites such as HomeAway and Airbnb allow you to rent out a room or your entire home on a temporary basis. Taking out a reverse mortgage. If you are a homeowner age 62 or older, you can use a reverse mortgage to receive regular payments based on the equity in your home. However, when

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Six Reasons to Revise Your Estate Plan

On July 28, 2020   /   Blog  
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Six Reasons to Revise Your Estate Plan

For your estate plan to meet your needs, it must be kept up to date. We recommend having your plan reviewed at least once every two years, but there are certain situations where you should have your plan revised immediately. Here are some of the most common reasons to do so. You get married. Getting married, or re-married, doesn’t automatically change the provisions of your will or trust. While marriage can give each spouse some rights with regard to one another’s property, you should have your plan revised to make sure it addresses your new goals and those of your spouse. You get divorced. Providing for your spouse is likely one of your estate plan’s most important goals. If your marriage ends, chances are you will no longer want your spouse to receive the majority of your estate. You should update your plan as soon as possible after a divorce

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Estate Planning Fundamentals

On July 21, 2020   /   Blog  
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Estate Planning Fundamentals

Clients often ask us about the estate planning tools we use and what each of them can accomplish. Here is a list of the most commonly used tools and brief descriptions of their purpose. Last Will and Testament This allows you to specify “who gets what” when you pass away. Without your own Last Will and Testament, your assets will be distributed according to state guidelines. A Will also allows you to name guardians for your minor children. This is important because if something happens to you and your spouse, the state will decide who will have legal authority over your minor children. This could very well be a person or institution you would never have chosen to have such authority. Durable Powers of Attorney These allow you to name people of your own choosing to make decisions for you in the event of incapacity. A power of attorney for

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Four Reasons You Might Want To Use A Corporate Trustee

On July 14, 2020   /   Blog  
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Four Reasons You Might Want To Use A Corporate Trustee

A trustee can be one person, multiple people, or what is called a “corporate trustee,” such as a bank or trust company staffed by people who manage and grow trust assets. People name corporate trustees for a variety of reasons, including: Necessity If you have no one you can count on to administer your trust, or you don’t want to burden a loved one with the responsibilities of serving as trustee, a corporate trustee may be the way to go. Avoiding family disputes When one member of the family is named as trustee, other family members might feel slighted. This can lead to arguments and even legal disputes. A corporate trustee is unbiased and can help eliminate infighting between family members. Also, if you are unhappy with how trust assets are being managed, it is much easier to fire a corporate trustee than, say, your eldest son. Experience In the vast

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Here’s What Can Happen If You Don’t Have An Estate Plan of Your Own, Continued

On July 7, 2020   /   Blog  
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Here’s What Can Happen If You Don’t Have An Estate Plan of Your Own, Continued

In this post, we’ll continue our discussion of why everyone needs an estate plan. Loss of Control Losing control over how your assets are distributed after death isn’t the only negative consequence of failing to plan. You and your family may suffer physically, financially and emotionally while you are still alive. For example, a properly designed and implemented plan allows you to name people you trust to make medical and/or financial decisions on your behalf if you become incapacitated. Without a plan, someone will petition the court for the right to make these important decisions for you. The court could very well decide to choose a person or persons you would never have wanted to have such authority. The result? You may not receive the level of medical care you would have wanted. Conversely, you might be subjected to medical procedures you would not have wanted to keep you alive

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Estate Planning and Alzheimer’s Disease

On July 2, 2020   /   Blog  
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Estate Planning and Alzheimer’s Disease

While everyone should have an estate plan, it is especially important for families living with Alzheimer’s disease. If you or a loved one has recently been diagnosed with Alzheimer’s, and you do not have estate planning documents like a will, Power of Attorney, or advance directive, please contact our office as soon as possible. Estate planning documents require the person who signs them to have the legal capacity to understand the documents’ consequences. In most cases, someone who has just received a diagnosis of Alzheimer’s can understand the meaning and importance of a given document and therefore has the legal capacity to sign it. However, the ability to understand the implications of legal documents may decline as the disease progresses. We can guide you through all the legal ramifications surrounding an Alzheimer’s diagnosis, including medical and asset protection planning, advance directives and guardianship. We understand what you are going through

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Here’s What Can Happen If You Don’t Have An Estate Plan of Your Own

On June 30, 2020   /   Blog  
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Here’s What Can Happen If You Don’t Have An Estate Plan of Your Own

We often discuss the benefits of estate planning. However, a discussion of what can happen when a person fails to plan is perhaps a more powerful way to stress the importance of proper planning. Let’s look at a few potential consequences of not having a plan of your own. If a person passes away without a will or trust, his or her estate assets are distributed according to what is known as intestate succession. It is important to note that certain assets are not subject to intestate succession laws. These can include funds in an IRA, 401(k) or other retirement account; property owned in joint tenancy or tenancy by the entirety; proceeds from life insurance policies; payable-on-death bank accounts; and securities in a transfer-on-death account. Most other assets are transferred according to intestate succession. As a result, “who gets what” follows a strict formula, with no regard to the actual

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Protecting A Child’s Inheritance

On June 23, 2020   /   Blog  
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Protecting A Child’s Inheritance

A number of our clients have expressed concern about protecting the inheritances of their children. Sometimes, they worry about the security of a child’s job and what will happen if he or she loses that job in a tough economy, cannot pay bills, and loses the inheritance to creditors. Other times, they worry about the influence sons or daughters-in-law have over their children, and what would happen if their child got divorced. Some parents wonder if their children are mature enough to handle an inheritance and if they can make sound, long-term decisions on their own. Fortunately, there are a number of ways for you to leave an inheritance to your children and protect that inheritance against threats such as these and more. In addition to their ability to avoid probate and minimize taxes, trusts are some of the most effective tools to protect your children’s inheritances. Here are a

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Planning Tips For The New Year, Continued

On June 16, 2020   /   Blog  
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Planning Tips For The New Year, Continued

Here are some additional planning tips to bring you peace of mind in the new year. Review your asset allocation. The start of the new year is an excellent time to reassess your investment portfolio to make sure your asset allocation is where it should be to accomplish your investment goals. Additionally, a stock, mutual fund or other investment that out-performed the market two years ago may not have done as well in 2019. If so, take a long, hard look at it. Make a detailed monthly and annual budget. One of the greatest fears among retirees and seniors is outliving one’s life savings. If you haven’t done so already, create a detailed monthly and annual budget. If you already have a budget, be sure to update it to account for any changes in your income or unforeseen expenses. Take a home inventory for insurance purposes. What is the precise

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