If you already have an estate plan in place, it may be time to take that plan to the next level by incorporating legacy planning into your overall plan. Legacy planning is not something that takes the place of your existing estate plan. Instead, legacy planning takes over where your estate plan left off. It allows you to do more than just plan for the disposition of your tangible assets because, when you stop to think about it, you likely want to pass down much more to future generations. … [Read more...] about Leaving Behind Your Legacy
One of the most common additions to a comprehensive estate plan is a trust. In fact, many estate plans include more than one trust because of the numerous and varied estate planning goals a trust can help to further. If you choose to include a trust in your estate plan, one of the most important decisions you will need to make when you create that trust is who to appoint as your Trustee. The Trustee is responsible for administering the trust, but what exactly does it mean to administer the … [Read more...] about What Does It Mean to Administer the Trust?
Whenever estate planning is the topic of conversation, the subject of living trusts almost inevitably become part of the conservation. The reason for this is simple -- a living trust can help accomplish a very numerous, and diverse, list of estate planning goals. For you to decide if a living trust should be included in your estate plan, however, you need to know exactly what a living trust can do for you. What Is a Living Trust A living trust is one of two types of trusts, with the other … [Read more...] about What Does a Living Trust Do for You?
Though once used almost exclusively by the very wealthy as a way to protect and pass down that wealth, trusts have evolved to the point where they are now found in the average estate plan. One thing that all trusts have in common is the need to appoint a Trustee to oversee the administration of the trust. If you were recently notified that you were chosen to be the Trustee of a trust for the first time, you may understandably be a bit nervous. You may also be worried about the ramifications of … [Read more...] about Can a Trustee Be Held Personally Liable for Mistakes?
Although the primary focus of your estate plan may be the eventual distribution of your estate assets after you are gone, your estate plan will likely include a wide range of additional, inter-related, goals and objectives in addition to your primary objective. In order to accomplish all of those goals and objectives, you will need to utilize a variety of estate planning tools and strategies. One of the most common of those tools is a trust. If you do choose to establish a trust as part of your … [Read more...] about Can a Trust Attorney Be My Trustee?
More Americans could face housing-related financial hardships in retirement, according to a new Harvard study. This, coupled with new Medicare worries, a dramatic shift could be setting itself up for the more than 130 million Americans over the age of 50. Not only that, but 10,000 baby boomers are turning 65 every day. This population trend will continue for at least the next 15 years. That means 20 percent of the country’s population will be retired seniors. These trends will continue, making … [Read more...] about Seniors, Elderly Face Financial Hardships
It’s likely one of the most excruciating questions we’ll ever face: should we choose to allow a doctor to assist us in our own death? It’s difficult for a few reasons, first, what if it’s someone we love who could very well choose to end his or her pain in this life? It’s also difficult because if it’s us making that decision for ourselves, there are going to be loved ones who will feel the pain of that choice. Earlier this month, California Governor Jerry Brown signed into law his state’s own … [Read more...] about Controversial Right to Die Bill Becomes Law
Creative Commons Our nation is obsessed with the loyalty and love our non-human family members bring, and that’s certainly true when it comes to our dogs. Many families that have dogs are quick to let anyone know their four legged family members are by far the most loyal. Remember the shock that you felt when we learned real estate mogul Leona Helmsley left a massive $12 million fortune to Trouble, her Maltese? If you thought that was jaw dropping, you’ll definitely rethink it once you … [Read more...] about Our Family Pets and Pet Trusts
By 2030, there will be nearly 76 million people around the world living with dementia. That’s a startling number. It also highlights the importance of proper planning. If you or a loved one has been diagnosed with this cruel disorder, the last thing you want to do is worry about the legalities. This is certainly one of those times when planning takes on new importance. It’s often as emotionally traumatizing for family members as it is for the patient. Most people are concerned about the … [Read more...] about Strategies for Alzheimer’s Patients and Their Families
Funny thing about human nature; we will believe many things with no proof or substantiated evidence. After all, it’s just a matter of time before Big Foot strolls through someone’s house, extends his hand..or paw…and introduces himself, right? It’s just part of the human design: we are capable of believing most anything. Unfortunately, it’s the rumors about important issues that can cause problems. This week, we take a look at a few of the big untruths about Social Security. Granted, the … [Read more...] about Fearing the Unknown: Social Security Myths