Time flies, or so they say. One minute, you are raising a baby, and the next, that baby is a full-grown adult. There are a lot of things that go along with becoming an adult. Going away to college, living independently, and traveling all come along with adulthood. Despite your adult child’s newfound independence, they still may rely on you as their fall-back protection, should things go wrong. If you find yourself in this position, you may want to consider having your adult children give you power of attorney, both financially and medically. And here is why:
Most people who own pets consider them part of the family. While they may not factor into your estate planning, they should, in order to ensure they’re being taken care of properly. Of course, you can’t leave property to your pets, as they’re not capable of owning it. However, there are other things you can do to make sure they’re happy and living the good life after you’re gone. Your estate plan can ensure that your pets go to a caring person, and that the person has the resources to take care of them.
Establishing a living trust is a normal part of estate planning for many people. The idea of being able to benefit from and control the assets in the trust until your death is an attractive one. In a living trust, a person appoints a trustee, who oversees the trust after the person dies, administering it as the grantor wished. As mentioned, the grantor can make changes to this type of trust up until the time of either their incapacitation due to illness or death. However, what happens with the trust after the grantor’s death?
Protecting your assets from things such as lawsuits, Medicaid recovery, and creditors is an important part of estate planning. Generally, people want their assets going to loved ones or beneficiaries they choose. There are a number of ways to do this, and make sure your assets are protected. Whether a trust is right for you depends on what you want to protect and from whom.
If you have been planning for your future, the protection of your assets, and who you’d like them to go to, you’ve probably run across the legal concept and tool of trusts. There are several types of trusts, as well as several reasons why you would use one to protect your assets, and ensure they go to the right entity. Choosing the right type of trust is vital, as there are significant differences in how each trust operates.
As we age, planning for our estates and end of life care becomes increasingly important. Part of this planning may include the possibility of being incapaciatated, and requiring someone else to make important decisions regarding your health or assets. There are, of course, options for this kind of thing, including conservatorships and powers of attorney. Which is right for you? That depends on your situation.
If you have recently lost a loved one, you may have heard the word “probate” thrown around. You may not know what it means, or what happens during a probate court hearing. If that’s the case, you’re in the right place.
As we age, we start looking at end of life care more seriously. We know that when we turn 65, Medicare will kick in, and it will cover our doctor visits and prescriptions and hospital visits. However, when it comes to long-term care, what is Medicare’s role, and how do we protect our assets?
When a family member dies, there can sometimes be disputes over the validity of the will. This is called a will contest. This can be a difficult time for families, and contesting a will can make a tough situation even more difficult. In a will contest, certain parties to the will may raise an objection to the will, with the idea that it is not conveying the deceased person’s true intentions with their assets. Those contesting the will may make the case that the deceased was incapacitated at the time the will was drawn up, and unable to make clear decisions. Of course, not just anyone can contest a will. According to Florida probate law, only “interested parties” can make the case against a will. And they can only challenge the will for legal reasons. Interested parties are defined to include children, heirs, devisees, spouses, creditors, or any others having a property right, or claim against, the estate being administered. Those who may challenge a will generally fall into one of three main categories, which are the beneficiaries of a prior will, beneficiaries of a subsequent will, and intestate heirs.
There are several ways to protect your assets, and preserve them for your heirs. One way to do that is through a family trust. When someone decides to set up a family trust, it is meant to benefit their relatives. It is meant to specifically benefit the person’s family, which can include blood relatives, relations by marriage, or relations by law, in the case of adoption. These can be revocable or irrevocable trusts and are essentially a subcategory of living trusts.