We start to think about what our life will look like as we age. There are many decisions to be made, especially if we want to do the best we can for the people we care about. Planning for this includes preparing a will and other estate planning tools. But what happens if you get sick? Who makes decisions for you then? One way to handle that is through the use of advance directives.
Though most people do not like to think about it, there may come a time in life when we are unable to make financial decisions for ourselves due to medical issues or not having the ability to keep up on things. A power of attorney can ease the burden of those situations by assigning someone as your agent or attorney-in-fact. It is essentially a legal document that allocates the right to make certain decisions on another’s behalf. The principal, or grantor, still retains the right to make decisions on their own.
Covid-19 has altered many facets of our lives, from wearing masks in public to being mindful of things like social-distancing. The pandemic has changed things we don’t usually think about, as well. Some of the changes made at the federal level were to Medicare regulations, to provide health care providers, Medicare Advantage plans, and Part D plans more resources to respond to the crisis created by the pandemic. The changes gave flexibility to providers and patients alike. It is important to be aware of the changes and how they might impact you.
Estate planning ensures that you have a say where your assets go after you die. For a lot of people, it is not something they begin thinking about until they get older. Thinking about our own deaths is not the most pleasant thing to think about, and we hardly do, especially when we are young. However, having a plan in place, no matter your age, is a sound idea and can help ensure loved ones are cared for when the time comes. You can set up a plan at any time and adjust it as you age.
If you have been planning for who you would like your assets to go to, you have probably run across trusts. There are several types of trusts and many reasons you would use one to protect your assets. Choosing the best type of trust is vital, as there are significant differences in how they operate.
When someone dies without having a will or trust in place, it can lead to confusion over what happens to the person’s estate. In Florida, situations where a will or trust have not been established, the estate is distributed by the terms set-forth in Florida’s law of intestate succession. Essentially, this means the law decides what is a fair distribution of the assets amongst heirs. As can sometimes be the case in these instances, not everyone will always agree to the fairness of the decisions made regarding an estate.
If you have been exploring estate planning, chances are that you have come across both revocable and irrevocable trusts. It is important to understand their differences so you know which one might be right for you. They both offer advantages and disadvantages. How you use them depends on your personal needs, and the needs of your family.
It is not all that uncommon to be concerned that the assets or property in a trust will be misused by children. A trust can offer protection for the child and the assets. If you are thinking of placing property into a trust for children, there are some things to consider.
If you have been planning for your assets, and who you’d like them to go to, you’ve probably run across trusts. There are several types of trusts, as well as several reasons why you’d 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 they operate. One of the most common versions of a trust is a revocable living trust.
When someone dies, and they do not have a trust set up, their estate goes into the probate. This is a process where the court decides how the estate is divided among heirs and creditors. Many people owe bills to credit card companies, medical facilities, and others when they die. A question many people wonder about is: What happens to unpaid bills in a probate matter?