When people think of creating an estate plan, a will is often the first thing that comes to mind. A will lays out where your assets should go, and who gets what when you die. And while a will is a key component of an estate plan, it often isn’t enough, and, in fact, is a fairly limited tool when it comes to an estate plan.
It is important to have a comprehensive plan in place.
A pet trust is a blanket term used to describe funds and instructions that have been set aside to care for your pets after your death. Some individuals choose to set aside funds in an existing trust while others establish provisions in their wills.
Charitable giving is a way to help the causes you care about and ensure they’re able to carry on important work. It’s a way to live your values and make a real difference in the lives of others. Financially, it can be a way to lower taxes, ensuring that the most is made of your gift, as well as any assets you’ve preserved for your family and loved ones. This is why it’s important to give to charity wisely and create a charitable giving plan.
There comes a time while making long-term estate plans that some people will need to choose a guardian for their minor children, should the worst happen. In fact, it should be one of the first decisions you make when thinking long-term, and it should be made as early as possible. This a tough but important decision to make. There are things to consider when thinking about a guardian, and it should be a well-thought-out decision.
If you have retired, you may be considering which route is better to take when considering where to live. As with most things in life, there are pros and cons to both renting a house and buying a house. Which is better for people who are retired? It depends on what you are looking for.
For instance, if you are looking for a maintenance free home in which you’re not responsible for repairs or upkeep, renting may be the way to go. However, owning a home takes the landlord out of the equation and keeps things like rent increases from happening. Of course, maintenance falls under your purview as a homeowner. It can be a tough decision to make and something retirees struggle with. Despite which way you go, one thing is for certain: Housing costs will factor into your budget.
There are several ways to protect your assets for the future and ensure that they go where you want them to when you die. Trusts, wills, and estate plans can all be used to make sure your assets are protected, and your family is taken care of. Trusts and wills each have their own benefits, and they all can be used in conjunction with each other. What you’d like to do with your assets and how you want to protect them should inform how you choose to do it. Those are important things to think about as you move forward in ways to protect your future.
Estate planning is important and gives us the opportunity to decide who receives our assets when the time comes. By estate planning, you can ensure that your loved ones are taken care of after you pass away. Estate plans can use different types of documents to secure your assets after you pass. This may include a will, as well as a living will. A living will explains the type of medical care you want to receive should you become incapacitated. It may also help your family avoid having to make difficult end-of-life decisions without knowing your wishes, and it could save them money in future legal fees. You can also designate a financial power of attorney with an estate plan. This person can handle your finances if you become incapacitated. They can make transactions on your accounts, make business decisions, and financial decisions, based on what you elect to allow. Establishing a power of attorney is a good way to keep your finances stable, should something happen to you.
Despite the best intentions, divorce can, and does, happen. It’s sometimes unavoidable, and while the emotional and financial fallout can take a lot of energy, it may also be worth looking at how these life changes impact your estate planning. Even the best laid plans need to change according to circumstance, and divorce is definitely one of those circumstances. You may have plans with your spouse involving trusts, guardianships of children, and insurance policies in place. You’re probably named as the beneficiaries on each other’s retirement plans. A divorce impacts all of these. Here’s what to be aware of if you are going through this situation.
Sometimes, thinking about the future can be difficult, especially thinking about a time where you might be incapacitated, or no longer living. However, doing a bit of thinking about these things, and planning for them, can make things easier for you and your family.
Estate planning is an in-depth way to ensure that your family is taken care of after your death. Estate plans use different types of documents to secure your assets after your death. This can include your will, as well as a living will, which involves you dictating your requests while still alive. For instance, a living will explain the type of medical care you would want, should you become incapacitated and are unable to speak. It can also help your family make difficult end-of-life decisions and save them money. With an estate plan, you can designate a financial power of attorney. This is someone who can handle your finances if you are incapacitated and unable to do so. The attorney-in-fact will be able to make transactions on your accounts, business decisions, and other financial decisions, based on what you set out to allow. Establishing a power of attorney for your finances is a good way to keep your finances stable, should you lose your capacity to manage them yourself.
Understanding Medicare can be daunting. It’s an often complicated and convoluted realm, where it’s not always clear what the best decision is. Aside from reading the large manual you get in the mail, how are you supposed to know what’s best for you? And because of how important Medicare is to our general health and well-being as we age, it is important to understand your options. We will try to lay out the basics here.