How Will A Recession Affect Your Family?
During every economic shift, whether it’s the Great Depression, the last Great Recession, or even during the pandemic, some people get rich while others lose everything. Whether your family got rich, lost it all, or just hung on by their toes, you can learn from what happened and create the exact future reality you want for yourself and the people you love.
But to do that, you need to get into action now. In service to that, here are 4 steps you can take right away to change your family’s future and ensure you have the stability you need to sail through the economic shifts in the best way possible.
7 Issues To Consider When Purchasing Disability Insurance
Disability insurance pays benefits when you are unable to work because you are sick or injured. Most policies pay a benefit that replaces a percentage of your income. But disability insurance is not the same as health insurance – it will not cover your medical bills.
Instead, disability benefits replace a percentage of the income you lose due to your inability to work, so you can cover your basic financial needs, such as paying bills, covering daily living expenses, and providing for your family until you can return to work. To begin your search for disability insurance, first, you need to get clear about your minimum financial needs, or what we call your “minimum to thrive” number, should you become unable to work.
The Pros and Cons of Probate
In estate planning circles, the word “probate” often carries a negative connotation. Indeed, for many people – especially those with valuable accounts and property financial planners recommend trying to keep accounts and property out of probate whenever possible. That being said, the probate system was ultimately established to protect the deceased’s accounts and property as well as their family, and in some cases, it may even work to an advantage. Let us look briefly at the pros and cons of going through probate.
For some situations, especially those in which the deceased person left no will, the system works to make sure all accounts and property are distributed according to state law. Here are some potential advantages of having the probate court involved in wrapping up a deceased person’s affairs:
How To Manage Your Digital Accounts After Your Death – Part 3
In part one and two of this series, we covered the processes that Facebook, Google, Instagram, Twitter, and Apple offer to manage your digital accounts following your death. Here in part three, we’ll conclude this series by covering the most effective methods for including digital assets in your estate plan.
If you’re like most people, you likely own numerous digital assets, some of which may have significant monetary value and others that have purely sentimental value. You may even have some digital assets that you’d prefer your family not access at all when you pass away.
Three Tips for Overwhelmed Executors
While it is an honor to be named as a trusted decision maker, also known as an executor or personal representative, in a person’s will, it can often be a sobering and daunting responsibility. Being an executor requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the accounts and property to which they are entitled. If you are an executor who is feeling overwhelmed, here are some tips to lighten the load.
he caveat to being an executor is that once you accept the responsibility, you also accept the liability if something goes wrong. To protect yourself and make sure you are crossing all the “t’s” and dotting all the “i’s,” hire an experienced estate planning attorney now. Having a legal professional in your corner not only helps you avoid pitfalls and blind spots, but it will also gives you greater peace of mind during the process.
How To Manage Your Digital Accounts After Your Death Part – 2
Last week, in part one of this series, we covered the processes that Facebook and Google have in place to manage your digital accounts following your death. Here in part two, we’ll continue our discussion, covering how Instagram, Twitter, and Apple’s collection of online platforms handle your accounts once you log off for the final time.
Given that Instagram is owned by Facebook, the photo and video-sharing social media platform’s processes for handling your account after your death are similar – but not entirely the same – as Facebook’s. As a reminder, Facebook allows you to name a legacy contact to handle your death, and Instagram gives you two options for managing your account after death: You can either have your account memorialized or you can have it deleted.
Why a Trust Is the Best Option to Avoid Probate
Establishing a trust can seem a bit complicated, and the process can cost a bit more initially than preparing a will. However, if you are willing to invest a little more upfront, a trust can be your best option for avoiding probate later.
The key to effective planning that minimizes the likelihood of a drawn-out, contentious, expensive process is to work with highly qualified, trusted people. Find a lawyer who genuinely cares about you and your loved ones and who knows how to forge the right strategy for all of you. Give us a call today to learn more about the next steps for achieving the peace of mind you deserve.
How To Manage Your Digital Accounts After Your Death – Part 1
If you have preferences about what happens to your digital footprint after your death, you need to take action. Otherwise, your online legacy will be determined for you and not by you. If you have any online accounts, such as Gmail, Facebook, Instagram, LinkedIn, Apple, or Amazon, you have a digital legacy, and that legacy is yours to preserve or lose.
Following your death, unless you’ve planned, some of your online accounts will survive indefinitely, while others automatically expire after a period of inactivity, and still, others have specific processes that let you give family and friends the ability to access and posthumously manage your accounts.