A Will is usually the first thing that comes to mind when you think of getting your affairs in order, so the advice presented by AARP, the Red Cross, and National Make-A-Will Month itself sounds really good. But in reality, the message of AARP and the Red Cross for Make-A-Will Month could leave your family with a stressful mess when you die or if you become incapacitated first.
To understand why, it’s important to know what a Will does and where its limits lie. READ MORE
Adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies.
Like trusts, POD and TOD accounts bypass probate. They are also fast, easy, and usually free to set up. However, they do not provide the full range of benefits that a traditional trust does and can have some unintended consequences. READ MORE
Fraudsters and scam artists are nothing new, but changing tools and technology are making it easier than ever for scammers to target their victims, especially seniors. To protect your aging parents (or yourself) from these con artists, it’s crucial to equip yourself with the knowledge of how these scams work and what your loved ones need to know to keep their assets and emotions safe.
In this two-part series, we’ll explore four of the most recent and insidious financial scams that have surfaced, shedding light on their tactics and providing you with practical steps to shield your parents from potential harm. READ MORE
Being self-employed is no easy task. You are the owner, and in some cases, the only employee. While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together, we can craft a comprehensive estate plan that will help you address three important concerns you may have.
You are your own boss, and you have your own business. That means it is your responsibility to obtain the important things we associate with employment, such as retirement accounts and insurance. To properly plan for your financial future and the future of your business and loved ones, it is important to have a comprehensive plan and an experienced advisor team. The right advisor team can educate you about the available retirement plan options and the best investment strategies based on your unique situation. READ MORE
As the need for affordable legal services becomes even more important in today’s world, it’s common to opt for group legal insurance offered through your workplace benefits. These group insurance plans provide free legal assistance for a variety of needs from law firms that have contracted with the insurance company to provide the legal work.
While group legal insurance might seem like an easy option to save on your family’s legal needs, it’s often inadequate for creating the kind of estate plan you really need to protect your assets, your choices, and your loved ones. In fact – the type of estate plan, will, or trust created through legal insurance programs could leave your family with a big mess. READ MORE
A loved one’s passing is challenging on many different levels. In addition to the emotional difficulty of processing someone’s death, there are also the many tasks that must be dealt with, such as going through their various accounts and taking the necessary steps to cancel them or transfer ownership.
Most people subscribe to multiple digital subscription services in addition to utilities, insurance, memberships, medical prescriptions, and other recurring payment programs. Settling these accounts helps avoid unnecessary charges and protect against identity theft and fraud. If the duty to handle outstanding accounts falls to you, you will first want to identify which accounts your loved one held and then figure out what to do with them. READ MORE
As kids return to school, they’ll spend most of their day in the care of other people – their teachers, coaches, and babysitters. That means that your children will spend most of their time with people who do not have any legal authority to take care of them for more than a brief time in the event you are in an accident or can’t be reached for any reason.
And, if your kids are going off to college, you’ll no longer be able to make decisions for them or have access to their medical records in an emergency unless your adult kids create Powers of Attorney and Health Care Directives. READ MORE
When you create a trust, choosing a trustee is one of the most important decisions you will make. If you create a revocable living trust – that is, a trust that you establish during your lifetime and can revoke or amend – you may opt to act as trustee for your trust, retaining the full control over and benefit of the money and property it holds. However, what happens if you develop a health issue or are injured in a car accident and are unable to manage your own affairs? With today’s longer life expectancies, it is much more likely that you will experience dementia in your later years, making it impossible for you to handle your own finances. And what will happen when you pass away? It is crucial that you name a successor trustee (and an alternate in case the first successor is unable or unwilling to serve) who will step into the role of trustee to manage the trust on your behalf if you become incapacitated or die.
There are certain characteristics you should look for in any trustee. They should be trustworthy and responsible, capable of making wise financial or investment decisions, and interested in carrying out your wishes as expressed in your trust document. Depending on your particular circumstances, it may be prudent to name different trustees to serve at your incapacity and at your death. On the other hand, some may prefer to have the same trustee serve in the event of both incapacity and death. READ MORE
You might think that estate planning is something you can complete one time and then check off your to-do list for good. But the reality is that in order for your estate plan to work for you no matter how your life changes, your plan needs to change with it.
To make sure any big changes in your life are considered in your plan, I recommend reviewing your estate plan with your attorney at least every three years. But if any major life events happen before then, it’s crucial to have your plan reviewed as soon as possible so it can be updated if needed. READ MORE