What Is Estate Planning, What Does It Involve, and How Will It Help Me?
What is an estate plan? Do I need one and when? Estate planning is a process that allows you to designate the recipients of your assets in case of your death. Estate planning is frequently used to eliminate the need for probate and minimize taxes. It can also serve to choose the person who will make financial and health care decisions on your behalf if you become unable to make your own. Many people [...]
Special Needs Trust: What Is It and What Are the Benefits?
What is a special needs trust? In order to understand special needs trusts, we need to first understand what trusts are. We have written about trusts and other estate planning tools before. In short, a trust is a legal instrument, which allows the trust creator or grantor to place funds and assets to be managed and distributed by a trustee (a person or entity) for the benefit of a beneficiary. A Special Needs Trust, or a [...]
Which Trust Will Meet Your Needs?
Trusts are some of the most common tools used in estate planning, financial and retirement planning, and inheritance planning. As such, when choosing an appropriate trust for yourself or your clients, it is extremely important to understand the differences between the various types of trusts available. Most of these are created for specific needs such as caring for a disabled person, contributing to charities or philanthropic organizations, or providing for care of beloved pets. In [...]
Will, What Is It Good For? Absolutely Something.
Making a will is one of the most important steps you should take in your life. Not only does it help you provide for your spouse, children and others, it allows you to plan out exactly how you would like things to be handled after you are gone. A good will must be able to answer some very important questions. The answers to these questions make up the major components of a will. These [...]
Are You Single? Estate Planning Is Still Something to Consider!
The number of singles is on the rise in this country and every year there are more never-married, divorced, or widowed individuals. When it comes to the need for estate planning, your status as single or married does not matter. Single people need to plan and prepare for their future as much as married people. However, singles people do face certain unique issues, which require the use of some out-of-the-box thinking and tools. Some [...]
Estate Planning in the Digital Age
As the world around us changes and becomes more technologically advanced, we find ourselves on the internet more and more. We conduct businesses online, we bank online, we shop online, and we store a large portion of our documents, pictures and other belongings online. But what will happen to all these digital assets when we are no longer around? Common examples of digital assets are purchased movies and games, personal pictures and profiles on social [...]