Estate planning strategies such as family limited partnerships and gifts to charitable trusts are part of an estate planning professional’s toolbox to achieve client goals, such as minimizing taxes, effectuating philanthropic plans, teaching younger generations about a family business and passing on wealth.
Unless you are a spring breaker partying it up, you have probably given your own mortality a once-over or two during these long COVID-19 days.
Without a proper elder law estate plan, the children’s responsibilities are even more exhausting, stressful and sad.
Though most people who contract COVID-19 experience mild symptoms, it doesn’t hurt to be prepared if you do need to be hospitalized. It can feel scary thinking about getting sick or not being able to make decisions for yourself, but an estate plan is meant to ease your fears. After all, wouldn’t you feel better knowing that the burden of making health and financial decisions will never fall on unprepared family members?
Covid-19 or Coronavirus has created health worries and fear for everyone. For those with underlying health issues, which include multiple sclerosis, Parkinson’s disease, Alzheimer’s disease, or other brain diseases, those concerns are even more pronounced.
What steps can be put into place to ensure an adult child, who makes poor decisions, will be secure after the death of the parent? The main asset is life insurance.
Before taking a closer look at revocable and irrevocable trusts, it helps to know what a trust is. In simple terms, it’s a legal entity that allows you to transfer assets to the ownership of a trustee.
The ongoing pandemic has made everyone have to face some unpleasant realities, including the idea that one day we won’t be here anymore. Do you know how to make sure that your affairs are in order for your loved ones?
When it comes to estate planning, not having a plan is a plan. However, it is not a good one.
With all these anxieties and unknowns weighing on your mind, it might feel like there’s suddenly a pressing need to get your affairs in order―just in case.
