It’s been more than six weeks since the threat of COVID-19 became evident on a widespread level, and life changed in an instant. However, while many people today are grappling with issues, like unemployment and slaughtered retirement accounts, seniors have a unique set of concerns on their hands: protecting their health and their finances simultaneously.
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
To put it bluntly, what if you were in a serious accident or were suddenly rushed to the hospital with COVID-19 symptoms or another life-threatening illness, and you were unable to make health care decisions for yourself?
External events that cause reflection are good reminders to update estate planning documents.
A trust can be used to manage estate taxes, shelter assets from creditors and pass on wealth to future generations. A family trust is a specific type of trust that families can use to create a financial legacy for years to come. There are several benefits to creating one, although not every family necessarily needs one. If you’re curious about where this type of trust might fit into your family’s estate plan, here’s what you need to know.
The recent coronavirus global pandemic has disrupted daily life at levels unprecedented in our lifetime. Yet life disruption is something family caregivers understand all too well. According to a study by AARP and the National Alliance for Caregiving (NAC), more than 34 million Americans are caring for someone over age 50: a spouse or partner, an older parent or in-law, a sibling, a beloved older family member or even a friend.
When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust (SNT), the child will be taken care of and the needs will be met.
Charitable giving comes in many forms. Some people donate annually to their favorite charities, while others may volunteer their time or professional services.
Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.
Estate planning design and implementation is not only complex but can be highly emotional. Therefore, it’s important to have a basic understanding of the estate planning process, before approaching a professional.
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