Many people mistakenly believe that if they become ill or injured and are unable to manage their own affairs, their spouse will be able to step into their shoes and take care of things for them. While this is partially true – your spouse can continue to manage your joint bank account, for example – you still need to consider disability planning even if you’re married. Here are just a few of the things your spouse can’t do for you: Sign for you during real estate transactions; Sell your … [Read more...] about Estate Planning Q&A: Can My Spouse Handle My Affairs if I Become Incapacitated?
If you have a revocable living trust, then your estate plan should include a Pour-Over Will, a unique legal document that ensures all your property makes it into the trust. When you fund your trust, you formally transfer property you own into the name of the trust. But we all know that what we own today may not necessarily be what we own tomorrow. Quite the contrary, we acquire and get rid of property all the time, making it extremely important to keep your Trust updated at all times. But … [Read more...] about What is a Pour-Over Will?
When many people hear the term “long-term care facility”, they automatically think “nursing home”. But while nursing homes are certainly one type of long-term care facility, there are a variety of other options that come under the umbrella of long-term care. A long-term care facility is one that provides medical and/or non-medical care and assistance to people suffering from a chronic illness or injury. A person who has had a serious accident and needs intensive rehabilitation after a … [Read more...] about An Overview of Long Term Care Facilities
A lot of people don’t realize that children who inherit money aren’t allowed to take control of the money until they reach legal adulthood. If money or other property is left outright to a minor, then the court gets involved and the money is either placed in a restricted account, or a special guardian is appointed to manage the property on the minor’s behalf. If there’s a chance that one of the people you’re leaving property to might be a minor when the transfer happens, proper planning can … [Read more...] about Leaving An Inheritance to a Minor? Plan Carefully.
Preparing an estate plan is not a one-time event but the beginning of a ritual that you should carry out on a regular basis. From the time you plan your estate till the day you die, only one thing remains constant: change. Your circumstances will inevitably change over a period of time, making the previous plan out of date. In fact, there are several reasons you might want to update your plan: Your marital status has changed. You have either married since the time you last made an … [Read more...] about Why You Should Update Your Estate Plan
The idea of planning your estate might seem a little intimidating at first but it actually follows some very basic logic: you have assets and you want to determine what happens to those assets after you die. To do this, you make a plan – an estate plan – that not only lists your assets but also specifies who they should go to when you pass away. Your plan can consist of a number of different legal documents, including a Will, one or more trusts, powers of attorney and healthcare directives to … [Read more...] about Understanding the Estate Planning Process
Nursing home abuse has become a big problem in the United States. We’ve all heard the horror stories about the elderly or incapacitated being neglected or abused by their caregivers. To help combat the abuse and protect nursing home residents, the Government created the Nursing Home Reform Act (NRA) in 1987. The Act covers several aspects of nursing homes and supports government efforts to check abuse. The Act covers: resident care and rights staffing quality of … [Read more...] about Elder Abuse: Understanding Nursing Home Regulations
The simple answer is yes. While it is almost impossible to disinherit your spouse without his/her written consent under US law, all states except Louisiana allow you to disinherit your children. But even though it’s allowed, that doesn’t mean the courts approve. To be able to intentionally disinherit your children, they should be: Over 23 years of age. Mentally and physically capable of taking care of themselves and managing their finances. A child who in incapable of making a … [Read more...] about Can I Exclude My Children in My Will?
How you own property can affect how your estate is distributed to your heirs after you die. With that in mind, let’s see how property ownership affects estate planning: Type I: Sole Ownership This sort of property is owned entirely by you, with no other person having any rights to the property. You can identify that a property is owned by a single person if the deed has words to the effect: "Jason, a single man" establishes title as sole ownership. Property owned by an individual can be … [Read more...] about Basics of Property Ownership
Start researching about ways to plan your estate and you’ll likely come across the Revocable Living Trust. Sounds pretty impressive to be sure, but what exactly is this document and how does it work for you? A Revocable Living Trust is a legal document in which you can specify how you want your property to be managed and distributed during your lifetime and after your death. Note that I said “during your lifetime” – unlike a Will, a Living Trust does not wait for your death to become … [Read more...] about What is a Revocable Living Trust?