Among all the types of legal proceedings, the process of dissolving and distributing an individual’s estate after his or her death – commonly known as ‘probate’ – has developed a reputation for being particularly unpleasant, and with good reason. Although the process has been established by lawmakers with the best of intentions – namely, to create an equitable distribution of property and to ensure that the deceased’s wishes are being carried out, insofar as it is possible, in the estate … [Read more...] about Understanding Estate Planning Law: What is the Uniform Probate Code?
General
Short Term Guardianship: Who Will Care for the Children?
A guardian of a minor is an individual named by parents or by the court to take legal custody of a minor or their property or both. Normally, this is a task the parents face while drafting a will as part of their estate plan. But in the event of an emergency, who will care for the children? Many parents assume a family member or close friend will step up to the plate, and they often do – but what legal standing does this person have? Not much, and if parents are temporarily incapacitated, … [Read more...] about Short Term Guardianship: Who Will Care for the Children?
What is an Insolvent Estate?
Upon your death, your estate will need to be dissolved. This involves paying off your creditors, filing your final taxes and distributing whatever assets might be left to your heirs. Ideally, you want to have enough assets that your estate can pay for your outstanding debts and tax bills and still have plenty to leave your beneficiaries. This is known as a solvent estate. But sometimes, there’s just not enough to go around and the assets in the estate cannot cover the debts that you left … [Read more...] about What is an Insolvent Estate?
Should You Have a Springing Power of Attorney?
A Power of Attorney is an important piece to your estate plan, but which kind of POA you need will depend upon your specific situation. ADurable Power of Attorney for example, gives someone of your choosing the ability to act and speak on your behalf both when you’re competent to handle your own affairs as well as when you’re not. For many people – especially married couples – this is the POA of choice. It allows someone you trust, a spouse for example, to take care of your financial affairs … [Read more...] about Should You Have a Springing Power of Attorney?
Inflation and Social Security
If there is one thing that you can count on when it comes to retirement, that is that the cost of living will increase by then, and will continue to increase during your retirement years. This is why the Cost of Living Adjustment, also known as COLA, is one of the most important elements of your Social Security Benefits. COLA is a method of which your monthly benefits are adjusted for the expected cost of living increases. The Cost of Living increase adjustments that you get with your Social … [Read more...] about Inflation and Social Security
Do You Qualify for Social Security?
Applying for Social Security isn’t as hard as you might think. While there are plenty of rules and regulations you must follow, simply understanding the process is a big step in navigation your Social Security application. To get started, gather all your necessary documents, including your Social Security card, a certified copy of your birth certificate, your previous year’s W-2 or tax return and your proof of residency or legal alien status. If you were discharged from the military before … [Read more...] about Do You Qualify for Social Security?
Is a US Savings Bond a Good Investment for You?
When you’re building your investment portfolio, you should always be sure to have some diversity in your accounts. This means spreading your savings over different types of accounts in a variety of sectors and with various levels of risk. One of these investment options is the U.S. Savings Bond. Is this a good investment for you? Let’s look at a couple of the benefits to find out. Savings bonds are relatively low-risk because they’re back by the U.S. Government, meaning that Uncle Sam is … [Read more...] about Is a US Savings Bond a Good Investment for You?
Why You Shouldn’t Write Your Own Will
With so many do-it-yourself forms on the market, it might be tempting to write your own Last Will and Testament. But while you may think you’re saving a little money by doing it yourself, it could end up costing your loved ones greatly in the long run. For starters, do-it-yourself forms are generic in nature – they have to be in order to appeal to the masses. But let’s be honest: your estate is anything but generic. Maybe you have a disabled dependent who will need special care after you’re … [Read more...] about Why You Shouldn’t Write Your Own Will
How Can You Protect Your Assets?
There are many ways to protect your assets but to do that, you’ll need to have a clear idea of where you want to end up in terms of your financial future. What are your financial goals? And, how can you protect all that you’ve worked so hard for? Retirement Plans are a great way to protect your assets in your later years. These can take the form of individual retirement accounts, salary reduction simplified employee pension plan; and the savings incentive match plan for employees. These … [Read more...] about How Can You Protect Your Assets?
Two Ways to Leave Money to a Charity
In addition to providing for your heirs after you’re gone, many people also want to leave money or assets behind for their favourite charities. But before you bequeath those assets in your Will, consider these options. A Charitable Remainder trust allow the assets to be given to the charity while you, the grantor, continue to use and receive profits from the property. Upon your death, your beneficiaries will continue to receive those profits for a specified period of time, while the charity … [Read more...] about Two Ways to Leave Money to a Charity
