For the parent of a child with special needs, comprehensive estate planning takes on a heightened importance. It is natural to worry about providing for your child if something were to happen to you. As the parent of a special needs child, wondering about what adulthood will look like for your child is also a concern. The bottom line is; special needs children need special attention. Thus, the sense of urgency to provide a plan for a special needs child is often heightened. If you have a … [Read more...] about What Is a Special Needs Trust?
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
There are a variety of means to transfer your assets at death. Options that are often considered the "simple" route include: TOD (Transfer on Death), POD (Pay on Death), beneficiary designations, and joint tenancy. However, these modest methods can present complications down the road. They also lack certain benefits that a trust contains. Read on to learn more about how Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
Famous Estates-Champ or Chump? Prince Rogers Nelson
Prince Rogers Nelson (1958-2016) [musician] In 1982, Prince released a song dubbed, 1999. In it, he expressed the following sentiment, “But life is just a party, and parties weren’t meant to last.” Prince Rogers Nelson is an American musical legend known for his avant-garde approach to music. Rolling Stone magazine once named Prince the 27th greatest artist of all time. The Los Angeles Times described Prince as, “among the most versatile and restlessly experimental pop artists of … [Read more...] about Famous Estates-Champ or Chump? Prince Rogers Nelson
The Cost of Probate
Ideally, your estate plan should consist of a comprehensive set of strategies, plans, and tools that accomplish a number of goals related to protecting you, your loved ones, and your assets. One common estate planning goal is probate avoidance. While you may be aware that avoiding probate is desirable by many, you may not know exactly why. Probate avoidance strategies are frequently included in a comprehensive estate plan for two important and inter-related reasons. The first is the time … [Read more...] about The Cost of Probate
How Do I Handle Digital Assets in My Estate Plan?
In today’s electronic age, a whole new category of assets must be considered when creating or updating your estate plan – digital assets. Many do not realize they own digital assets. However, regardless of your age, the odds are good that you do. With that in mind, it helps to have some idea how to handle digital assets in your estate plan. What is a digital asset? Take a minute to consider your average day. If you are like most people, you spend a decent amount of your time on your cell … [Read more...] about How Do I Handle Digital Assets in My Estate Plan?
Choosing a Nursing Home – Checklist
At some point in your life you may be forced to accept the reality that a parent, or other elderly loved one, is no longer safe living independently. It is never easy to acknowledge that an elderly loved one needs to be moved to a nursing home. Nonetheless, failing to make the decision could lead to serious injury or victimization for your loved one. Taking Action Your best option is likely to take action as soon as possible so that you can provide the right tailored accommodation for your … [Read more...] about Choosing a Nursing Home – Checklist
Famous Estates-Champ or Chump? Buddy Holly, (1936-1959) American Rock and Roll Legend
“Death is very often referred to as a good career move.” The source of this disconcerting quote could not have known at the time that he was prophesying his own tragic legacy. Charles Hardin Holley, more famously known as Buddy Holly, was a man remembered for two things. The first was his role as an American Rock and Roll Legend known for pioneering the genre. The second was the way he died. As Don McLean put it, the day Holly met his demise was “the day the music died.” Early … [Read more...] about Famous Estates-Champ or Chump? Buddy Holly, (1936-1959) American Rock and Roll Legend
How Can I Protect My Spouse When I Apply for Medicaid?
Even if you have gone your entire life without the need for Medicaid, there is a strong chance that you will need government assistance at some time during your “Golden Years.” This reality is largely due to the high cost of long-term care. Something most of us will need in our later years. Medicaid eligibility depends, in part, on income and assets. Consequently, you may have heard your share of horror stories. Couples have been known to deplete their entire life savings in order for one … [Read more...] about How Can I Protect My Spouse When I Apply for Medicaid?
When Should You Talk to an Estate Planning Attorney about Creating Your Estate Plan?
Creating an estate plan is a bit like going to the dentist; in that most of us know we should do it, but there's always an excuse to put if off a little while longer. In fact, over half of all Americans have yet to create an estate plan. One common excuse people give for not having an estate plan is they don't yet need one. So, when should you talk to an estate planning attorney about creating your estate plan? The answer is simple. Every adult should have at least a basic estate plan in place. … [Read more...] about When Should You Talk to an Estate Planning Attorney about Creating Your Estate Plan?
What Happens to a Living Trust When One Spouse Dies?
A married couple is certainly not required to create their estate plans together; however, it is often preferred due to shared assets that must be addressed in each estate plan. One estate planning tool that is frequently used by married couples is a living trust. A living trust can help accomplish a myriad of estate planning goals and objectives while also remaining flexible enough to be easily tailored to the needs of each trust maker. It’s an ideal addition to any estate plan. So, it’s no … [Read more...] about What Happens to a Living Trust When One Spouse Dies?
