Estate planning can be overwhelming due to the many options. Most Americans are familiar with the function of a will. However, far fewer know how powerful living trusts can be when it comes to estate planning. Living trusts are very similar to wills in some ways but...
Month: August 2022
Could your parents qualify for the Medicaid Excess Income Program?
Medicaid is a government healthcare plan available based on need. To determine eligibility, the state will assess your parent's income and assets. For many seniors, their assets will put them over the threshold, making them ineligible for this program. However, New...
What are the traits of a good executor?
Executors have a lot on their plate when it comes to managing an estate plan. For this reason among others, it is crucial for executors to have select traits that make them more suited for the job. But what are these traits? What exactly makes a good executor in the...
5 factors to consider when naming a guardian for your child
One of the important estate planning actions that parents of young children need to do is name a guardian. This is the person who would raise the children in the event both parents died before the children turned 18. Although it is important, it is not an easy task....
The value of a revocable trust in an estate plan
A revocable trust can be a powerful tool for your estate plan. There are many benefits you can take advantage of, from bypassing generations in your inheritance chain to safeguarding your business for your family. Including a revocable trust in your estate plan can...
What happens if you die without a will?
You may have thought about drawing up a will, but you were busy and the task slipped away from you. Now you wonder what will happen if you die without a will. A will tells others what you want the court to do with your property after you die. You are never too young...
Should your digital assets have a place in your will?
If you are a tech-savvy millennial, you probably have countless digital assets. These may include your social media accounts, digital music library and even some of your intellectual property. If you want to have some say about what happens to these assets in the...
Benefits of estate planning for young adults
Young adults often avoid an early start on estate planning for several reasons. They might think a will or making a retirement plan can wait until they are in their thirties or forties. In reality, early estate planning for young people has many benefits. Protecting...
Who should you choose for your child’s guardian?
Proper estate planning is crucial to safeguard your assets after you are gone. However, it can also benefit your family members, especially your children. Wills also allow you to choose a guardian for any minors in your care. Without this input, the court will make...
What elements to include in a simple estate plan
There are advantages that come with having an estate plan in place, and you may find it especially worthwhile to create one once you go through a major life event, such as a wedding or the birth of your first child. Like many people looking to develop estate plans in...
