Inadequate long-term care planning is often linked to common myths about paying for care. Quite a few people believe that Medicare or private insurance will pay if they eventually need to move into a nursing home. Many Americans are shocked to learn that that is not the case.
Pets are not people, so you can't leave them an inheritance in the traditional sense, but you could certainly make preparations for your cat or dog -- or any other kind of animal -- in your estate planning. One way that New York residents do this is through the creation of a pet trust.
You love your romantic partner dearly, but you also know that marriages can end in divorce. As such, you're concerned that your child could have his or her inheritance compromised if you and your spouse part ways in the future.
The decision to place your money and assets into an irrevocable trust is a serious one. That's because you will not be able to modify, change or revoke your irrevocable trust after you have created and funded it.
Although formulating an estate and long term care plan is an important step towards financial security, many people fail to have even the most basic plan and advanced directives. One potential hurdle is a fear of putting together a poor plan. Having a basic understanding of these common mistakes can help reduce the risk of making some unfortunate errors. The following are examples of the most common errors made: