Being an Adult Means You Need an Estate Plan

Being an Adult Means You Need an Estate Plan image

“Although we typically associate the term “estate” with the ultra-wealthy, estate planning is not just for the rich. Everyone, regardless of family dynamics or financial status, can benefit from having an estate plan—a collection of documents that specify how you want your assets distributed.”

Estate planning has a purpose while you are alive, with medical directives and powers of attorney, as well as when you have passed. That is something most people don’t understand. As described in a recent article in Forbes, “6 Reasons Why You Need an Estate Plan,” most people continue to neglect to put a...

Planning for the Sad Truth of Growing Old Together

Planning for the Sad Truth of Growing Old Together image

you will become a widow or widower at some point.”

If it’s any comfort, there are now some 20 million widows and widowers in America, according to a study from Merrill Lynch and Age Wave that focuses on widowhood, as reported by CBS News’ Moneywatch in “A retirement planning must-do for married couples.” The study, “Widowhood: The Loss Couples Rarely Plan for—and Should” takes a detailed look at what happens, when the first spouse dies.

It should be noted that women are three times as likely as men to be the surviving spouse, since women historically tend to...

If It’s Not on Paper, Your Wishes Won’t Come True

If It’s Not on Paper, Your Wishes Won’t Come True image

“Do not buy into the myth that estate planning is only relevant for wealthy individuals who need tax planning.”

One of an estate planning attorney’s main responsibilities is ensuring that clients understand the importance of addressing these matters before they become an issue, reports the New Jersey Herald in the article “The importance of putting plans in writing.”

The message hits home especially hard, when the friends of estate planning attorneys experience problems that could have been resolved earlier with correct planning. In one example, a woman’s friend began to experience unexpected health problems. Her husband is incapacitated...

Why You Might Just Need a Trust

Why You Might Just Need a Trust image

“Everyone needs a will, but, increasingly, estate planners say people also could benefit from setting up a trust while they are alive. That step would help assure that their assets are distributed more quickly, their bills paid promptly and continuously, and personal information about property and other assets are kept out of the public eye.”

You might think of a trust as something for wealthy people who want to dispose of high-end assets, like art work, collectible cars or businesses. However, just like everyone needs an estate plan regardless of their asset level, says The New York Times in the...

Protect What Comes First and What Comes Last

Protect What Comes First and What Comes Last image

“When my husband and I were in our 20s, we didn’t have what anyone would consider an ‘estate.’ We lived paycheck to paycheck and had a mortgage on a small house. We did, however, have two priceless assets that provided good reasons for us to make a will—our children.”

No one likes to consider the prospect of tragedy striking, especially when children are young, but according to this article in the Lodi News Sentinel, “Planning for what comes last,” estate planning is especially important for families just starting out. When the children grow up, estate planning is important...