When it comes to estate planning, there are several mistakes that people can make in setting up specific legal instruments. However, most mistakes people make are far more basic.
People who are looking to plan their estates, often have a lot of questions about what they should do. However, answering those questions can be like putting the cart before the horse.
Most estate planning mistakes can be avoided, if people would ask what they should not do instead. A large percentage of messy estate administration cases in probate courts would go away, if people would do that.
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When getting an estate plan many Americans are very price conscious. However, the cheapest way to get an estate plan might not be what is needed.
Consumers typically like to pay as little as they can for something. This is a basic notion that companies, such as Amazon and Wal-Mart, have used to become behemoths in the retail industry.
Fundamentally, consumers of legal services are not much different than price-conscious Wal-Mart shoppers. People are sometimes willing to pay more for a higher quality product. However, they are still looking to pay as little as possible.
That can be a problem...
Americans can expect to live longer after retiring than previous generations. However, whether they will live better, is an open question that depends on individual choices.
At first glance, Cecilia Chiang might seem like an exception. In some ways she is. The 98-year-old woman who retired in 1991, after a long and successful career in the restaurant industry, continues to be active both in her personal life and professionally consulting for other restaurant owners.
People who can still do that at her age, are now exceptions now. However, they do not have to be that exceptional in the future, as...
If you are a caregiver for an elderly parent, you might need to assist them in planning for their estate, if they have not already done so.
Many Americans find themselves in precarious financial situations after they retire. At some point, they are no longer able to take care of themselves physically to some degree. They also begin running out of money. Why? Retirement was more expensive than they thought.
This has led to many adult children providing care for their elderly parents. While most are willing to do so, these caregivers often find themselves having to help their parents...
Wealthy people are beginning to expect that they will personally live to be at least 100 years old. That has important implications for their planning.
Rich people have most likely always lived longer, on average than the non-wealthy and that is certainly the case today. However, even the wealthy never really live much longer after retirement age.
Nevertheless, medical science has made tremendous strides recently. People can now expect to live much longer, if they can afford the best medical treatment. Today, half of wealthy investors expect that they will live to be 100 years old, as Forbes reports in...