During the estate planning process, most people consider including a living trust. This legal fiduciary arrangement allows you (the testator) to set up your assets to be managed by a third party (the trustee) on behalf of your beneficiaries. Once you have set up your...
Age Gracefully With A Plan In Place
Year: 2021
Why do all adults need an estate plan?
Some people think that they don’t need an estate plan because they don’t have high value assets. Unfortunately, that mode of thinking could mean that you don’t have any say in who gets your assets or what happens if you need end-of-life care. A comprehensive estate...
Can a trust protect your heirs from themselves?
Do you ever worry that your heirs are not going to use the assets that you leave to them in your estate plan in a manner that you would approve of? For instance, perhaps you have an heir who has always had trouble saving money and tends to make frivolous purchases....
Avoiding ancillary probate with your estate
You’ve been pretty mobile throughout your entire life, and you have real estate and other assets in several different states -- a second home, some investment property and maybe partial ownership in a business. All of that diversification is wonderful, but it can be a...
Is a simple estate plan enough?
It is certainly better to have a simple estate plan than to have nothing at all. When you consider that most Americans don’t even have a will telling their heirs what to do with their money, the need for this type of planning becomes clear. But is it enough? Here are...
If you don’t protect your assets, Medicaid could take it all
Indiana's Medicaid program is only accessible to those with real financial needs. You typically have to show that you have both limited income and limited personal assets to get benefits. Usually, your home will be one of the few assets that won't count against you...
Why you and your elderly relative should plan for long-term care
Planning long-term care ahead of the time your elderly parent or relative may need this service is helpful. Preplanning may reduce the stress and financial burden on you and your family. Because you may not know what the future holds for your relative, it is important...
Why don’t more victims report elder financial abuse?
Did you know that for every reported case of financial elder abuse, hundreds or perhaps thousands of others go unreported? Elderly individuals and their families here in Indiana might not know about such abuse until significant damage occurs. The Consumer Financial...
The troubling facts about long-term care in the U.S.
When you enter your senior years, you may anticipate a peaceful and carefree existence. Most elders residing in Carmel, Indiana, do not expect an illness or other incapacitating event to occur, especially those that take steps to remain fit. Unfortunately, life...
What is a medical power of attorney?
Powers of attorney are important estate planning documents. The two main types are legal (financial) and medical. We have already touched on how a financial power of attorney (POA) works, so now it’s time to consider a medical power of attorney. For many people, it...