A slight mistake when planning an estate can create huge problems for family members and loved ones. Even a slight issue with an estate plan could lead to asset distribution delays, major taxes and disputes. Do not let a simple estate planning mistake create issues...
Age Gracefully With A Plan In Place
Year: 2024
Choosing the right person to be your medical agent
For many people, an important part of estate planning is setting up powers of attorney (POAs). An example of this is a medical POA, which involves potential future medical decisions. You set up the medical POA and name someone to act as your agent, If you’re...
When should you review your estate plan?
Planning for the distribution of your assets and managing your affairs after your passing is a crucial aspect of financial planning. After creating it, you must review your estate plan and update it when your life or situation changes in certain ways. Life is dynamic,...
The estate planning tool you may not realize is right for you
One of the biggest misconceptions around estate planning is that unless you’re a multimillionaire, you don’t need anything more than a will. Living trusts, in particular, are often viewed as something that only very wealthy people need. In fact, a revocable living...
The potential benefits of funding a charitable trust
Funding a charitable trust is a sophisticated estate planning strategy that offers a multitude of benefits, both for a donor and the community at large. By allocating assets to a charitable trust, individuals can achieve their philanthropic goals while enjoying...
Have most people already made their estate plans?
Do you ever feel others have their lives so much more organized than you? That they’ve taken care of the things that responsible adults are meant to, and it's only you that hasn’t. If so, you’ll be delighted to learn most people do not have an estate plan. According...
Avoiding 3 common pitfalls when trust planning
Once used almost exclusively by the ultra-wealthy, trusts have become increasingly popular estate planning tools for people of relatively modest means – and for good reason. Trusts can safeguard assets, minimize estate taxes and make it easier to transfer wealth to...
3 steps for handling debts during Indiana probate proceedings
Proper estate administration requires adherence to testamentary documents and state law. The personal representative overseeing the probate process must file tax returns and pay someone's debts during the probate proceedings. Carefully following probate rules is very...
How receiving Medicaid benefits can endanger someone’s legacy
Even those who save diligently for their retirements often can't pay for the costs of long-term care needs out of pocket. If someone needs nursing support to stay in their home or a room in a nursing home, they may require insurance to help cover their expenses. The...
3 reasons why second spouses don’t make good executors
You never expected to find love later in life, but a lot of people do – and you got lucky. You naturally want to make room in your estate plans for your second spouse, but you should probably think twice about naming your new spouse as your executor. Choosing the...