In the last post, I shared about how incapacity is defined and what may cause it. Here are ways incapacity relates to specific estate planning documents: Power of Attorney A power of attorney is a legal document that is used to appoint someone you trust to make decisions for you.…
You’ll likely come across the term “incapacitated” while planning with an attorney for your future and addressing challenges that may come along with aging. In this post, I’ll write about how incapacity is defined as well as what can cause it, and next week I’ll write about what this concept…
Using a trust as part of your estate plan can be beneficial in a number of ways, including maximizing tax code provisions to shield assets from gift and estate taxes, protecting assets from creditors or ex-spouses, or helping heirs be more responsible with their inheritance. Revocable living trusts can be…
In the last post, I shared 9 questions you can ask yourself to begin creating your estate plan. After you have answered these questions, here are next steps you can take to get your estate plan in writing: The Next Step Although the specific documents you use to create your…
People often start the New Year with goals for themselves for the year such as improving their health or writing a book. Making a last will and testament or other estate planning documents is also a common goal at the start of the year. How can you begin this process?…
Talking to your children about your estate plan A key part of the smooth implementation of your estate plan is having a conversation with your children where you are open and transparent about your plan. Having this conversation with them can help prevent future conflicts and can give them more…
In the last post, I began writing about including care for your pet as part of your estate plan. One option for doing this is to establish a pet trust. A pet trust is a type of trust established for the care of one or more animals that outlive their…
Often, pet owners consider their pets to not just be their most valuable possessions but to be members of their family. Those who own pets want to do all they can to care for their animals, so it is important to consider what may happen if your pet outlives you…
In the last post, I shared several reasons people often have for not including a charitable bequest in their estate plan. Here are five more reasons people may have for not including this as part of their estate plan along with reasons why a charitable bequest might be a better…
According to a number of surveys, about 60% of Americans give to charity annually. However, less than 10% of wills and estate plans include a charitable bequest. Here are some common reasons people may have for not including a charitable bequest in their estate plan as well as why making…