If someone close to you passes away and you receive the information that they had named you as trustee, you may find yourself feeling overwhelmed if you do not know what is needed to fulfill this role and if you have not served as a trustee before. Serving as a…
Estate planning serves to ensure an individual’s assets are distributed as they wish after they pass away. Proper estate planning is even more vital for a single parent to ensure the wellbeing of their children as they are solely responsible for providing for and protecting their children. One of the…
How you title your real estate holdings is key to making sure your assets are transferred according to your wishes after you have passed away. In making decisions about how to title your assets, you’ll want to consider things such as avoiding probate, minimizing estate taxes, and liability protection. Avoiding…
Much like the process of building a house, the steps to building an estate plan should be well-defined and carefully considered. Here are some things to keep in mind when creating your estate plan: · Get the right “builder.” Just like for a house, you will most likely need to…
A trust is a legal document that you can use to give assets to others. A trust can be revocable or irrevocable. As the creator of the trust, you can modify a revocable trust at any point throughout your lifetime. If you decide on an irrevocable trust, though, you generally…
A number of couples, including some who have been together for many years, choose not to legally marry for a variety of personal and financial reasons. Sometimes older couples decide against marriage because they don’t want to affect their children’s inheritance. There are others who don’t want to deal with…
There are a number of older adults who can no longer live safely on their own but who also don’t need the level of specialized care provided in nursing homes. For adults who cannot live independently and require daily assistance, intermediate care facilities are one option to consider. Intermediate care…
In the wake of the pandemic, the topic of estate planning has suddenly become a lot less taboo, according to Lee Baker, a certified financial planner based in Atlanta. “We get more calls around estate planning,” he says. Baker is the founder, owner, and president of Apex Financial Services and is a…
If it’s been years since you drafted or last updated your will, it likely references many of your existing assets, such as retirement plan accounts and life insurance policies. You also have paperwork on file with the applicable financial institutions. It’s possible that you have modified one of these documents…
In the last post, I wrote about 5 different major life events and changes for which you should revisit and potentially revise your estate plan. Here are 3 more life changes that are cause to take another look at your estate plan and update your documents if necessary: You may…