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 incapacitated and unable to speak for yourself, then the agent you name is legally authorized to communicate with your medical team and advocate for your wishes as detailed in your advance directive. So how do you find the right person to fill this important role? Here are some things to consider: They should live nearby Start off by consi ..read more

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, and significant milestones or changes may require you to update your estate plan. Events such as marriage, divorce, the birth or adoption of children or the death of a spouse or beneficiary should prompt a reassessment of your plan. Additionally, changes in your financial situation, such as receiving a substantial inheritance or ..read more

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 trust can benefit just about anyone who has assets they want to easily pass on to beneficiaries without the time and red tape (not to mention lack of privacy) that goes along with probate. Further, they don’t have to be difficult to set up and maintain if you have experienced estate planning guidance. You can designate beneficiaries ..read more

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 financial and tax advantages.  If you are interested in funding a charitable trust, know that this approach can both help to ensure that your legacy has a lasting impact and also provide you with strategic benefits during your lifetime.  Tax benefits One of the most immediate benefits of funding a charitable trust is the poten ..read more

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 to a Caring.com survey, only a third of U.S. adults have one – even though it’s one of the things that every responsible adult should have in place. Don’t treat that as an excuse to delay making yours further. Use it as an incentive to get one step ahead while taking care of yourself and your loved ones in the process. Why don’t pe ..read more

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 the next generation. If you’re considering a trust (or already intent on creating one), it’s important to avoid some common mistakes, including the following. Procrastination in trust planning This may be the biggest issue to avoid in any estate planning situation. Certain trusts, especially those designed to help with Medicaid plan ..read more

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 important during that process, as representatives can sometimes become personally responsible for debts if they do not handle estate obligations appropriately. What steps does someone typically need to take to avoid personal liability for the debts of an Indiana estate? Find and disclose key records to the court A personal represe ..read more

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 cost of long-term care later in life can add up to thousands of dollars every month. People often assume that Medicare will help cover their financial needs, but it often falls short because of coverage limitations. Long-term care expenses are often not covered by Medicare. Individuals who need assistance, instead, may need to appl ..read more

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 right executor for your estate is an important part of estate planning. While it’s not inherently wrong to want to name your spouse your executor, there are some potential complications you may want to consider first: There could be a conflict of interest Inheritance battles often involve stepparents and the adult children of the dece ..read more

Estate planning is an important process that all adults should consider. Estate planning allows individuals to implement documents that provide instructions on how assets should be distributed upon a person’s death. Estate planning tools can also allocate child guardians and address healthcare decisions.  Unfortunately, a smooth process is not always guaranteed, and estate planning disputes can arise. Outlined below are some of the top causes of estate planning disputes.  1. Disputes over the validity of documents Estate planning documents can only carry out their intended functions ..read more