Retirement planning and estate planning often go hand-in-hand, and both are processes that you can begin early on in life. As you approach retirement age, though, there are a few key items to address in your estate plan regardless of whether or not you already have a...
estate planning
Who should be your health care agent?
Even though you have been healthy throughout your life, it is impossible to predict the future. Eventually, whether because of a serious injury or unexpected illness, you might have to deal with incapacitation. If so, you simply will not be able to make your own...
What should simple estate plans have?
Regardless of your degree of wealth, you might want to look into an estate plan. After all, these do much more than simply determine where your assets will go after your death. A complex or extensive estate is not necessary in order to have an estate plan, and an...
Things to consider when updating your will
Your will should always be a work in progress. As your life changes, your will should adapt as well. Most estate planning professionals recommend evaluating and updating your will once a year. This lets you address any changes in a timely manner. There are a few...
What does a funeral trust cover?
If you do not want to burden your close friends and relatives, you are probably thinking about including funeral arrangements in your estate plan. Fortunately, from how the service unfolds to where your remains end up, you can take care of virtually all end-of-life...
How can you finetune your estate plan?
An estate plan provides a way for you to think ahead and protect your assets. Maintaining your plan requires ongoing effort throughout your life. Careful preparation can optimize the value and function of your plan. Knowing how to finetune your strategy can help you...
Who will inherit your estate if you die without a will?
When you die intestate, which means without a will, the state law dictates the distribution of your property. For this reason, it is a good idea for everyone to have an estate plan in place because it lets control remain with you. The Legislative Commission notes that...
How can you determine whether to leave your house to your children?
As a homeowner, your house should be a critical part of your estate plan. According to AARP, your home is your most valuable financial asset. Determining what happens to it after you pass is not always an easy decision. If you have children, you may consider leaving...
Why do fewer than half of Americans have an estate plan?
If you feel like you need an estate plan but do not know where to start, you have a lot of company. According to CNBC, only about 33% of all Americans have an estate plan. Many people know the importance of an estate plan, but many put it off for various reasons....
What is the Medicaid penalty period?
The purpose of Medicaid is to help low-income seniors pay for long-term care and medical care. For this reason, you may only qualify if you meet the stringent financial eligibility requirements. Because the income and asset limits are so low in most states, most...