A new study finds that later born generations of older adults in the United States are more likely to suffer from chronic health conditions when compared with previous generations. This has important implications for the possibility of long term care planning. Long term care planning refers to the strategies you have in place to protect you if and when you suffer from a disability or medical condition that requires Read More
What Is the Difference Between A Third Party And First Party Special Needs Trust?
Planning ahead for the future of a child with special needs requires advanced considerations. Outright gifts of money could accidentally bar your loved one from getting crucial government benefits through Medicaid and other programs. This means that sheltering assets in what is known as a special needs trust may be the only opportunity to provide financial support during your life and after you pass away. There are Read More
Preparing For the Third Phase of Your Financial Life
Most people go through three major phases with finances in their life. The first financial phase is build and grow when you're first starting your career and are focused on maximizing contributions to your 401(k). This can be a good time to accumulate as much as you can taking into account all the different financial concerns that can pop up in future retirement, like the cost of long-term care. The second financial Read More
Can I Put Restrictions On An Inheritance?
You may be thinking carefully about the legacy you wish to leave behind for your loved ones, and the unique considerations of your family dynamics and your individual beneficiaries. This raises plenty of questions, including whether or not you can place restrictions on an inheritance left behind for loved ones. Anyone who is on the receiving end of an inheritance should clearly read the fine print of the will or Read More
Why Is A Living Trust An Important Part Of Your Financial Planning?
After you pass away, you may still want to have some level of control over your finances so that you know that your family is protected as well as financially stable. A leading estate planning document for accomplishing this goal is a living trust. There are many different benefits of using a living trust, but the first is that it allows a great deal of flexibility and control. In a revocable living trust, you can Read More
It’s Time To Spring Clean Your Estate Plan
As you clear out closets and look to make donations to make way for summer, don't forget about the important consideration of reviewing and updating your estate plan. An estate plan only functions properly when it is reviewed on a regular basis. A major life event could be a reason to stop and review your estate plan, such as a marriage, divorce or birth of a child or grandchild. However, every five years you Read More
Women Must Plan Ahead for Their Financial Future and Life Insurance May Be the Option
A 2021 Insurance Barometer survey found that 43% of women felt they would leave their families with a difficult financial situation if they passed away unexpectedly. This number was five full percentage points more than the answers given by men in the same survey. Women face earning power challenges that make it more important for them to look ahead into their future to plan for retirement and also need to generate Read More
It’s Time to Stop Stalling and Create Your Estate Plan
If you want to protect your heirs from going through the difficult situation of trying to sort through all of your papers, belongings and debts, you can do them a big favor by undertaking estate planning. Estate planning is not necessarily a comfortable topic, but it is one that can save your heirs a lot of frustration in the future when you take the time to get organized now. Most people recognize the overwhelm and Read More
Three Different Approaches to Value Unique Assets
When someone passes away, items in their estate might need to be valued for the purposes of estate taxes or so that an executor can determine fair market value for liquidating them. If you have a unique collection or other assets inside your estate that may be difficult to value at the time you pass away, it's important to do some advanced planning and potentially work with an experienced lawyer to come up with a Read More
What Are Your Odds of Needing Long-Term Care in The Future?
Most people hope to live a long and healthy life remaining in their own home until they pass away, but the need for possible long-term care or health care assistance cannot be ignored. Anyone might require assistance as they age due to frailty, loss of eyesight, illness, dementia, or slip and fall injuries like a broken hip. How long this assistance will last and its cost can vary tremendously. You may need total Read More
