When it comes to estate planning, most people think it is about what happens to our stuff when we get older. Few people understand that it is also about what happens to ourselves while we are still young. As soon as we turn 18, we are considered legally responsible for our own decisions in terms of finances and health. This means that parents of young adults lose their legal authority over their child and are
Although death is a difficult subject to discuss, it’s also part of your financial planning obligations. You must prepare for the inevitable. Planning for the future includes having a proper estate plan in place, which minimizes financial difficulties for your family in your absence. 78% of young adults (ages 18-36) and 64% of Generation X (ages 37-52) do not have wills. This can be attributed to various factors, including a lack of financial resources or
For most of us, planning for what happens to our possessions after we leave this earth is not a top priority. This is evident from the fact that 6 in 10 American adults haven’t created a will or living trust. This oversight is frustrating because even a small amount of planning regarding our assets can save our heirs a great deal of stress, effort, and money. Here’s what we’re saying: a will is critically important
Wills are important tools that can help you ensure that your wishes are honored when you pass away. There are several types of wills that can be used for different purposes. Many people understand that wills are used to transfer assets to beneficiaries. However, in many cases, in addition to passing assets to loved ones, a will can have other, additional advantages. Speaking with an experienced Brooklyn wills attorney can help you understand these advantages.
Many politicians use the words “death tax” to refer to a tax on your estate. This tax is used to transfer your estate to your heirs upon your death. It’s a highly contested political issue many Americans don’t completely understand. So, will you have to pay estate taxes? If so, how much? What does it mean for your heirs? Understanding the challenges of estate taxes can be daunting, but with the guidance of an experienced
Everyone knows the importance of writing a will to protect their assets after they pass on. Fewer people actually do anything about it. A survey conducted by Caring.com in 2017 found that 60% of U.S. adults have no will or another form of estate planning in place. Writing a will is a wise decision for anyone, regardless of age or health status, but it’s particularly important as you approach later life stages. Consider the people
Considering how our estates should be managed and distributed after our death is an important decision we must make throughout our lives. This involves deciding on the distribution of assets, selecting beneficiaries, and determining if and how you wish to leave a legacy. An estate plan is a tool that consolidates these decisions, incorporating elements such as a will, trusts, living wills, healthcare proxies, powers of attorney, and specific guidelines for managing your affairs after
You may have heard the phrase durable power of attorney. The critical aspect of a durable power of attorney is its enduring nature. Regardless of the type of power of attorney, the term “durable” indicates that the POA remains valid even if the individual it concerns becomes incapacitated. In this article, we will explore the implications of a durable power of attorney on the financial and healthcare responsibilities of the person requiring a POA. It
Without proper planning for the transfer of your assets before your death or incapacitation, you relinquish control over who inherits your estate, potentially causing your loved ones to bear the financial burden. Fortunately, there are several strategies to prevent this all-too-common scenario, and one vital component of a well-rounded estate plan is setting up a trust. Setting up a trust helps you manage your assets effectively and ensures your family’s future is secured. For advice
Estate planning might seem overwhelming, but it’s a crucial step in securing a future for the people you care about most. While it’s not easy to face the reality of what happens when we’re gone, setting up an estate plan is one of the most impactful decisions you can make. Every day, lives are affected by sudden loss, and without a plan, families are often left struggling to piece together what their loved ones would
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