No likes to contemplate aging or their own mortality. But to get the most out of your senior years requires planning while you are still young and healthy.
You'll have a lot on your mind as you age. Although you may have created an estate plan many years ago, it doesn't necessarily mean it can remain the same into the future.
You adopted your dog later in life, and you know there's a possibility that you could outlive him. While you do have family members that have said they'd take him if you passed away, you want to guarantee that will happen. The last thing you want is for your beloved pet to end up in a shelter or euthanized because of no longer having a home.
You're older, and you know that getting remarried wasn't always in your plan. Despite that, you've found a partner you can't live without, and you'd like to make it official.
Trusts are an important tool for estate planning. Understanding how to use these trusts is important because any mistake that is made with a trust could be a very costly error. It is imperative that you think carefully about the type of trust that you are setting up. This includes thinking about the purpose of the trust and your goals.
You're thinking of drafting an incentive-based trust. You've even taken the wise step of talking it over with your heirs -- a son and a daughter -- in advance. You know that having the conversation early often staves off disputes and disagreements in the future.
Many people think that once they create a will, they have done everything they need in order to ensure their legacy passes on according to their wishes. Unfortunately, a will may not protect your final wishes as much as you would like. In order to protect the wealth you have built for the next generation, it is time to consider creating a trust.
You're deciding how to leave your estate to your heirs, and you've heard about an irrevocable trust, but you haven't really looked into it. You're curious about the advantages, disadvantages, and legal steps you'll need to take.
Aging gracefully takes carefully planning a regular investment in your health. Aging gracefully financially requires careful planning and forward-looking financial decisions. With the help of an experienced estate and financial planning lawyer, you can start taking steps now to plan for your upcoming Medicare application. Your attorney can also help you with estate planning, putting together a last will and even appointing a health care proxy who has a limited power of attorney if you become incapacitated for any period of time. All of this can give you peace of mind as you approach retirement.
If you recently lost a loved one, financial concerns are probably the last thing on your mind. You're going through the grieving process and this takes time. Let's say, for example, your father passed away, and you're his only heir. It will now be up to you to navigate the probate process and other legal concerns.