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The unexpected death of former NFL quarterback Steve McNair has raised a lot of questions about fidelity and domestic violence. Putting McNair’s personal life aside, however, we can use his situation as an example of what can happen when one does not engage in estate planning. We have commented on Michael Jackson’s death and the [...]
Continue reading...A durable power of attorney is one of the most important estate planning instruments available. It is extremely important that a trusted individual be named to make financial decisions on your behalf should you become unable to speak for yourself. Since this is such an important decision, it is also important to understand that if [...]
Continue reading...An estate plan is made up of living documents. Legal documents such as Wills, trusts, and powers of attorney are flexible and, therefore, can and should be reviewed on a regular basis. Most estate planning professionals advise that an estate plan be reviewed, and if necessary, updated every three to five years, or more frequently [...]
Continue reading...Trusts are often thought of in association with large estates, especially those of celebrities whose lives and finances are constantly under public scrutiny. You should know, however, that trusts can be used by anyone interested in estate planningand anyone committed to ensuring the best possible outcome for his or her family and beneficiaries. A trust [...]
Continue reading...Estate planning is about more than just drafting documents; there are practical issues involved, as well. If your affairs are disorganized, your executor may have to spend time and energy researching information that you could have easily provided. Some of these include: • Who should be notified of your death? • Did you prepare a [...]
Continue reading...A lot media attention has been paid to the drama and speculation surrounding Michael Jackson’s estate. After the dust began to settle, however,and the facts about Jackson’s estate emerged, it became apparent that he had, in fact, created a solid estate plan. Several lessons can be learned from Jackson’s estate planning. The first critical thing [...]
Continue reading...Obtaining life insurance is a necessary way to ensure that expenses are covered after the death of a loved one. This is certainly a benefit of any life insurance policy. Another benefit, not often considered, is the benefit to your estate plan. There are three types of life insurance: whole life, term life and variable [...]
Continue reading...When applying for Medicaid benefits, the look-back period for individuals seeking nursing home care is five years. The look-back period is the time period prior to the Medicaid filing Medicaid reviews to confirm the applicant’s financial eligibility. Any assets gifted to children or other individuals within 5 years of the need for nursing home care [...]
Continue reading...Reverse mortgages are available to homeowners at least 62 years of age or older. A reverse mortgage is one of several options available to older homeowners that allows them to take advantage of any equity that has accrued in their homes. In a reverse mortgage, the homeowner receives income from the home’s equity tax free [...]
Continue reading...Unmarried couples do not enjoy the inheritance rights of married couples. Because of this, estate planning is especially important to unmarried couples so that they can be sure their wishes will be legally carried out. Unmarried couples that have been together for many years, or even decades, may give little thought to inheritance issues. However, [...]
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