Holidays can often put you in a reflective mood, and Thanksgiving is a special event that revolves around gratitude. When you sit back and think about the good things that have happened in your life, you can probably pinpoint people that helped you out along the way. Hold that thought for a moment and consider these statistics. According to a 2020 survey, 68 percent of American adults are going through life without any estate planning documents. You would expect younger adults to put it on … [Read more...] about Show Your Appreciation This Thanksgiving
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Most people are aware that you arrange for post-death asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address other issues you may face … [Read more...] about What Is a HIPAA Release?
When researchers delve into the subject, they find that most Americans do not have estate plans in place. A lot of these people know that planning is important, and in fact, this has been measured by surveys. One reason why they stay frozen in inaction is because they do not know where to begin. With this in mind, we will provide a simple step-by-step approach that you can take to initiate the inheritance planning process. Take Stock of Your Assets The first order of business will be to … [Read more...] about A Step-By-Step Approach to Inheritance Planning
The vast majority of American adults that are under the age of 65 do not have estate plans in place. Obviously, people usually do not pass away before their time, but it does happen. Estate planning should be looked upon as a basic responsibility of adulthood, and everyone should have a plan in place. It is important across the board, but it is absolutely essential as soon as you have people relying on you for monetary support to one extent or another. You should have an income replacement … [Read more...] about Incapacity Planning is a Must for Young Adults
As elder law attorneys, we keep a finger on the pulse of matters that impact senior citizens in ways that can be addressed through the proper planning. Everyone has heard of Alzheimer’s disease in a general sense, but you should understand the relevant facts when you are looking ahead toward your senior years. Life Expectancy You may have heard that the life expectancy for all Americans is about 78 years. This includes people that pass away at all ages, but it goes up when you are talking … [Read more...] about Alzheimer’s Can Yield Financial Consequences
When you are a single parent, you must take action to put an estate plan in place. There is absolutely no way that you can responsibly go through life without making provisions for the well-being of your children if you were to pass away. This is true regardless of your age. Of course, we all expect to watch our children become adults in their own right, but there are no guarantees. Individuals pass away in accidents and due to sudden catastrophic health conditions each and every day. As sad … [Read more...] about Estate Planning Is a Must for Single Parents
Estate planning is often thought of as a monetary endeavor, and this is a large part of the equation. At the same time, a comprehensive plan will take the eventualities of aging into consideration. With this in mind, we will look at the value of incapacity planning in this post. Understanding Alzheimer’s Disease We all know that Alzheimer’s disease can strike senior citizens. But when you look at the facts, the numbers are rather surprising--and not in a good way. More than 10 percent of … [Read more...] about Adult Guardianship Can Be Avoided
We do not usually have the opportunity to hear about people passing away when they are relatively young adults or minors, but it happens all too frequently. The only time that we really hear this news is when someone famous passes away. One of these incidents rattled the collective consciousness recently when basketball great Kobe Bryant was killed in a helicopter crash. In addition to his 13-year-old daughter Gianna, a total of seven other people passed away in the devastating accident. … [Read more...] about Bryant’s Death Teaches Estate Planning Lesson
One of the most commonly held misconceptions within the realm of estate planning is the idea that you lose all control of assets that you convey into a living trust. For this reason, many people don’t even consider the possibility. They are not prepared to make a decision that is etched in stone. This sentiment is understandable, but in reality, the most widely utilized trust in the field of estate planning is the revocable living trust. With a revocable trust, you can act as the trustee and … [Read more...] about Can You Change a Living Trust?
Any time you are involved in a complicated endeavor, it is wise to break it down step-by-step. This is certainly applicable to the estate planning process. In this post, we will take a brief look at the different relevant factors that you should take into consideration. Legacy Preservation One concern is making sure you have something to leave behind because you really don’t have to be too concerned about estate planning if you have nothing left to leave behind to your loved ones. How could … [Read more...] about Steps to Take Along the Estate Planning Process