Your assets are a collection of valuable and intricate pieces that represent different aspects of your wealth. After your death, whether the pieces consist of real estate, investments, personal items, or liquid assets, it’s important to ensure they come together to protect them from outside influence. Creating a trust is an effective way to ensure this happens. There are different ways to use a trust, but an Read More
How To Prepare as a New Trustee
If you have been chosen as a trustee, it’s a representation of the grantor’s belief in your integrity, fiscal responsibility, and organizational skills. It’s an honor to oversee and manage a trust, but it comes with many obligations. Some trusts are quite complex, while others are more straightforward. It’s certainly possible for a non-professional to successfully perform their duties as a trustee if they are able Read More
Everyone Can Benefit From a Power of Attorney
Estate planning is best known for outlining your wishes or distributing assets after death. However, it also includes planning for a potential incapacity or disability during your lifetime. One of the most underrated estate planning tools is a power of attorney (POA). Whether you’re facing temporary incapacity or require long-term care, a POA can provide the person of your choosing with the legal authority to make Read More
3 Tips for Prepping for Medicare Annual Enrollment 2023
Medicare’s Annual Enrollment Period (AEP) is just around the corner. In just a little over a month, those of you who are looking to enroll in a Medicare plan will have a chance to do just that. If you want to make the most of AEP, preparing for the event is key. “Wait,” you’re probably thinking, “I have to prepare to enroll in Medicare? What are you talking about?” While you Read More
What Are the Drawbacks of Naming Beneficiaries?
Perhaps the better title of this piece would be: The Drawbacks of Incorrectly Naming Beneficiaries. Naming beneficiaries is a very helpful way to pass property to loved ones. However, not keeping beneficiary designation forms or beneficiaries named in a will up to date can cause more difficulty than ease. What Is a Beneficiary? Beneficiaries are individuals who you select to receive money, various other assets, or Read More
Inherited Retirement Accounts: Minimizing Tax Consequences
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which went into effect in 2020, changed how beneficiaries of inherited retirement accounts must withdraw these funds. The Act’s passage made it more difficult for individuals to pass their retirement savings on to their heirs without tax liability. The 10-Year Rule Generally speaking, beneficiaries of retirement plan accounts and Read More
Do You Need a HIPAA Release?
If you are in the hospital, you may want your loved ones to be able to access information about your prognosis. However, if you have not authorized them to receive specifics regarding your medical condition, they could be denied these details. What Is HIPAA? The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that protects patients’ Read More
3 Common Probate Questions: Estate Planning Basics
When people pass away, they leave behind assets, property, and possessions that can have sentimental and real value for surviving family members and loved ones. Everything that an individual owns upon their death is known as their estate. According to Estate Exec, the average size of an estate is between $50,000 and $250,000. Eleven percent of estates are under $11,000, while 11 percent are over $1,000,000. Some Read More
8 Frequently Asked Questions on Last Wills and Testaments
Starting an estate plan can be overwhelming, and you probably have many questions. You are not alone. Below are eight questions people often ask about last wills and testaments as they begin to think about estate planning. 1. Aren’t Wills Only for Wealthy People? This is a common myth. A last will and testament (also known simply as a will) is not just for the wealthy. In a will, you can outline who you Read More
Do You Need a Trust?: Estate Planning Q&A
According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are: Procrastination Believing they need more assets Not knowing how to make an estate plan An estate plan is a comprehensive set of legal documents and strategies that organizes assets for a person’s Read More
