Estate planning is not a requirement. No one can force you to make your will, create a power of attorney or to own your property in a way to avoid probate. As a result, people too often let common estate planning excuses stand in their way.
For couples who face depleting their own assets, using a Medicaid-compliant annuity could be a way to preserve assets and still qualify for Medicaid.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
If you do not plan appropriately and thoughtfully, problems may arise with respect to this property and your family when you are gone.
You have many options to make sure your wishes are followed after you die.
A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries and it can significantly reduce the headaches of probate.
For most people, entering the realm of estate planning can feel a bit like traveling as a tourist into another culture. Because the language itself is unfamiliar, asking a question can result in an answer that is equally confusing.
Administration of a decedent’s estate may involve investment accounts (with stocks and bonds) held in the decedent’s name or trust.
Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.
