If you’ve ever spent time working through your estate plan with a professional, you know how important it is to select and update your beneficiaries. Failing to do so can result in costly mistakes—for you and your loved ones.
Beneficiary designations are a crucial part of estate planning, yet they are often overlooked. Once you have signed your estate planning documents, you need to make sure that your beneficiary designations are consistent with the rest of your estate plan.
If you have a loved one who deals with chronic illness or a disability of some kind, you want to be able to keep supporting them after you’re gone. However, you don’t want to disrupt their ability to collect funds from programs like Medicaid or disability payments. In these situations, you can use a special needs trust.
Regardless of their actual financial standing, job title and income, many Americans—and probably most federal civil servants—would identify themselves as middle class.
Updating one’s estate planning documents involves changes to one’s trust, will and/or designation of death beneficiaries, as relevant. To be effective, such updates must be done correctly.
To ensure animals’ well-being, you should pick a caregiver and set up paperwork, funding.
An inheritance is not subject to income taxes.
Setting up a living trust is largely the same, regardless of where you live in the U.S.
Every adult should have a will in order to determine property distribution after death. However, a will is limited in what it can do. Too often, a will cannot accomplish what you need or even expect it to do.
As our children with disabilities grow older, and we ourselves grow older, the future can seem daunting. The future can be overwhelming.
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