Becoming a parent means taking on a whole new level of responsibility. After all, you've now got a new life in your hands and your child is dependent on you for everything.
We are programmed to contribute the “max” to our retirement accounts and we disregard, or do not understand, the pitfalls of an improperly filled-out beneficiary forms.
Everyone knows what a will is. However, do you know the importance of having one? What does this document mean and what are the reasons why you should prepare a will? What happens to your money and property, if you don’t have one?
In their trust they leave each other their share upon death and then I would be trustee when my last parent dies. I’m really concerned about this whole deal.
You make things easier for the children, by planning for the possibility of a nursing home stay because you take the burden off the children to make crisis decisions for your long-term care costs.
The word ‘estate’ conjures images of great wealth, which may be one of the reasons why so many people don’t develop estate plans—after all, they’re not rich, so why make the effort? In reality, however, if you have a family, you can probably benefit from estate planning, whatever your asset level.
However, some want you to believe that you need only purchase a form to have an effective estate plan. Using this form, you are told, can save money and — best of all — the form is valid in all 50 states.
Although we all like to make our own decisions, there may come a time when we no longer have that luxury.
Statistics tell us that it is very likely one or both of our parents will end up in a nursing home or rehabilitation center for an extended period. If you’re like most people, you do not know a whole lot about your parent’s finances.
