Expert tips on why starting your estate plan early, choosing beneficiaries, and thinking about how you want to transfer your wealth to the next generation are critical for your financial future.
When do you need your estate plan to ‘go to work’ for you? While you may think the right answer is ‘after I die,’ the actual answer is ‘if I lose the ability to manage my own affairs.’
Most people can't wait for retirement, and even more would likely opt for some form of early retirement, if they had the opportunity. Whenever you ultimately decide to cut down your time at work or leave the workforce altogether, you need to ensure that you have a full slate of estate planning documents in place.
Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.
Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.
One in four American adults live with a disability, according to the Center for Disease Control. One in 10 adults over the age of 65 has Alzheimer’s or dementia, according to the Alzheimer’s Association.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
Eighty-five million families in the United States own at least one pet. That’s 68% of the population. How many of those owners have a plan for what would happen to their pet, if they themselves met with a crisis, had a lengthy hospitalization, or died?
Covid-19 or Coronavirus has created health worries and fear for everyone. For those with underlying health issues, which include multiple sclerosis, Parkinson’s disease, Alzheimer’s disease, or other brain diseases, those concerns are even more pronounced.
An immature or troubled child could try to misuse your money or goad you into handing over assets you might need later. Complicated family dynamics, or just your desire for privacy, may make you hesitant to open up.
