Incapacity can occur because of illness or an accident. It can be temporary or permanent. That’s why every adult needs a power of attorney in place, once they turn eighteen.
A power of attorney is a legal document with which a principal authorizes an agent to act on the principal’s behalf and for the principal’s benefit.
If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, familial connections, or interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
What Is Residuary Estate?
When it comes to owning property in two different states, you may wonder how to manage these in your estate plans.
There are two main kinds of trusts: revocable and irrevocable.
If you die without a will, you die “intestate” and your assets will be distributed according to your state’s law. That could result in a distribution you didn’t intend.
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.
The costs of long-term care for older adults can be significant. Federal Medicare health insurance benefits do not cover most of these costs. Most people who incur costs for long-term care cover them with a combination of personal savings, long-term care insurance and Medicaid, among other sources.
Here are the top five mistakes people make that upend their planning.
