Senior on My Own

As a senior on your own, you may increasingly have concerns about your health and finances, but you can confidently relieve many of these concerns through professional estate planning. For example, healthcare documents can allow you to name a loved one to make healthcare decisions on your behalf if you are unable to do so on your own. By naming agents in a power of attorney and trustees in a trust agreement, you can ensure that your finances are taken care of by competent individuals or institutions both during your life and after you have passed on. Within your will or trust agreement, you can leave gifts to friends and make charitable contributions to your favorite charities. If you want to leave a lasting footprint in your community, you can create a private foundation or even fund a scholarship in your name.

Estate planning is making a plan in advance, naming the people or organizations you want to receive the things you own after you die, and taking steps now to make carrying out your plan as easy as possible later.

Learn how a charitable remainder trust allows you to secure lifetime income, save taxes, and benefit charities.

Categorized in:

Contrary to what you have probably heard, a will may not be the best plan for you and your family. That is primarily because a will does not avoid probate when you die.

Learn about the duties and responsibilities of a trustee and what needs to be done at the grantor's incapacity and death.

There are several options for who can be named as your successor trustee. Knowing the responsibilities of a successor trustee can help you make the best decision.

Understand how to fund your living trust by learning why and how to transfer your assets to your revocable living trusts.

Understand corporate trustees and learn seven reasons why you should have a professional help you build, manage, and protect your wealth.

Learn about the steps you can take to help shield your property and possessions from future litigation and would-be creditors.

A basic estate plan is essential for everyone. At a minimum, everyone should have three estate planning items in place: an up-to-date will or trust, a durable power of attorney, and updated beneficiary forms.

As digital assets become more common to all of us, it is important to include them in estate plans. These four steps will help ensure you do this properly.

Single people face unique estate planning issues that require advanced planning, time, and the help of an experienced professional.

An estate plan, properly executed, can protect you as well as your family in the event of sickness, accidents, or untimely death. This eight-point checklist can help determine whether your estate plan needs help.

Almost everyone has some kind of retirement account—whether a 401(k), IRA, or pension—so proper estate planning for these funds is essential.

Careful estate planning can ensure that inherited IRAs remain safe from your beneficiary’s creditors. In most cases, establishing a standalone retirement trust will protect your assets without restricting your beneficiary’s access to them.

Categorized in:

Here are some of the more common reasons why we procrastinate about estate planning—and some information that just might get you moving.

Categorized in:

There are many misconceptions about living trusts, including that they are only for wealthy people. Learn the facts behind these common misconceptions.

Making charitable giving a part of your estate plan is a great way to support your favorite charity without impacting your current lifestyle in any way.

A properly prepared and funded living trust has many benefits, including avoiding court interference at death and incapacity. Here are five of the most common mistakes.

Categorized in:

A revocable living trust does not do the following: control medical decisions, protect assets from creditors, help you qualify for Medicaid, or affect your income taxes during your lifetime.

A living trust that has been properly prepared and funded with your assets can provide many benefits for you and your loved ones.

Categorized in:

Trust funding is the process of transferring ownership of your assets from you to your trust. Learn more about this process and how it fits into your estate plan.

Categorized in:

Not everything you own will automatically go through probate. Assets for which title is held in your name only will need to be probated.

Categorized in:

When you establish a living trust, you name someone to be the trustee. Learn about the options you have for who you can name as your living trust trustee.

Categorized in:

There are many reasons why a person might decide to disinherit a would-be beneficiary. How to disinherit an individual depends on many factors including your relationship with that person and your state’s laws.

There are many reasons why a beneficiary might want to disclaim an inheritance.

Common estate planning myths, as well as the truth behind them.

The Centers for Disease Control and Prevention estimate that over 500,000 elder Americans suffer from financial elder abuse annually.

Learn more about the family limited liability company (FLLC), a popular yet potentially confusing estate planning tool.

The type of trust that will protect your assets from creditors is an irrevocable trust. Another type of trust, a revocable living trust, will not protect assets from creditors.

Life estates are typically used to keep property from being transferred through the process of probate.

Categorized in:

Depending on the laws of your state, handwritten notes to a will may qualify as a valid testamentary disposition.

For family business owners, estate planning is crucial to the success of the business. If you have not already drafted an estate plan that includes the succession of your business, begin today.

Categorized in:

Some of the largest perpetrators of Medicare fraud are nursing homes. When engaging in Medicare fraud, nursing homes provide patients with services that they do not need.

The amount you will need to save for retirement depends on many factors including your anticipated lifestyle and how many years you have until retirement.

Joint accounts are a popular estate planning option because they allow the quick transfer of assets after the death of one or more of the joint owners.

If you or your spouse served in the United States military, there are several pension benefits that you may be eligible for.

Because your successor trustee should be someone you know and trust, many people name one or more of their adult children in this position.

What is a living will vs a living trust? They are very different documents and do very different things. This article will help you understand the difference.

The state laws that govern estate planning documents such as wills, trusts, medical directives, and powers of attorney are different in every state.

Categorized in:

Trusts come in many different varieties and serve a multitude of different purposes. Some of those are Revocable and Irrevocable Trusts, Credit Shelter Trusts, and Irrevocable Life Insurance Trust.

Estate administration is the process that occurs after a person dies. It includes collecting probate assets, paying creditors, then distributing the remaining assets to beneficiaries.

Without proper parental estate planning, a disabled child who is unable to live independently may be left extraordinarily vulnerable.

Although you may never have to deal with the challenges that a diagnosis of dementia can bring, it is still vital that you complete your estate plan early, while you have the mental capacity legally required to make estate planning decisions.

Planning for incapacity involves creating a set of written instructions for how you want decisions related to your assets and healthcare handled should you not be able to make them yourself.

Estate planning issues for unmarried partners to consider for after death estate planning.

What to consider when you are thinking of disinheriting your child.

Categorized in:

The rules for what can and cannot be done with an inherited IRA can be complicated and confusing. Learn about three options to consider.

Categorized in:

How to determine how much life insurance you will need.

Learn the many reasons why it is important to have an advisory team for your estate planning.

A family inheritance can mean more than just money; it can also mean passing down family values, traditions, and history to future generations.

Categorized in:

Beneficiary designations can be quite useful, but they need to be considered as part of your overall estate plan.

Having life insurance can give you peace of mind that if something were to happen to you, your family will be able to cover expenses and maintain the same standard of living.

Learn about the many factors to consider when planning for long-term care.

The tax benefits of setting up your own foundation can be substantial.

Categorized in:

The best time to create your estate plan is today.

Learn about the potential problems that can come with giving your assets away while you are still living.

Categorized in:

Learn about the five basic reasons why families fight over inheritance.

Most people don't think about how to hold title until the title company poses the question when you buy or refinance. Learn the most common ways to hold title to real estate.

A pour-over will is necessary in the event that you do not fully or properly fund your trust.

Rules from the FDIC clarify how you can ensure maximum FDIC insurance coverage. You may need to modify your planning to take advantage.

Learn how Grantor-Retained Annuity Trusts (GRAT) work and the advantages of GRAT planning.

Trusts can provide significant advantages to those who utilize them, particularly in protecting trust assets from the creditors of beneficiaries.