Getting the news that you have to undergo major surgery is never easy. Preparing for absences from work, planning for childcare and household responsibilities, and reviewing your estate plan will be among the things you may be worrying about.
Trusts are not just for the wealthy: In states that practice Medicaid recovery, for instance, your survivors may receive a large bill for Medicaid-funded nursing home care after your death, which can force the sale of assets like the family home. Some states even seize life insurance proceeds. Depending on your situation, a trust can prevent this from happening.
There are several reasons why you should update your existing trust or perhaps your entire estate plan. While estate planning documents do not necessarily have a shelf life, they may not fulfill your goals when your circumstances change.
Are Any of These 11 Mistakes Lurking in Your Estate Plan?
Many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either.
Intergenerational estate planning is important. This type of planning is about more than just helping one generation build as much wealth as possible.
Liability insurance, exemption planning, and business entities should be used together to create a multi-layered liability protection plan.
The duties of a trustee are many, as a trustee owes a fiduciary duty to the beneficiaries of the trust.
You are neither too young nor too poor to engage in estate planning!
Many often forget that changes in family dynamics and circumstances can threaten even the most well thought out estate plan.