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December 2018 Archives

How a spendthrift trust protects your beneficiaries

If you look up the term "spendthrift" in a dictionary, you'll find that it refers to someone who isn't good at saving their money or spending it wisely. These people are not "thrifty," but very much the opposite. If there's money in their pocket, they'll spend it without a care in the world.

What’s a Medicaid trust?

Imagine you have spent your entire life working hard to save and earn your money. Nevertheless, you are now too old and infirm to care for yourself and you need to move into a long-term care facility to benefit from round-the-clock medical care. Unfortunately, if you have considerable assets at your disposal, you will need to spend these assets on your long-term care costs, which could exhaust the legacy you hope to leave for your children. That is, as long as you still continue to own the assets in your name.

Everybody's prone to getting distracted while driving

There's no way to "fool-proof" yourself against distracted driving. Indeed, anything can catch your attention and divert your eyes away from the road. However, there are some types of distractions that are avoidable and drivers need to do everything they can to prevent them: Like cell phones, putting on make-up, getting into heated conversations and playing with the radio while navigating traffic to name a few.

Modern vehicle features could save your life

Every time you get behind the wheel, you risk getting into a life-altering crash. Of course, you'll probably get from "A" to "B" just fine without getting into a collision, and this is why driving a vehicle can seem so deceptively safe. In fact, one false move by a negligent driver could cost you your life in an instant, which is why you may want to buy the newest vehicle available that is equipped with all the modern safety features.

Guard against this threat to your children's inheritance: Spouses

You marry them, you love them, they are the source of your inspiration and happiness, yet spouses can also be a serious threat to your children's inheritance. Whether it's your husband or wife, or your child's husband or wife, this person could, in certain contexts, have the legal right to take some of the inheritance you want your child to have. This is why you need to prepare your estate plan in a way that protects your children's inheritance.

As a hotel guest, you have certain rights

There is no place like home. Still, when in the Phoenix area, you can come close to the comforts of home by booking a stay in a nice hotel. As you probably know, though, even with some research and planning, you cannot completely eliminate your odds of winding up in substandard lodging. 

Teach your teenagers about distracted driving

Modern drivers have grown up with excellent education and information about why drunk driving is dangerous and deadly, so they're less likely to do so compared to other generations. Conversely, young drivers may not have grown up learning about the dangers of distracted driving, which is why parents need to make it their responsibility to teach their young ones why they shouldn't do it.

Are you shopping for a house you can afford?

One of the biggest mistakes that homebuyers make involves hunting for a home they can't afford. While it's true that a bigger, more expensive, more beautiful and better-located home could be more enjoyable for your family, it's vital to reign in your enthusiasm to prevent going outside of your budget and falling into financial problems later down the road.

Could a trust save my estate plan?

Do you have a considerable amount of money saved up as an inheritance for your family members? If you become incapacitated or require long-term care in a nursing home, you run the risk of spending all of your financial legacy on medical bills before you can qualify for Medicare benefits. Fortunately, you might be able to protect yourself from this kind of a situation with a strategically-planned trust.

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