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.
Many people underestimate the true value of their estate. When they learn that the estate tax threshold in 2018 stands at $11.8 million per estate, they may believe that they stand no chance of owing estate taxes at the end of their lifetime.
If you are considering setting up a trust for your grandchild, you have likely considered several different options. You naturally want a solution that is financially efficient for you and still helps your grandchild to benefit financially.
When a person executes a will as the sole indication of their last wishes, their entire estate will go through the probate process at the end of their life. As many people know, there are certain disadvantages associated with the process of probating a will. It can take a lot of time and is also costly.
A large part of planning an estate is about deciding what kind of legacy you would like to leave after your lifetime. While it is likely that you will want to leave a large portion of your assets to your loved ones, you may also want to consider helping a charity that is close to your heart.
When you have children or grandchildren, you will know that it can be challenging to encourage them to make wise life choices. Delaying gratification can be rewarding and pay off handsomely in the future, but younger people can find it difficult to delay gratification unaided.
When you are creating your estate plan, you may consider including your grandchildren as your beneficiaries. However, if your grandchildren are still minors or young adults, you may be concerned about the consequences of inheriting significant amounts of money at such a young age.
When people create trusts, they generally do so for a number of different reasons. They might want to create a trust in the name of a relative for inheritance reasons, they might create a charitable trust so that their assets will be donated to a chosen charity after their death or they may want to protect their assets by keeping them out of the grasp of creditor claims.
When starting to plan your estate, it can be sightly confusing to figure out whether creating a trust or a will is more beneficial. Deciding on wills and trusts can be done after a careful analysis of your financial situation, as well as who you want to benefit from your estate and how.
Too many animals end up in shelters because their owners didn't plan for what would happen to their four-legged companions after they died. Often, people assume that family members will care for their critters and perhaps they intend to. However, sometimes all it takes is one nip from a frightened, confused animal who has just lost his beloved person for those promises to evaporate.