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If you have a child who’s started college this year or is taking a gap year to work or travel, it’s time to make sure they get at least one estate planning document in order. We’re not talking about a will --although it never hurts to have one. The document they need...
As elders become more interested in estate planning solutions for their assets, they become more vulnerable targets for annuity and living trust scams. An annuity is an agreement between a consumer and an insurance provider that involves multiple payments as...
Second marriages are not at all uncommon these days. In fact, roughly 21% of the couples who made it to the altar in 2022 were on their second marriage. There’s nothing wrong with finding love again, whatever your age, but those with children from their prior...
LOIs, or Letters of Intent, are commonly used in commercial real estate transactions as a preliminary step before entering into a formal purchase agreement or lease. An LOI is a document that outlines the basic terms and conditions that both parties intend to include...
Wills are vulnerable to estate taxes, complicated probate processes and disputes. To avoid this many people creating their estate plans will make trusts. A trust puts assets in the protection of a trustee. When the time comes, the trustee is responsible for...
The probate process begins with establishing an estate representative, who should act in good faith on behalf of the estate. Consider appointing an estate representative early in your estate plan. It should be someone you know who has the capacity and due prudence to...
Estate administration refers to managing and distributing a deceased individual's assets, debts and financial affairs. When someone passes away, their estate is handled by an estate administrator or executor responsible for carrying out the deceased's wishes as...
In life, you can prepare for unavoidable situations like death. But life is also full of unexpected events, such as accidents, sudden disabilities and illnesses. Unlike what some may think, it is also possible for you to prepare for the unexpected. With advance...
A Medicaid Asset Protection Trust (MAPT) is a financial instrument that protects your assets and can allow you to be eligible for Medicaid long-term care. It is an irrevocable trust. It is an estate planning tool that safeguards your assets from seizure and depletion....
You shouldn't make a hasty decision on a house purchase if this is your first one or else you may find yourself regretting your purchase after spending a fortune on repairs. A home inspector is one method you may use to stop this from happening. Sellers of real estate...