Articles Tagged with will

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Retirement

“Many seniors may be more focused on their bucket lists, than worrying about having their financial affairs in order.”

Seniors should be having some heart-to-heart discussions with their spouses and loved ones about their wishes concerning their assets and their final days, according to Intermountain Catholic in “Retirees Have Several Financial Issues to Consider.” After a loved one dies, family members are often left dealing with the expenses of their medical care and funeral. To be left to deal with these issues while grieving, adds another layer of heartbreak. It doesn’t have to be this way.

hospital-6-1518170-1279x852-300x200“A bad medical diagnosis can make a person realize that he suddenly has far less time to get his affairs in order. What’s the best way to leave assets to your heirs? Should you pay off your mortgage?”

Receiving a terrifying medical diagnosis of a fatal illness, can leave you and your loved ones stunned and afraid. Once the initial shock has subsided and you have put the emotional and medical resources in place, it will be necessary to address the legal aspects, according to a recent article from CNBC titled “When end-of-life planning is suddenly a lot closer than you thought.” Continue reading

MP900442227-300x196“Our inherent nature to delay the inevitable, can lead the ones we care about into financial chaos. To avoid the chaos, careful preparation is needed when it comes to estate planning.”

Estate planning protects families, especially those with young children. It can eliminate stress, expense and unpleasant consequences that can last for generations. This is the message in an article titled “In the Works: Don’t Wait: Considerations in Estate Planningfrom Guidon. Continue reading

trustee-300x160When you are creating a will or revocable trust as part of your estate plan, you need to think carefully before selecting someone to act as a personal representative or trustee. Many people just go with their nearest relative, such as a spouse or eldest child, but a fiduciary’s role is not ceremonial. An executor or trustee must be financially responsible and demonstrate the willingness to comply with legal deadlines and court orders. Failure to do so can lead to a substantial delay in administering your estate or trust.

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When talking about families and inheritance, studies show that while financial assets are important, family values and family history take the driver’s seat. Most people treasure family stories and life lessons regardless of their age, financial situation, or race. A simple case would be comparing the reactions of siblings on two topics: a family legend or a new car. Chances are, the stories of the new car will stop after one month while the family stories will continue to be told and enjoyed for decades. This is because family stories, family values, and life lessons learned by members of the family are integral to its legacy.

safeDepositBoxA very recent study though shows that millennials think of inheritance as a “bonus” but expect to get that bonus – and are expecting large sums of up to $100,000. However, they are willing to lower that figure because many parents are already helping their adult children financially with student loans and other expenses.

An article published on www.Marketwatch.com reported that one in three Americans will “blow their inheritance” because they are not prepared to handle it. In fact, those who inherit money tend to spend it quickly and one-third end up with negative savings two years later.

Parents have a responsibility to teach their children money management so any windfall they get will be spent wisely. Inheritance, while a “bonus,” should not be just “fun money.” In today’s economy, a $1,000,000 inheritance does not even guarantee a comfortable retirement for a couple beyond their fifties. Continue reading

The young often think of themselves as invincible in the sense that in their protected world, nothing bad can happen to them, especially with their parents around. Studies show that over 90% of adults under 35 do not have a will, providing reasons like:young-family

  • It’s not necessary.
  • It’s too complicated for me to deal with right now.
  • It’s too expensive.
  • My parents will take care of all that.
  • I won’t need it for a long time anyway.
  • It takes too much time

According to surveys done by USA Life Expectancy, adults aged 15 to 34 rarely die from medical causes but the figures are high for accidents, poisoning, suicide, homicide, and injuries. This suggests that for young adults, death often comes unexpectedly. Continue reading

1221950_to_sign_a_contract_1 sxchu notify.jpgEstate planning is an essential tool to ensure your money and other assets are transferred pursuant to your wishes upon your death. If you are bequeathing money to a loved one in your will, it is important to keep in mind that large sums of money can be quickly and easily squandered. Financial advisers who work with individuals who suddenly receive a windfall say the money often vanishes quickly. Proper estate planning and the use of wealth transfer tools can ensure the financial well being of your family is protected. Continue reading

Over the years, we’ve discovered that many people make a BIG mistake, catapulting their assets and loved ones right into the probate court system. Most of our clients want to avoid probate court because it has a reputation for being expensive, time consuming, stressful952313_gavel – and public, meaning anyone anywhere can see who got what and how to contact them. Beneficiaries may become victims to nosey neighbors, predators, and unscrupulous “charities.”

Q: What’s the one mistake that causes all these problems?

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Do I Need a Will or other Estate Planning Documents if I Do Not Have Any Children? Estate planning is usually low on a person’s list of priorities until a life event occurs that forces the person to contemplate their own death. The most common life events that cause someone to begin to think about estate planning is getting married, having children, amassing a large asset or amount of money, or the death of a parent, relative, or close friend.

One question about estate planning that our attorneys are asked quite often is, “Why do I need a Will if I do not have children?” Our answer, “Because everyone needs a Will and a comprehensive estate plan regardless of whether they have children, are single or married, or have a little or a lot.” Failing to have a Will results in the state of Wisconsin deciding what happens to your property upon your death. Furthermore, failing to prepare for your incapacity prior to death may result in your healthcare wishes not being honored if you cannot speak for yourself.

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Estate Planning in the Digital AgeWhen computers are being used in kindergarten classes to teach computer skills, it is a glaring sign that our society is fully immersed in the digital age. For some of us, we are completely paperless and perform all transactions online, store all records online, and rush to purchase the latest technology that simplifies our lives. For others, they are in-between jumping in feet first and wading into the digital age. The rest simply refuse to adopt technology and prefer to live as far off the grid as possible.

Regardless of your feelings on the subject, the fact remains that most of us will leave some type of digital footprint when we die. The digital age has forced estate planning professionals to develop new techniques to help estate executors and families identify assets and debts. Furthermore, some of those assets may be digital in nature which could affect how those assets are transferred.

Identifying Assets and Debts in the Digital Age

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