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Category: Estate Planning

How To Decide who will Inherit the Family Home?

Deciding who will inherit the family home can be a difficult task. Besides the inherent value of the property that is involved, family members form emotional attachments to the places that they grew up and spent so much time in. The most common scenario used to be older parents living in houses by themselves and …

What is the Difference Between Durable and Springing Power of Attorney?

Estate planning is something many people put off, but addressing this complex matter can bring peace of mind to you and your heirs. Knowing a plan is in place should anything happen to you makes managing and passing on your assets infinitely easier. One of the most important parts of estate planning is the power …

What Are the Different Types of Trusts Used in Estate Planning?

Planning for one’s death is never a fun topic to dwell on, but it is a necessary and also a wise thing to do. No one can know when they are going to die. That is why a reasonable person should put together a plan, in writing, as to how they wish their property to …

What is the Difference Between an Advanced Directive and A Living Will?

One of the most important things you should do pertaining to your estate and end-of-life planning to have a last will and testament as well as an advanced healthcare directive. If you speak to any lawyer, they will tell you it is very important to have both of these things, especially if you have children. …

What Is the Best Way to Split My Estate for My Children?

When people die, they can leave behind many assets. These assets may include real estate, vehicles, life insurance policies, financial accounts, and much more. Together, they make up the deceased person’s estate. No matter how modest or large your estate, you probably have some ideas on who receives all or part of it when you …

Estate Planning for Elderly Unmarried Couples

Even without estate planning, there are laws in place for married couples to distribute property and assets to either the other spouse, children, or parents. However, there are few laws for unmarried couples, even if they have lived together for a lengthy period of time. That is why estate planning is imperative for elderly, unmarried …

What Is a Power of Attorney?

A power of attorney (“POA”) is a legal document that you can use to let another trusted person make decisions on your behalf when you cannot make those decisions for yourself. Under a POA for yourself, you are called the “principal” and the person you are giving the power to is called your “agent.” There …

How Often Should I Update My Estate Plan?

If you created an estate plan or will, it is important to review and update them regularly. If you have not planned for your estate or any other end-of-life plans, now is the time to do so. According to a Gallup poll in 2021, over 54 percent of American adults do not have a will. …

What Are Common Estate Planning Mistakes to Avoid?

Today, there are legal documents like wills and trusts that help ensure someone’s wishes will be carried out upon their passing or when they become incapacitated. If mistakes are made during the estate planning process, they are likely to show up at a later time. It is important to set specific goals, have ways for …

How Can You Encourage Your Parents to Plan for Retirement?

Many people may be surprised to find out that their parents are unprepared for retirement. According to a study by Northwestern Mutual, over 78 percent of Americans are concerned about not having enough money for retirement. Yet, a FinanceBuzz survey shows that 35 percent of people do not have any savings or money set aside …

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