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What To Do When a Disability Throws Your Estate Plan Into Chaos

Posted on: December 19th, 2016
As poet Robert Burns mused centuries ago, “The best-laid plans of mice and men often go awry.” Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency. A car accident, sudden illness, workplace injury or chronic medical condition can force you to re-evaluate the core assumptions you used to plan your future and set up your legacy. A 2015 report published by the Centers for Disease Control and Prevention (CDC) offered this sobering assessment: “In 2013, approximately one in five U.S. adults reported any disability, with state-level prevalence of any disability ranging from 16.4% in Minnesota to 31.5% in Alabama.” The CDC also reported that “annual disability-associated health care expenditures were estimated at nearly $400 billion in 2006, with over half attributable to costs related to non-independent living (e.g., institutional care, personal care services).” Frustratingly, you can’t turn back the clock. However, you can take meaningful actions to protect your legacy and estate in the wake of your newfound limitations. Here are some insights to that end: ...

Want to Give the Kids an Early Inheritance? 4 Things to Consider

Posted on: December 6th, 2016
If you’re thinking about giving your children their inheritance early, you’re not alone. A recent Merrill Lynch study suggests that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying to fund our children’s dreams while we’re alive to enjoy them, and there’s no real financial penalty for doing so, provided that you structure the arrangement correctly. Here are four important factors to take into account when planning to give an early inheritance....

Updating Your Revocable Trust: How Many "Tweaks" Are Too Many

Posted on: November 22nd, 2016
If your life or the law has changed since you signed your trust, it needs to be updated. Updates can be made by way of an amendment - or - a complete restatement. An amendment updates a specific part of the trust; whereas, a restatement, updates the entire trust. You might think that an amendment would cost less than a restatement, but that’s not necessarily true. Let’s chat about which is best for you....

Aging.gov: A New Resource for Older Americans and Their Families

Posted on: October 3rd, 2016
More than 10,000 people turn 65 in the U.S. every day according to Aging.gov (http://www.hhs.gov/aging/), a new website recently launched by the Obama administration. The goal of this website is to act as gateway for older Americans and their families, friends and caregivers to locate information about leading a healthy lifestyle, options for health care, preventing elder abuse, and retirement planning. ...

The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)

Posted on: September 20th, 2016
Estate planning for couples in a second or later marriage who have disproportionate estates can be tricky. One solution for allowing the well-to-do spouse to maintain control of their assets but keep their other half happy is the Lifetime QTIP Trust. ...

Your Cyber Legacy: 3 Tips for Your Digital Assets

Posted on: August 2nd, 2016
There’s an entire category of commonly-overlooked legacy to consider – digital assets. Don’t worry if you didn’t consider these assets when made your will or trust – it’s surprisingly common and, luckily, easy to correct....
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