Oftentimes, the idea of "estate planning" can seem overwhelming. However, estate planning at its most basic level is simply making decisions about who should receive your assets when you die and creating a plan that efficiently transfers ownership of the assets at the time of your death to your intended beneficiaries.
A growing number of older people don't have a spouse, children or other close relatives. One of the biggest concerns for people in such a situation is how to prepare in case they become disabled or incapacitated.
Often, one of the hardest decisions people make in the estate planning process is how much (and when) to tell their children or other heirs about their plans.
Even if you have a relatively modest estate, life insurance can be an important part of your estate planning for the obvious reason that it can substantially increase the estate’s value. In the case where there’s a premature death and a young family is in need of support, life insurance may be the primary means for that family's financial survival.
The following guest blog is written by Ted Kotsakis, Chief Executive Officer of PLUS Financial Network. He has been in the insurance business since 1985 and has held managerial positions with Prudential and AIG Life prior to creating PLUS Financial Network.
A trust is oftentimes the foundation of a solid estate plan. It is important to remember that you just can't set up a trust and forget about it. It is a good idea to periodically review how your trust is working to make sure you and your family are getting the full benefit of the trust document and its terms. Not doing so can sometimes lead to unintended results.
When it comes to checking tasks off of your financial to-do list, estate planning is probably the last item you get to, and some people don't get to it at all.
It's really not your fault. After all, many people think it’s morbid to think about preparing for death, and others often don't know where to start, so they simply don't get started.
On April 2, 2015, President Barack Obama issued a White House proclamation recognizing World Autism Awareness Day, declaring that “… everyone deserves a fair shot at opportunity” and celebrating the work of “… advocates, professionals, family members and all who work to build brighter tomorrows alongside those with autism.”
We Have Come a Long Way