What You Need to Know About Short-Term Care Insurance

A little-known insurance option can be an answer for some people who might need care but are unable to buy long-term care insurance. Short-term care insurance provides coverage for nursing home or home care for one year or less. As long-term care premiums rise, short-term care insurance is gaining in popularity. This type of insurance is generally cheaper than its long-term care counterpart because it covers less ... Read More

A Brief Introduction to Your Business Entity Options

Choosing the right business legal structure is an important part of any company. Whether you are a solo entrepreneur or working with several people on a large project, choosing the right legal structure can make or break a business. Below are several legal entity options that you may want to consider if you are just starting out. Sole Proprietorships A sole proprietorship involves one individual who owns the ... Read More

How to Safeguard Your Children’s Inheritance if You’ve Remarried

A recent Forbes article talks about how to protect your children’s inheritance after you remarry. It is common for people to remarry later in life after amassing wealth, but how do you plan for your estate to provide for both your new spouse and the adult children from your prior marriage? It is essential for spouses to spend the time necessary to create an estate plan that protects their children’s interest. One ... Read More

Is a Long-Term Care Asset Protection Plan Right for Me?

Long-term care is often associated with a prolonged illness, health condition, disability, or another ailment that prevents you from living entirely independently. Long-term care provides help with basic day-to-day activities, like assisting with laundry and bathing. As Americans are living longer, the need for long-term care is increasing. In fact, nearly 70% of those over 65 will require long-term care, whether ... Read More

Execute a Power of Attorney Before It’s Too Late

A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases.  This crucial document allows a person you appoint -- your "attorney-in-fact" or "agent" -- to act in place of you -- the "principal" -- for financial purposes when and if you ever become incapacitated due to dementia or some other reason.  The agent under the power of attorney can quickly step ... Read More

Understanding the Role of an Executor

The executor is an important part of any deceased person’s estate. This person will carry out your wishes as they are laid out in your will. Understanding just what an executor does can help you decide who would be the right choice for your estate. Giving your executor a heads up about their new role is also a good idea. Choosing the right executor is vital to your estate plan as many estates can take months to years ... Read More

Four Provisions People Forget to Include in Their Estate Plan

Even if you've created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in in a will or estate plan that can have a big impact on your family. Alternate Beneficiaries One of the most important things your estate plan should include is at least one alternative beneficiary in case the named beneficiary does not outlive you or is ... Read More

4 Key Responsibilities of a Trustee

Every trust must have a trustee. The trustee is the individual who manages and takes care of the assets inside of the trust. While many people elect to be their own trustees while they are living, they often choose successor trustees for after they passed or become incapacitated. Some trusts also have third-party trustees designated immediately. Trustees are an important part of any trust because if they fail to ... Read More

How Estate Administration Can Strengthen a Family

The months after the loss of a loved one are difficult partially due to misunderstandings, differing opinions, and poor communication while dividing up the deceased’s estate. However, a family can be made even stronger after a loss. As an executor of an estate, you can help strengthen a grieving family’s bond. An executor should keep communication channels open, as this will help to reduce the family’s anxiety and ... Read More

Legacy Planning and Reducing Your Risk of Cognitive Impairment

Your cognitive abilities have a huge effect on your estate planning. If you do not develop an estate plan before your mind starts slipping, you may not legally be allowed to do so. This realization is motivation to not only initiate the estate planning process early but also take extra steps to reduce your risk of cognitive impairment.A recent study has indicated that increasing your brain-stimulating activities can ... Read More