Estate planning might sound like something that’s just for wealthy people with huge beach houses and billions in the bank. However, the truth is that estate planning is something we all need to think about.
An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
Advance directives typically consist of a living will and a power of attorney for healthcare.
An element of advance care planning, a living will is a legal document that provides specific instructions on how to carry out your wishes to receive or decline such treatments when you otherwise can’t communicate those wishes yourself.
With an elder care lawyer by your side, handling issues associated with Medicaid and Medicare is easy.
Most people think of wills as written instructions for use after death. In contrast, living wills provide your instructions for continuing or halting life-sustaining healthcare while you’re alive.
What do these appointments mean to the person(s) named to act? What happens if they fail or decline to act? Can the planning appoint alternative representatives?
We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?
If you are one of the many people who start getting serious about their finances as they reach their 50s, enjoy this guide for your next steps.
This is a great time to get organized with estate planning—it will make things a lot easier for yourself and your loved ones.
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