With the possibility of needing long-term care in the future, many people are interested in proactive planning.
During your life you will likely accumulate money, property and other items of value. These are your assets. Taken together, these assets — also known as your estate — paint a picture of the wealth you’ve built over time. Rather than lose all you’ve built when you die, planning your estate ahead of time can help you preserve your wealth by transferring your assets to your children or other beneficiaries.
Most estate planning starts with a will. The legal document covers what to do with your assets and provides important direction on the care for minor children.
Mistakes that are usually ugly, often costly and sometimes fatal – at least to an estate plan.
The idea of asset protection for the purposes of protecting against long-term care costs is becoming both more sought-after and more necessary.
In terms of executor vs. beneficiary rights, there are several differences with regard to what type of authority each one has.
Having the right legacy plans and documents in place is one of the most important steps aging individuals can take, both to give themselves peace of mind and to avoid the possibility that confusion will make an already challenging situation even worse.
When an individual purchases an annuity, they name one or more beneficiaries who will receive the benefits if something happens to them before the contract ends. This could be due to death, disability, or another event that would cause the individual to no longer need their income from the annuity. The ultimate beneficiary of an annuity is the individual receiving the payments. However, there can also be additional beneficiaries.
The first step in understanding whether a power of attorney can transfer money to themselves is to understand the different types of power of attorney.
Created to own and control a life insurance policy or policies while the insured is alive, Irrevocable Life Insurance Trusts (ILITs) are tools that are sometimes recommended by estate and planners.
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