When people think about their legacy, they are typically thinking about maximizing the gifts and inheritances they can leave for their family. Unfortunately, these plans are sometimes jeopardized, too often by scam artists who target the elderly.
Health scares are huge wake up calls for many people who had previously procrastinated when it came to their estate plan. Between the health and financial implications of a serious illness, people often realize that they have not done the requisite planning to express their wishes and protect their families.
Whether you are thinking about setting up a trust or you are someone affected by the management of a trust, one of your primary concerns may be whether a trustee is managing it properly.
One of the most common goals people have when creating an estate plan is to leave gifts of money or property to loved ones, hoping to make a positive impact. Some people, however, try to control or direct their loved ones' behavior from the grave by placing conditions on their gifts.
We've all been told to expect the unexpected. And as hard as it is to contemplate what might happen to our loved ones when we're no longer here, it is necessary to do so - especially for new parents. Having children is a "triggering event" when it comes to estate planning. If someone doesn't have a will already, they should create one when a new child enters their lives.
When it comes to estate planning, the biggest mistake anyone can make is to not create a plan at all. However, there are a few areas where people are often tripped up. Whether someone is creating the first version of their plan or they have had a plan in place for some time, they should keep these common mistakes in mind:
The biggest mistake someone can make relating to their estate is failing to create a plan for distributing their assets. In close second is forgetting to review and revise their estate plan following a major life change.
When someone spends many years building a successful business, the last thing they want is to see it fall apart. However, many business owners do not realize the importance of having a business succession plan.
You're starting a new job. Amongst all the on-boarding paperwork, health insurance plans, and payment packages, there's an unfamiliar document: a split-dollar life insurance agreement. Most people know that life insurance is an important estate-planning tool, but they may not know the ins and outs of a split-dollar insurance plan.
Saving for retirement is an essential part of financial planning. In addition to funding your retirement years, it is also important to consider what will happen to those funds if you should die unexpectedly. That decision culminates in your designation of an account beneficiary.