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Making an estate plan is certainly important. But many people make the mistake of creating the plan and then neglecting to update it. The plan slowly becomes outdated and, by the time they actually pass away, there could be major issues that the family has to sort...
One of the primary purposes of an estate plan is to dictate who gets what when you die. There are several tools available to do this, so you must understand the options that you have. The irrevocable trust is one of those tools. There are a few very specific points...
A will is the foundational element of virtually any estate plan. It provides instructions on how assets should be divided upon a person’s death. It can also serve other purposes such as naming a guardian for minor children. Nonetheless, for a will to be legally...
People who are coping with major medical challenges sometimes become incapable of properly providing for themselves. For example, older adults may struggle to make the best choices about the medical care that they receive because they focus too much on avoiding a...
One key step in estate planning doesn’t require putting a legal document in place. It simply involves designating beneficiaries for your retirement accounts. Federal employees can also designate one or more beneficiaries for their Thrift Savings Plan (TSP). Federal...
Estate planning can introduce confusing terminology you might not completely understand. Phrases or words may sound alike and seem interchangeable, but crucial distinctions exist. For instance, a living will is not just another term for a traditional will – it serves...
Naming a guardian for your child is one of the most important things you can do as a parent. It’s one of several ways to ensure your child will be well looked after should you perish before they turn 18. Selecting the right person is critical but not always easy. Here...
Divorce involves going separate ways, not just emotionally but financially too. If you and your spouse have decided to end your marriage, the assets you acquired as a couple, collectively referred to as marital assets, will need to be divided. There are several ways...
Power of Attorney (POA) is a legal instrument that grants someone the authority to make decisions on another person’s behalf. This authority can be broad or limited, covering financial, healthcare or other specified matters. While it is a crucial tool for managing...
While overall divorce rates have fallen, there is a demographic that is seeing an increase in divorce. Older adults who have been married for decades are divorcing their partners in what is called a 'gray divorce.' While a gray divorce has many unique challenges, one...