People often focus on the will when they think of estate planning. While this is an important part of the plan, it isn't the only component to the estate plan. No matter how old you are, all adults should have an estate plan in place.
You didn't think you'd have any issues with how your parents did their estate planning. Then the will came out, and you were astounded. It couldn't be right, you thought. There had to be some mistake.
Special needs trusts are those that are created and managed for the benefit of someone who has special needs. Typically, beneficiaries are mentally challenged or disabled in some way, making it difficult or impossible for them to manage the assets themselves. Special needs trusts can be a way to ensure those with these needs is cared for, even if you are no longer able to assist them yourself.
Estate planning is a very personal matter that must be taken seriously. You shouldn't put off planning your estate just because thinking of your death isn't pleasant. Shockingly, around 57 percent of consumers in this country don't have an estate plan in place. The percentage is even higher for parents who have children who aren't yet 18 years old. Up to 69 percent of these parents don't have a will.
Did you know that the first step to estate planning is setting goals? The types of goals you set for your estate depends on your situation, income, assets, family and when in your life you sit down to plan for your estate. If you plan early, for example, your goals might include wealth building and saving. If you begin estate planning later in life, then your goals might be more about protecting what you already have or ensuring your assets are passed on following your wishes. Whatever goals you have for your estate, we've provided some tips for strong goal setting below.
In the past few weeks, we've discussed a lot of issues related to estate planning and preparing for the end of your life and the passing on of your assets. While it's never too early to handle such decisions or begin to prepare, we know that you might be at a stage in your life where other legal concerns are loaming. One of those concerns might be how to form your own business.
We often tout the benefits of considering your end-of-life decisions now. Whether that looks like setting up a health care proxy so someone can make decisions on your behalf during an emergency or creating a will so your wishes regarding your assets are carried out, we think estate planning is important. One thing that goes along with this type of thinking for many is preplanning end-of-life celebrations.
It is incredibly tempting for anyone who has wealthy parents to have "great expectations" for his or her future inheritances. In fact, many Kentucky residents have such great expectations that they completely neglect the need to plan for their retirements, and they put their financial security on the line, betting on the hope that they will one day receive a sizable inheritance that will make up for their won lack of retirement savings.
As millions of people around the world are still reeling from the sudden death of music icon Prince and his cause of death is still being determined, now comes news that he reportedly didn't have a will or perhaps any kind of estate plan in place. Therefore the fate of his multi-million estate is now up in the air.
A common question that estate planning attorneys receive about living trusts is whether or not the property inside a living trust will be protected from creditors. Unfortunately, the straightforward answer to this question is no.