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Estate Planning Tip: Gifting to Grandchildren
If you are entering your senior years and you are interested in spreading your wealth, you are probably considering ways you can help financially protect your grandchildren. Gifting to your grandchildren is not only an act of generosity and love, but it can also be financially smart for you too. When it comes to gifting,…
How a Power of Attorney Helps You
Many people associate only senior citizens as needing a power of attorney (POA). In fact, everyone should consider having a power of attorney document in place, regardless of age, health or any other factor. A POA is written authorization from you that gives authority to another individual to act on your behalf in personal and/or…
Are YOUR Children Protected if Something Happens to You?
Nobody likes to think about the possibility of not being there for their children. One of the most difficult decisions a parent can make during the estate planning process is who should raise their child if they should die or become incapacitated. It is also one of the most critical decisions they can make. Parents…
WHAT IS A POWER OF ATTORNEY?
Almost everyone has heard of a Power of Attorney (POA), but not everyone actually understands what a POA is, or why having one is important. A POA is a written document that allows you to legally assign another person to do specific acts for you. This can be especially important if you are getting older,…
Basic Estate Planning Tips
Estate planning is an intimidating concept for many people. Yet, it is also one of the most essential actions you can take to safeguard your family now and in the future. Below are a few basic tips for your consideration: Comprehensive estate plan. Having a comprehensive estate plan requires more than just signing a Will….
Documents to Collect For Estate Planning
Whether you are just not starting the estate planning process or feel like you have completed your estate plan, you should keep all your estate planning documents together in one place. This will make it easier when you meet with an attorney to begin your estate plan, and it will help your family distribute your…
Charitable Gifts in Your Estate Plan
It is very common for individuals to want to leave a legacy to their favorite charity. Gifts to charities can be worked into any estate plan, and will be tremendously appreciated. However, if an estate plan is not properly structured, it can create a lot of stress and expense for the beneficiaries. Large fees and…
What is a Special Needs Trust?
The parents of children with special needs have unique estate planning concerns. They have oftentimes been the full caregivers for their children, and want to ensure someone will be there when they pass. They also do not want their children to potentially lose any government benefits they receive, like Supplemental Security Income (SSI) or Medicaid,…
What is a Testamentary Trust?
A testamentary trust is a trust that is established through and governed by a will. It becomes effective only after the grantor’s death. The grantor, also called a testator, is the person who drafted the will. A testamentary trust can be used to exert some control over how assets left in a will can be…
Trusts for… Pets?
You may have heard or even joked about Pet Trusts, but they are a real, enforceable part of estate planning. They may sound crazy at first, because simply asking a friend of family member to watch over your pets may seem sufficient. However, informal agreements concerning your pet’s care upon your death or incapacity are…