Due to the COVID-19 pandemic, you may no longer be able to visit right now. How can you continue to assist your parents from a distance? The answers depend on the types of help you have been providing, but here are a few options.
The coronavirus health emergency is a reminder that life is unpredictable, and it makes sense to be prepared. It may sound self-serving, but with the danger posed by the pandemic, it may be a good time to reevaluate your estate plan.
While estate planning is important for married couples, it is arguably even more necessary for couples that live together without getting married. Without an estate plan unmarried couples won’t be able to make end-of-life decisions or inherit from each other.
Both workers and retirees may need to rethink some of their estate planning in light of the newest spending bill. The Setting Every Community Up for Retirement Enhancement Act made major changes to retirement plans, including inherited plans.
Before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (also called “living”) and irrevocable trusts because each offers advantages and disadvantages, depending on their purpose.
Revocable trusts are an effective way to avoid probate and provide for asset management in the event of incapacity as well as achieve many other goals, including tax, long-term care, and asset-protection planning.
Making sure you have the right estate planning documents is one of the simplest ways to have a positive impact on your family’s future. Proper planning ensures that your wishes will be followed and that your family will have less to worry about after you are gone.