If you have written a will, you are likely doing considerably better than most of your neighbors. In fact, according to reporting from CNBC, nearly 70% of Americans lack an estate plan. Now that you have finalized your will, you may wonder who should get a copy of it....
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Estate Planning
When to review an advance directive
An advance directive is a document you create to give instructions about the treatment you want to receive in the event that you become incapacitated and are no longer able to make your own medical decisions. It can also name a health care representative to make...
What mistakes should you avoid when naming beneficiaries?
Beneficiary designations have a significant impact on your estate plan and the final closure. If you do not name beneficiaries in your will, retirement accounts or life insurance plans, it can stall the closure of your plan or your assets could end up in the wrong...
Who should be your special needs trustee?
If one of your relatives has a disability or other special needs that make it difficult to work, he or she may have a hard time existing as an adult. Fortunately, government programs often provide meaningful benefits to those who cannot support themselves financially....
Should you give assets to a loved one who has a disability?
Dealing with an illness or injury can be challenging. If you have a loved one who has a disability, you may want to give cash or other assets to him or her. After all, while money does not buy happiness, it can make life easier for those who have disabilities. As you...
When may I add a business continuity plan to my estate documents?
An unexpected accident or medical emergency could result in a business losing an owner or a partner. If your organization relies on an individual’s skills, its business relationships may deteriorate after an illness or a death. As noted by Kiplinger’s Personal...
Choosing a health care representative
Naming health care representatives may give people peace of mind that, even if they cannot speak or make decisions for themselves, choices relating to their care will get made based on their preferences and values. Without warning, serious illnesses or injuries leave...
Should you have an advance directive?
Going through estate planning often serves as a massive headache. It takes a lot of time, money and planning to get your affairs in order, and the bigger your estate, the more effort it will take to set everything straight. However, you should not just focus on what...
How may an estate plan help transfer my business to a new owner?
An estate plan addressing business succession may prevent an unexpected disruption to your operations. If you know a motivated individual who could take over your business, you may begin preparing your successor to lead the team. As noted by The CPA Journal, training...
Estate planning for farmers
Establishing a legal document that dictates the handling of your estate is crucial for farmers. By creating an estate plan, you can ensure that your wishes are not only clearly stated, but that everything gets taken care of the way you want it, even when you are...