To make sure someone will take care of their children if they pass away, parents often pick guardians. They can do this as part of the estate planning process. The guardians only apply until the children are no longer minors, in most cases.
When doing estate planning with an heir who has special needs, you really need to take the time to carefully consider what can be most helpful to them when you are gone. Careful advance planning is the key. If you do it correctly, your assets can change their life, but you have to remember that this all falls on your shoulders. You need to make the proper decisions at the proper time.
As a new parent, your days are filled with changing diapers, making runs to the grocery store and finding time to catch up on your sleep. In between all of this, it's critical to review your estate plan with the idea of making changes for the better.
Looking to save on taxes on your estate? One option you may want to consider is selling your second home after you pass away.
With the cost of healthcare and long-term care in the United States, it may be natural to assume that wealthy individuals live longer than those with less access to financial means. But is this assumption true?