Do you suffer from a chronic illness? Whether it is severe or mild, you want to consider it carefully when you do your estate planning. It can have a big impact on the type of planning that you do.Many people assume that chronic illnesses are not that common, but it's...
Anita Morin
When should you update an estate plan?
Creating an estate plan is a big step toward making sure your family members are taken care of after you pass away. While some people don't like having to make these plans, they do need to take the step anyway. Failing to do so can leave their family members without...
Estate planning for a child with special needs
If your adult child has special needs, he or she may be eligible for some government assistance programs. Three common examples of these programs are food stamps, Medicaid and Supplemental Security Income payments.While doing your estate planning to leave your wealth...
Update all beneficiaries at the source, not in your will
Do you have any financial documents with a beneficiary, e.g., a life insurance policy? Maybe you have a retirement fund with a beneficiary who is supposed to get the contents of that fund when you pass away.As you write your will, you may think it's easy to adjust...
3 interesting modern business succession topics
The business world is changing, and that can impact a family's succession plan. When much of the family's wealth is tied up in a family business, getting it right is important. Here are three crucial topics to keep in mind.1. Lines of succession should be clear....
A concerning trend shows women don’t make financial decisions
Are you married, in an opposite-sex marriage? If so, how do you and your spouse make financial decisions? Who tends to handle the finances more often?For instance, perhaps you are a woman and you tend to let your husband make big financial decisions. Maybe he pays the...
Estate planning after getting married again
You got married 20 years ago, had children and got divorced. Now you're getting married again. Is it time to think about estate planning? Do you need to create a plan or update the one you have?This is absolutely something to think about. If you don't, experts warn...
Staying in your home to leave it to your children
You want your children to have your house after you pass away. However, you do not want to give it to them as a gift in advance because you plan to live there until you pass away. Likewise, you don't want to sell it to them. So, if you just stay in the home and wait,...
Do employees stay as your business changes hands?
As you prepare to move on from your business, you start thinking about your employees. Do they now face an uncertain future? Or will they stay with the company?Every situation is different, but remember that even many third-party buyers want to keep key employees, if...
The terms of a trust specify how the money can be used
When creating a trust, you likely have a specific goal in mind. How the trust accomplishes that goal depends on the terms that you put in place. Those terms define how the money can be used.For instance, some people who have trusts in their name want to use them to...
