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?
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, what happens?
When you think about estate planning, who do you think it should focus on the most? Do you think it's for couples? Is it primarily for men? Is it a women's issue?
For most people, estate planning just means leaving their assets to their children. When deciding who should make medical decisions for them and who should handle their financial affairs at the end of their lives, they also pick children.
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.
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?
When you think about how many people do their estate planning, it's easy to assume that every adult must have some sort of plan. After all, everyone has assets, even if some people have more than others. Many people have children. And, above all else, all people are going to pass away at some point. That's the human condition. It's the world we all live in. Certainly, we're all prepared, right?
Estate planning after you have been diagnosed with Alzheimer's can be problematic for your family. They may not think that your estate plan is accurate because of your condition.
Don't assume that your heirs will get an asset just because you leave it to them in your will. In some cases, other types of paperwork actually take precedence over your will.