Saving for retirement is vital for everyone. If you are self-employed the duty of setting up a retirement account falls solely to you. To decide whether or not to open your own retirement account, you should weigh the benefits and costs. You should also consider what will happen if you reach retirement without any savings. Benefits With a self-employment retirement account, you can enjoy the benefit of controlling your own savings. You have the flexibility to choose the account that fits … [Read more...] about Do You Need a Retirement Account for Self-Employment?
In Advanced Estate planning, Irrevocable Trusts such as Lifetime Trusts are often used as a way to leave an inheritance to a beneficiary. There are many advantages to using Lifetime Trusts in your estate plan. Easy to Use for Inheritances When you leave an inheritance via a Last Will and Testament, that property must pass through the court-supervised process of probate in order to be titled in your beneficiary’s name. With a Lifetime Trust you can place the inheritance you want to leave to … [Read more...] about Benefits of a Lifetime Trust
Do you know how much you are worth? If not, you can find out with a very simple calculation. Knowing your net worth is an essential part of estate planning. This figure tells you if your loved ones will have to pay estate taxes, how much you could lose if you don’t protect your assets and how well your estate is doing from one calculation to another. Assets The first step of net worth calculation is evaluating the present value of every asset that you own. For financial and retirement … [Read more...] about How to Compute Your Net Worth
Do you have a Revocable Living Trust? If so, you have the difficult job of deciding who will handle your Living Trust when you are no longer able. The position of Successor Trustee is a huge responsibility, and it is imperative that you pick the right person for the post. Characteristics Your Successor Trustee must be someone who is loyal to you first and to your beneficiaries second. He or she must also be honest and organized in order to handle estate paperwork and funds. Perhaps the … [Read more...] about Choosing a Successor Trustee
Long term care (“LTC”) is inevitable for many Americans. With this type of care comes a hefty price tag. As you plan for your retirement you should also consider how you will pay for extended care. One option is LTC insurance, which is private insurance used primarily to fund all or part of nursing home or at home care. Pay for the Care of Your Choice Long term care insurance provides you with more possibilities for your care needs. Basically Medicare covers hospital costs. Generally, … [Read more...] about Can Long Term Care Insurance Help You?
A guardianship occurs when a judge determines, with the advice of your doctors, that you are unable to make your own medical decisions. The court will then name a guardian, who is usually a friend or family member, to oversee your health care treatment. No Assigned Agent If you become disabled either mentally or physically and you are no longer able to state your medical wishes, you must have someone available to speak for you. Many people use a Health Care Power of Attorney or Advance … [Read more...] about When is a Guardianship Necessary?
Are your assets protected from creditors, lawsuits and divorce settlements? If not, you should speak with your attorney about a plan to protect your financial assets and property. Protection is important to ensure you have funds for retirement and that your loved ones have a place to live after your death. So when is it too late to protect your assets? It is too late if you already have a chance of having your items taken. Creditor Judgment If you owe money and that creditor has gone to … [Read more...] about Is It Too Late to Protect Your Assets?
Are your children under the age of eighteen? Choosing a guardian is often one of the hardest parts of estate planning. Your primary concern is the interest of your children. Your chosen guardian should be willing and able to provide a loving and stable environment for your children. And, don’t forget, this decision is more about values and protecting your children, not about who should supervise any money you have set aside for them. You might decide your selection can perform both functions, … [Read more...] about How to Choose a Guardian
A Revocable Living Trust is an alternative to a Last Will and Testament. Like a Will, it helps you bequeath your estate holdings to your friends and family members. A Trust has three benefits that a Will does not. Provides Privacy A Revocable Living Trust provides privacy for your estate and your family after your death. It does so because a Trust does not go through probate like a Will. When a Will passes through probate, all court documents, including the Will itself, become public … [Read more...] about The Benefits of a Revocable Living Trust
With half of all marriages ending in divorce, second marriages and blended families are very common. If you have a blended family, it is imperative to take special care with your estate plan. Name a Guardian If you have minor children in your household, you should always name a guardian in case you and your spouse pass away. In the case of blended families, which often have step-children and half-siblings, choosing a guardian may be more complicated. Depending upon your family dynamic … [Read more...] about Creating an Estate Plan for Your Blended Family