Tag Archives: planning

What Estate Planning Documents Do I Need?

When you plan your estate, you execute certain legally binding documents. In this blog post, we will look at some of the documents that could be included in a well constructed estate plan. Last Wills Most people have heard of the legal document called a last will or last will and testament. It would be possible to use a last will to state your wishes regarding the distribution of your financial resources after your passing. While a will can be a decent choice for some people, other options exist. Under many circumstances, a trust of some kind would be a better option. Living Trusts Even if you are not wealthy, you may want to use a living trust as an alternative to a last will. A will must be admitted to probate, and the estate must be probated before the heirs can receive their inheritances. When assets have been conveyed into a living trust, they could be distributed to the beneficiaries outside of probate. As a result, the inheritors could receive distributions in a more timely man
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Can I Just Download Estate Planning Documents Off the Internet?

There are a lot of different forms that you can download off the Internet these days. In some cases, the DIY approach can be perfectly useful. However, when it comes to estate planning documents, you may want to take pause. Indeed, there are websites on the Internet that sell legal documents, and their offerings extend into the realm of estate planning. Their marketing material would have you believe that it is easy to create your own estate planning documents. In fairness, a document is just that, a document. It is perfectly legal for you to create your own estate planning documents using boilerplate templates that you purchase on the Internet. However, are you sure that you know what document or documents you should utilize given your family situation? For example, you may assume that you should use a last will to facilitate postmortem asset transfers. This can work for some people, but for others, it would not be the best choice. If you are looking for asset protection, a last will
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How Do Individual Retirement Accounts Work?

When you are planning ahead for the future, you should account for every phase of your life. You want to make sure that you are financially comfortable during your active retirement years, and you should also consider the twilight years that will follow. Ideally, you will have a suitable financial legacy to leave behind to your loved ones after you pass away. Retirement can be partially funded by an individual retirement account. There are two different types of individual retirement accounts that are widely utilized: traditional individual retirement accounts, and Roth IRAs. Let s look at the differences between these two accounts. Traditional IRAs When you have a traditional individual retirement account, the contributions are made before you pay taxes on the income. As a result, you are saving money while you are lowering your taxable income, so there is a dual positive. You cannot make penalty-free withdrawals from the account until you are 59.5 years old. It would be possible to
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Is Incapacity Planning Really Important?

Estate planning is often thought of as a purely financial endeavor. Without question, you must facilitate smooth and efficient asset transfers when you are planning your estate. However, incapacity planning is also an important piece of the puzzle. Why would you have any reason to believe that you will ever become incapacitated? This is not a very pleasant subject to contemplate, but when you know the facts, you can see why incapacity planning is important. Alzheimer s Disease There are various different causes of incapacity, and some of them are purely physical. Late in your life you may become unable to communicate, and short of this you may not be able to get around very well. This is one type of incapacity that can strike. There is also the matter of mental incapacity. Alzheimer s disease is a very big threat to elder Americans. If you want to learn about Alzheimer s disease, you may want to visit the Alzheimer s Association website. This website provides a great deal of good info
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