Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.
A majority of retirees—53%—have a last will and testament. However, most lack six other crucial legal documents.
When you envision your “golden years,” what do you see? Are you living independently, being active and enjoying life? Or do you worry that you’ll struggle with declining health and physical limitations? For many seniors, reality falls somewhere in between. Perhaps you see that in your own aging parents.
An applicable multi-beneficiary trust can solve some–but not all–of the challenges that the new act presents.
A last will and testament is a straightforward estate planning tool, used to determine the beneficiaries of your assets when you die, and, if you have minor children, nominating a guardian who will raise your children. Wills can be very specific but can’t enforce all of your wishes.
While it may take a while for production to ramp up to the point where a vaccine is readily available to the general public, health experts say there is one thing that’s critical for people to understand before they roll up their sleeves for the shots: The vaccines may cause side effects.
Many people transitioning into an elderly life start to require assistance in their everyday lives, especially if they suffer from a chronic or end-of-life medical condition. They need help for tasks, including bathing and eating.
Holiday season is often a time when out-of-town children visit their parents for the first time in a while and notice that one of their parents has declined since they last saw them.
Even those with thorough estate plans might have neglected to discuss details with potential heirs.
The first vaccines to fight COVID-19 have been authorized for emergency use by the federal government — a move that could slow the spread of coronavirus and help bring an end to the pandemic — and other candidates are not that far behind them in the process.
Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.
If you pass away without a will, a state court generally decides who gets your assets and, if you have children, who will care for them.
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