I often refer to the Transfer on Death Designation (sometimes called a Payable on Death or “POD”) as the lowest hanging fruit of an estate plan. These designations are easy to set up and can be very effective. There are certain pitfalls, however, in using these designations that may prove costly to your estate. Investopedia’s recent […]
What Is a TOD Beneficiary? Read More »
Paying for elder care remains one of the top concerns of an aging population. While there are now many non-traditional options for long-term care insurance, each comes with differing eligibility requirements, pros, and cons. If you have traditional long-term care insurance, you don’t receive a benefit from the coverage if you die without ever needing
What are Non-Traditional Options for Long-Term Care Insurance? Read More »
Navigating Legal and Life Transitions with the Help of an Elder Law Attorney As we age—or help our loved ones age—our legal needs become more complex and deeply intertwined with personal concerns. Elder law attorneys provide more than just basic legal services. They help individuals and families manage issues related to health, finances, housing, and
Understanding the Role of an Elder Law Attorney Read More »
Probate law does not allow anyone to take items from a loved ones’ home after they die, until the will has been probated. Learning about probate, what it entails and how to prepare for it may make it a little easier when a family member dies, says a recent article titled “Can you empty a house before
What about House Contents when Someone Dies? Read More »
The Secure Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law on Dec. 20, 2019 and includes many reforms that could make saving for retirement easier and more accessible for many Americans, says CNBC’s recent article entitled “Did you know inherited qualified retirement accounts must be liquidated in 10 years? If you didn’t, you are not
How Does My Inherited IRA Fit into Estate Planning? Read More »
According to the “Caregiving in the U.S. 2020” report by AARP and the National Alliance for Caregiving, “about one in five caregivers report experiencing high financial strain as a result of providing care.” This is especially true for those involved in high-intensity caregiving for over 21 hours a week, who often deplete their savings and
Can I Avoid Disagreements in My Family about Mom’s Caregiving? Read More »
If you die without a valid will, your state may keep more of your assets than if you have a will. Your family won’t have any control and the court will follow the laws of your state regarding how your assets are distributed. That’s probably not what you want to happen, according to the article “People
Does a Will Protect My Money and My Family? Read More »
What Is a Trust Fund? A trust fund is a legal entity you create that takes ownership of your assets and ensures that they’re used in a way that’s beneficial to your loved ones, explains Yahoo Finance’s article entitled “How to Start a Trust Fund the Easy Way.” Trust funds are commonly used in estate
How Do I Create a Trust? Read More »
A stock market downturn may be a prime time for a Roth IRA conversion, reports CNBC’s recent article titled “Here’s why a Roth individual retirement account conversion may pay off in a down market.” This is especially true if you were considering a Roth conversion and never got around to it. A Roth conversion allows higher earners to sidestep earnings
Is a Roth Conversion a Good Idea when the Market Is Down? Read More »
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