Most seniors believe that spending down their assets is the only way to qualify for Medicaid, which helps low-income seniors with limited income and assets afford health care and long-term care. While this is true in some cases, proactive Medicaid…
If you die without a will (intestate), the state will distribute your assets and property based on state law and might not align with your wishes. A will is a legally binding directive stating who will receive your property upon…
It is rare that assets are divided amicably in divorce (especially if there are children involved). While your estate plan may be the furthest thing from your mind during a divorce, without updating your documents, your ex-spouse may receive assets…
Even though it is obvious and right to divide assets equally among children in many situations, in some families, having the same inheritance for each child can be inappropriate, deplete the estate's assets as a result of litigation, or cause…
What is an estate plan? According to Meriam Webster, the legal definition of estate planning is "the arranging for the disposition and management of one's estate at death through the use of wills, trusts, insurance policies, and other devices." All…
A lot of Americans perceive estate planning as a chore they can do once and then file until they die. However, without realizing the potential consequences, many people will change beneficiaries on their accounts or make gifts during their lifetime…
As we age, we are more likely to have diminished mental capacity or declining health, so it is important to create an estate plan to protect ourselves and our loved ones. We need to make sound decisions regarding our finances…
At first glance, life insurance may not seem to have any bearing on your estate plan, but it can be a crucial part of it. There are numerous other benefits to owning a life insurance policy aside from providing a large…
In Care.com's annual estate planning survey for 2019, 57% of U.S. adults lack a Last Will & Testament (a "Will"). Participants differed significantly based on factors such as age, race, and education. For example, when broken down generationally, 66% of people…
Estate planning is being transformed by changing family structures. As recently as thirty years ago, a traditional family consisted of a husband and wife who married young, bought a home, had children, and worked toward financial stability and security. In…