Do You Have A Beneficiaries In Your Last Will And Testament, Life Insurance And Retirement Accounts? Here Are Some Important Things You Need To Know Beneficiaries Of A Last Will And Testament Have To Wait First, you use a Will (Last Will and Testament) to give assets to your beneficiaries, your beneficiaries don’t inherit automatically. Those beneficiaries will need to wait until the probate court process is over before they can inherit. In some cases, this can take many months or even years. If the estate is complex, the legal fees can deplete that inheritance. If avoiding probate is a top priority, consider a Revocable Living Trust as part of your estate plan. Go here to learn more about wills and trusts. Go here to learn more about avoiding probate. Your Last Will…Read More
How can we help seniors manage their finances? With these tips, seniors can manage their finances better. And if they ever need help, they can shift their financial management to someone they can trust. 1. Use direct deposit. First, use direct deposit for income form pensions, annuities, and Social Security benefits. Not only will this save a trip to the bank, it also avoids the risk of a paper check being stolen, lost, or forgotten. 2. Consolidate retirement accounts. Consolidating retirement accounts into fewer accounts may make it easier to evaluate and manage savings, as well as to take any minimum distributions that are required. Also, when moving money between retirement accounts, it’s a good idea to use a trustee-to-trustee transfer rather than moving the money yourself. 3. Consolidate financial accounts. It can…Read More
Are you a senior worried about identity theft? Or are you worried about a loved one with dementia becoming a victim of identity theft? Here are some tips on freezing someone’s credit. This is important if you’re trying to protect someone from elder abuse. What Does It Mean To Freeze Credit? A credit freeze restricts access to your credit report, making it harder for identity thieves to open new accounts in your name. To Place Or Lift A Credit Freeze, You Must Contact Each Credit Bureau Separately. Equifax: equifax.com or 800-695-1111 Experian: experian.com or 888-397-3742 TransUnion: transunion.com or 888-909-8872 Once a credit freeze is in place, it secures your credit file until you lift the freeze. You can do that online, by phone, or by mail using the special PIN the companies give…Read More
There Is A Lot More Than Just Price That Goes Into Choosing Legal Documents Or The Lawyer That Will Help You When you’re comparing our fees to your other options, I encourage you to really understand what you are actually getting for that price. If you use an online form, you might actually cause your family a lot of headache and heartache down the road. So you want to find a lawyer that can draft you excellent legal documents in accordance with the state laws that captures everything that you want to see about how your assets go to your loved ones under what circumstances, who’s in charge. In My Office, We Create Relationships With My Clients Instead Of Just A Transaction That is because your estate planning should stay up to date…Read More
Start with reviewing the following documents at least once this year. 1. Estate Planning Documents To help ensure that your property and money ends up where you want it, look over your will, trusts, and other estate planning documents at least once a year to see if there is anything you’d like changed. For example, you may want to make a change if you’re recently married or divorced, added a new child to the family, received an inheritance, or experienced any number of other major life events. Or you may simply want to make a change because you’ve changed your mind about some part of your estate plan. Review your choices for who would manage your finances and health care if you ever become incapacitated. Are you still satisfied with your choices? We…Read More
Life insurance is an important part of estate planning and taking care of the people you love after you pass away. Here are some common mistakes that you should avoid. 1. Not Naming A Beneficiary Too many people forget to name a beneficiary or backup beneficiaries. Those mistakes can result in your life insurance proceeds having to go through the probate court process. That can tie up your money for months and even open up the life insurance proceeds to your creditors. And that can wipe out your funds. 2. Naming An Individual As Beneficiary To Take Care Of That Money For Someone Else You might be tempted to list someone you know and trust as beneficiary of your life insurance, with the understanding that he or she would use that money to…Read More
“How Lucky I Am To Have Something That Makes Saying Goodbye So Hard.” – Winnie The Pooh We stood in a family huddle, crying in the driveway. We had just lost our beloved dog Buddha, age 14. My husband adopted him from an animal shelter in NC about a year before we got married. Buddha loved exploring, car rides, howling at fire truck sirens, the dog beach, running through piles of leaves and the feeling of cool tile on a hot summer day. When we lived in GA, he even had a “second family” that he would visit everyday to get treats. He was a husky/shepherd mix and he had a floppy ear that gave him a friendly look. We will miss him dearly. (Buddha, we will love you forever! You were such…Read More
In Part 1 of this series, we discussed how some professional adult guardians have used their powers to abuse the seniors placed under their care. Here, we’ll discuss how seniors can use estate planning to avoid the potential abuse and other negative consequences of court-ordered guardianship. As our senior population continues to expand, an increasing number of elder abuse cases involving professional guardians have made headlines. The New Yorker exposed one of the most shocking accounts of elder abuse by professional guardians, which took place in Nevada and saw more than 150 seniors swindled out of their life savings by a corrupt Las Vegas guardianship agency. The Las Vegas case and others like it have shed light on a disturbing new phenomenon—individuals who seek guardianship to take control of the lives of vulnerable…Read More
Medicaid is the government’s long-term care insurance for seniors and the disabled. There are income and asset eligibility requirements that must be met in order to qualify. One big issue is the transfer of assets. In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a nursing home on Monday, give all your money to your children (or whomever) on Tuesday, and qualify for Medicaid on Wednesday. So it has imposed a penalty on people who transfer assets without receiving fair value in return. This penalty is a period of time during which the person transferring the assets will be ineligible for Medicaid. The penalty period is determined by dividing the amount transferred by what Medicaid determines to be the average private…Read More
If you have a pet, he or she probably feels like part of your family. So it makes sense to take care of your pet if you become incapacitated or pass away. Because if you don’t make any plans, your beloved companion could end up in an animal shelter or worse. The law looks at pets as personal property. So you can’t just name your pet as a beneficiary of your will or trust without some careful planning. Be Careful With Your Will Since you can’t name your pet as a beneficiary, you might consider leaving your pet and money for its care in your will to a trusted person who would be your pet’s new caregiver. But your pet’s new caregiver would not be legally required use the funds properly. In fact,…Read More
