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In our last post, we began discussing various estate planning lessons gleaned from the mistakes and situations of various celebrities. As we've noted, procrastinating on estate planning can cause problems down the road, as can failure to appoint powers of attorney.
Celebrity lessons in estate planning, P.2
Celebrity lessons in estate planning, P.1
The mistakes of others can often be instructive for our own situations. This is true in many areas of life, and estate planning is no exception. In some cases where we can learn from other people's estate planning mistakes, it may be a matter which is very specific and technical in nature. Oftentimes, though, we learn simpler lessons.
Options for protecting your assets from creditors and liabilities, P.2
In our previous post, we began looking at the importance of asset protection for estate planning and various options in this area. As we noted, trusts can be good tools for protecting one's assets from liabilities and creditors, as can qualified retirement plans.
Options for protecting your assets from creditors and liabilities, P.1
When you go about establishing an estate plan, one of the things you will want to remember to work into your plan is some component of asset protection. The basic idea behind asset protection planning is to reduce your chances of losing your assets to a creditor. This is an important aspect of estate planning because the whole point of estate planning is to ensure that your wealth goes to persons and causes you care the most about.
Special needs trusts help plan for care of loved ones with special needs, P.2
In our previous post, we began looking at the importance of proper planning in order to see to the care of family members with special needs. We left off discussing the importance of being aware of asset thresholds associated with eligibility for government benefits programs like Social Security and Medicaid.
Special needs trusts help plan for care of loved ones with special needs, P.1
Financial planning for special needs family members is a real challenge for many families. According to Census statistics, roughly 21 million families in the United Sates are caring for an individual with special needs. Roughly one in every 26 families is raising a child with a disability.
Tips for selecting a guardian for your children, P.2
In our last post, we began giving tips for making a selection on a guardian. Here'll we'll pick back up on the thread. In addition to being open to non-family members and separating the functions of raising children and handling their money, a third tip is to select one person to act as guardian, but have a backup selection.
Tips for selecting a guardian for your children, P.1
In our last couple of posts, we have been focusing on the power of Georgia probate courts to appoint guardians and conservators for adults and minors who need such supervision. We have also noted the importance of using your will as an opportunity to appoint guardians for your children.
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