Asset protection planning is the process of building barriers around your assets, whether those assets are personal or business, to keep them safe from litigation, creditor claims, seizure and burdensome taxes.
While it might seem too soon to think about this uncomfortable topic, it’s still something that needs to be carefully planned to make everyone’s life a little easier as they handle the grief of losing a loved one.
Estate planning takes a lot of time, but another factor that needs to not be overlooked is having a power of attorney.
It’s important to include both your health care provider and family members when discussing a living will and the choice to have CPR or do-not-resuscitate (DNR) orders.
A simple will works for some people, but maybe not for you. Are you in a second marriage? Have minor children? Concerned about fraud? These are just a few of the many reasons to consider a trust.
According to experts, despite increased phishing emails and robocalls, it is far more common for financial exploitation to be committed by people who know the victim, such as relatives, caregivers, neighbors, or ‘friends.’
Before approaching the subject of the will, you need to consider that the loved one may be guarded and resistant to talk about it.
An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
One goal of estate planning is to bring some certainty to a multitude of variables. Recent increases in inflation, interest rates and market volatility, however, are causing some experts to reassess their options.
A critical item is often missing from back-to-school college checklists — and it could be far more valuable than anything else your student takes to school this fall: signed legal documents.
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