I wanted to share something important that often goes unnoticed during the excitement of a child turning 18 — a milestone that brings newfound independence. Did you know that once a child turns 18, parents and guardians no longer have automatic access to their medical, financial, and academic records? It’s a significant shift, but having the right legal documents in …
When it comes to estate planning, medical decisions are often overlooked until they become urgent. One important step you can take now is including a HIPAA authorization in your plan. Why it matters: A HIPAA authorization lets someone you trust access your medical info if you can’t speak for yourself. Without it, even close family members could be blocked from updates …
When it comes to medical care, having a plan in place ensures that your preferences are followed — even if you’re unable to communicate them yourself. A living will allows you to outline your health care decisions in advance, so your loved ones and doctors know exactly what you want in critical situations. It can provide clarity on treatments like …
October marks National Estate Planning Month, which makes it an ideal time to revisit your estate plan and ensure it still reflects your current wishes and circumstances. Even if your plan was thoughtfully created, life doesn’t stand still, and your documents shouldn’t either. Here are a few common reasons it may be time for a review: You’ve experienced a major life …
I’ve found that some younger Americans assume wills are for older adults with sizable estates. But the truth is that adults of all ages and income levels should have a will. Here’s why it matters, even if you’re younger and just getting started: You get to decide what happens to your stuff – Even if you don’t own a house or …
I wanted to share some thoughts that might resonate if you’re part of what’s often called the “sandwich generation” — those of us balancing the care of both children and aging parents. Supporting Everyone, Now and Later. With so many people depending on you, it’s worth considering how your estate plan could help protect assets for both generations. Some families explore …
Your most valuable property may be your home, which is true for many people. You likely want your children to inherit that value when you pass away.
However, you may also have concerns about planning for the future, especially if your health declines and you need expensive long-term care. You may be aware that Medicaid can pay for these services. However, Medicaid rules say you can own no more than around $2,000 in assets to be eligible. Now what?
Even if your children get along well, the distribution of your assets can require conflict resolution skills. Without previously experiencing any significant conflicts, even close siblings can struggle to maintain happy family relationships when settling your estate.
In a survey published this past fall, more than 1,000 participants aged 18 to 99 shared insights on their estate plans – or lack thereof. In fact, more than half said they have not consulted an estate planner regarding a trust or will.
Visiting an attorney to get your estate plan done is one New Year’s resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick.
