It’s easy to continually put estate planning on the back burner. That’s especially true if you’re young and healthy. While you may be able to get away with it, it’s a risk you shouldn’t be willing to take. Here are some of the issues that can arise if you don’t have an estate plan: Your assets may not end up with the right person: If you don’t have a will, at the very least, your assets are distributed based on state law. This could result in them ending up with the wrong person. No … [Read more...] about Do You Know Why You Need an Estate Plan?
Trustee distribution standards could be very broad. “Health, education, maintenance, and support” is such a standard, which has its origin in tax regulations. Read on to learn more. … [Read more...] about Trust Distribution Standards May Be Very Broad
Compliments of the McGee Law Firm, Attorney Brandon McGee In today’s electronic age, it seems that things are changing faster and faster. Every time we turn around, there’s a new technology and more and more information to keep in mind and safeguard. Now, increasingly people have “electronic assets,” such as website domain names and accounts with Gmail, Facebook, Yahoo! Mail, YouTube, Amazon, TikTok, LinkedIn, and Twitter, and many other websites that require an account and may … [Read more...] about Estate Planning in the Electronic Age
The question of whether or not you should buy long-term care insurance is a complicated one — and there are many reasons for that. On the surface, long-term care insurance is simple to understand. It’s a policy that kicks in to cover expenses associated with many types of long-term care, such as the type you receive at a nursing home or in your own home. However, there’s more to long-term care insurance than meets the eye. Your goal is to determine if it’s something you should add to your … [Read more...] about Should You Buy Long-Term Care Insurance?
This is the second in a two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
Compliments of the McGee Law Firm, Attorney Brandon McGee Protecting our families and our assets after we are gone is an essential part of life. However, in planning our estates, we need to take into account the many potential life changes that may come up for our surviving family members and ensure that we have various protections built into our estate plan. For example, it’s no secret that the divorce rate in this country is high and a significant percentage of Americans have been … [Read more...] about Don’t Trust Your Legacy to Just Anyone
Some people load up on as much life insurance as they can afford. Other people ignore this coverage altogether, as they don’t see how it will benefit them while they’re living. And of course, there are those who fall somewhere in between. If you’ve yet to purchase life insurance, there are many good reasons to reconsider in the near future. For example: Life insurance provides your loved ones with financial peace of mind after your passing Some types of life insurance accumulate cash … [Read more...] about Do You Have Life Insurance?
A revocable trust is treated the same as the individual for most purposes. But for some narrow purposes it can be treated differently. Read on to learn more. … [Read more...] about Revocable Trusts Are Not Always Treated the Same as an Individual
Compliments of the McGee Law Firm, Attorney Brandon McGee When the inhabitants of Gilligan’s Island went out for their three-hour tour aboard the S. S. Minnow, chances are they were not prepared for what was about to befall them. Of course, Thurston and Eunice “Lovey” Howell (being the money-savvy individuals they were) probably had a comprehensive estate plan, complete with a Revocable Living Trust. But what about the rest of them? If they had never been rescued—or worse yet, died at … [Read more...] about Passport. Hotel Reservations. Living Trust?
An outdated estate plan isn’t something you should let linger. It requires immediate attention to ensure that you make the right changes for both you and your family. Of course, that doesn’t help answer the key question: what’s the best way to approach an outdated estate plan? While you should always do what’s best for you, your loved ones, and your future, here are some basic steps you can take: Review your estate plan in its entirety: Don’t make any assumptions about your estate plan. … [Read more...] about What to do About an Outdated Estate Plan