estate planning Archives

Choosing a health care proxy: An important part of a living will

A health care proxy is also known as your health care power of attorney. This individual is someone who can make decisions your behalf if you're unable to do so yourself. It's vital to be certain the person you choose for your proxy understands your health conditions, medical history and symptoms.

Co-operatives and condominiums in estate plans: Know the facts

As someone who may become a beneficiary, it's important that you understand the basics of receiving an inheritance. The last thing any family should have to go through is a feud to determine who receives which assets from a loved one's estate.

Estate planning should be continuous for the wealthy

When you are wealthy, it's vital that you plan for your death. Your estate is valuable, and you want to make sure as much of that estate as possible goes to the people or causes you want to see benefit from your hard work. Regardless of your wealth, everyone should have an estate plan, but as someone who has much to lose, it's extremely important to plan early.

Creating an estate plan is a must for women of all ages

Everyone gets older, and no matter how hard you try, there will come a day when you need to plan for your estate and end of life wishes. It can be hard to approach this topic, but it's important to do so. Women who want to plan their estates should consider approaching it slightly differently. Women are not the same as men physically and have some different factors to consider in their estates. For instance, women tend to outlive men, so it's important to plan for additional years of life that men may not account for in their plans.

Philip Seymour Hoffman's estate lost millions: Here's why

When you plan your estate, there are ways to prevent the loss of assets due to taxes and other fees or fines. When you don't take the right steps when planning your estate, the assets you transfer to your loved ones may end up costing them money or be heavily taxed.

Do you need a trust for your estate plan?

Wills and/or trusts make up the backbone of any estate plan. Some people are under the impression that a trust is required to achieve their estate planning goals. It is certainly true that many families and individuals can realize substantial benefits through the creation of a trust. For instance, assets in a trust are not subject to the probate process. As a result, your beneficiaries can receive assets without waiting for the probate process. With this said, a trust is not necessarily the right estate planning tool for everyone. 

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