Approximately 73% of people in the U.S. pass away while still in debt. The average amount of debt is $61,554, but that average goes down to $12,875, if mortgage debt is not included.
In short yes, you can have multiple living trusts, but the question to ask is whether you need them. You will need to consider your intended beneficiaries, creditor/liability concerns, tax implications and overall planning goals.
When it comes to estate planning, long-term care planning and other elder law issues, you may find yourself with more questions than answers. We provide a lot of resources on our blog and through our community seminars, but also understand that sometimes you simply want a great book chock full of information to help you make informed choices on these topics.
Everyone likes the idea of a good deal, a great sale, saving a buck, and the like. When it comes to estate planning, you really do get what you pay for.
It is unlikely that you can disinherit your spouse, unless you have a valid legal agreement otherwise. In every state, a spouse is entitled to a spousal elective share of a deceased partner's estate, although the exact amount of the share varies between states.
In a will or trust that states your intentions for how your property will be distributed upon your death, if you intend to leave your assets to an intended group – such as your grandchildren – you will be asked whether you want to make that distribution in a per capita manner or per stirpes?
Terms of a TOD account may vary widely, but the general premise is that the account holder can designate who gets the account at his or her death. This allows the account to pass directly to that designated beneficiary without the probate court’s involvement.
Elder abuse can come to the forefront, when data is tracked on what people do online and then is used to increase advertising opportunities. There are potential downsides to data collection that worry elder law experts, according to Financial Advisor in "AI, Big Data May Become Tools for Elder Financial Abuse."
Everyone benefits from proper estate planning, but most medical doctors have an additional layer of protection needed. With the rise in medical malpractice lawsuits, it is imperative that medical doctors utilize some essential asset protection strategies.
