Many people have been told that it is important for people to “avoid probate.” But just because people may have heard that term, doesn’t mean they know exactly what probate means, why it can be a problem or how to successfully avoid it.
Whether you have recently become wealthy due to a windfall or you acquired significant wealth long ago, you know the value of having the right professional advisors on your wealth management team. Let's look at the roles each advisor plays on the team:
A physical safe deposit box may seem like a thing of the past in today's digital age, but there are many items that need to be protected in this type of vault. Important documents and certain valuables can find a proper home in a safe deposit box; however, there are also many items that you should not put in your safe deposit box to avoid problems for either you or your heirs.
According to the latest data from the Census Bureau, over 17% of people remarry after their first marriage ends in divorce or death of a spouse. Often when people remarry they fail to take certain steps to prevent disinheriting their kids from the previous marriage.
A recent MarketWatch article described the anguish of being distressed and giving up your inheritance for some quick money in "My drug-addicted friend signed away his $800,000 inheritance to his brother — now he’s clean, can he get it back?"
Creating a long-term care plan that involves moving into a new type of residence can be especially tricky for couples who have different needs. Prioritizing the needs and wants of each individual is necessary.
Helping aging veterans and their surviving spouses apply for VA benefits can be more complicated than many realize. Below are some tips to help you successfully navigate the rules and regulations of the Department of Veterans’ Affairs to ensure that you get the benefits to which you are entitled.
When there are not enough probate assets to pay all of the creditors of the estate including funeral expenses and all other administration expenses, the estate will be labeled as insolvent. Basically, you have an insolvent estate when liabilities exceed assets.
The majority of Americans do not have a will, according to a survey reported by The New York Times recently in "Why You Should Get Around to Drawing Up a Will."
Medicaid planning involves reviewing income and assets to determine strategies to protect certain assets while still meeting the criteria for Medicaid qualification. When done correctly, this allows an individual to retain certain assets and even leave a legacy behind while still benefiting from Medicaid payments going towards long-term care needs.
