An argument can be made that the policies implemented as a response to the Covid-19 pandemic seemingly devalue the lives of the elderly. Older Americans face more risk of serious illness as well as death from the virus, and the failure of politicians and medical experts to prioritize their care has resulted in more deaths in that age bracket – some of which may have been preventable.
There are many different types of trusts that will accomplish various estate planning and wealth planning goals. Each type of trust can provide great benefit but if it is not the correct trust for your situation it can waste your money and prevent you from realizing your overall objectives.
A living trust is a legal document created during a person’s lifetime where a trustee manages the assets that fund said trust for the benefit of the named beneficiaries who receive the assets at the grantor’s death or at some other designated time/event per the terms of the trust.
In short, the answer is no. While unusual, a spouse has no obligation of notification to the other spouse that any type of estate plan- being the construction of a trust, drafting of a will or any health care directives have been executed.
A Business Succession Plan is a living document that outlines the transition of ownership to ensure continuity of the business in the event of an owner’s death or incapacity. A buy-sell agreement is often a large component of the succession plan.
A critical component of executing your Last Will and Testament is selecting your beneficiaries. Generally, you can name anyone you want to be a beneficiary with the exception of the witnesses signing the attestation clauses to validate your will. All beneficiaries must also be living. A deceased person cannot inherit property.
Long term care insurance covers care when placed in a nursing home facility and depending on the terms of the specific policy, may also cover some types of in-home care. Many now wonder how the pandemic of 2020 will impact long term care insurance now and going forward.
Whether it is your precious pup, a thoroughbred horse or an exotic tiger, it is important to consider how your beloved pet will be cared for in the event you pass away, become incapacitated or simply can no longer provide sufficient care. We often advise clients to create a pet trust which is a legal document that offers instructions for the continuing care of your pet(s).
A trend is emerging in wealth planning where multi-generational as well as extended family members come together for integrated family planning to ensure a united and longer lasting legacy.
