Many baby boomers are entering their senior years without a family. They chose not to have children and never married (or are divorced or widowed.) Experts say that these seniors can suffer from isolation and poor health, including malnutrition if they don't take steps to care for themselves and to socialize.
Your father appointed an old family friend or perhaps your stepmother to be the trustee of his trust. However, now that he's gone, you don't think that person is administering the trust appropriately. Can you have them removed? It all depends.
Whether you're an avid gun collector who spends weekends at the shooting range or you've inherited a few guns from your grandfather that remain safely locked away in your garage, it's important to include those weapons in your estate plan. The transfer of weapons is heavily regulated. Transferring or transporting them without following state and federal laws can be a felony. That's why estate planning attorneys recommend establishing a gun trust.
Once you create an estate plan, you'll feel like the weight of the world has been lifted from your shoulders. There's nothing better than knowing that all your affairs are in order.
Creating an estate plan is not always easy, especially if you're new to the process. Unfortunately, any mistake can impact you and/or your family now and in the future.
Talking about your estate plan is never easy, especially when doing so with people you love. Although it may not be an enjoyable conversation, you need to talk to your adult children about estate planning every now and again.
A special needs trust is created to benefit a loved one who has a physical or mental disability. While you're able to assist this person when you're alive, you may have concerns about what will happen to them after your passing.
As you create an estate plan, you should turn a good portion of your attention to planning for the end of your life. This is difficult to do, but once you have everything in order, you'll feel better about anything the future could throw at you.
When considering bankruptcy, many people turn their immediate attention to Chapter 7. They do so for many reasons, including the ability to eliminate their debt in a timely manner (typically within six months).
When creating an estate plan, focus your time and energy on more than what happens to your assets upon your passing. For example, you should have a clear idea of who will care for any children under the age of 18.