Online profiles and accounts aren’t addressed in most legacy care plans because most adults don’t have a will. As your online presence grows professionally and personally, taking charge of your digital assets and plans for them after you die becomes…
Generally, parents treat their children equally when it comes to money or property inheritances. But sometimes, parents intentionally choose to not leave anything to a child, and the reasons for doing so may vary. One reason could be that a…
In legacy care planning, special needs children require special consideration. You’ll need to assess how your child will be able to function in the world as they age. There are many questions to answer, including: What is the child’s long-term…
Most young parents have no thoughts of dying or becoming seriously ill or injured. As unlikely as such a serious event is when we are young, it is a possibility. This is why we pay for medical insurance, disability insurance,…
The transfer of assets for the benefit of a child with special needs requires careful legacy care planning to protect their needs-based government benefits. It is also important to protect those assets against later claims after your death and, in…
Before seeking medical care, imagine if you were ill and had to decide if you could afford it. Unfortunately, for many Americans, seeking medical care hinges on affordability rather than medical necessity. About half of US adults have gone without or delayed…
A wealth transfer or legacy care planning strategy may include strategies that preserve assets while providing financial benefits to those who inherit them. One such strategy is the grantor-retained income trust (GRIT). GRITs offer a unique opportunity for individuals to…
For high-net-worth families, many legal strategies are employed to preserve wealth and minimize taxes. However, tax laws continually change and can impact new and existing legacy care plans. For example, the SECURE and SECURE 2.0 Act presents some challenges and opportunities…
As a precautionary measure, you should make provisions in case you become incapacitated and require someone to manage your affairs when you become incapacitated. These legal documents can grant broad authority to one or more power of attorney agents to…
As a result of widowhood or divorce, a greater number of older Americans are forming new partnerships. The US Census Bureau reports that more than half of all older adults have only married once, opting to stay legally single in their future…
