Guardianships are a type of court-appointed relationship that enables one person to care for another person who is medically or financially vulnerable in some way. In many cases, guardianships are put in place so that elderly people can be cared for by loved ones when they are no longer able to adequately look after themselves.
When you're creating your estate plan, you might be focused on the will and trusts, but there are other aspects of the plan that you need to consider. One of these is the letter of intent. While this isn't a legally binding document, it can prove to be very valuable in the days immediately following your passing.
Estate planning changes a little bit each year, and in 2020, it's no different. People with estate plans need to consider new limits on taxes and other factors that could impact their estate once they pass away.
Trying to plan for the future for a family member who has special needs can be a challenge because they may depend on receiving help from programs that have asset and income limits. If they receive a large inheritance, for example, they might be disqualified from the programs they need. This is a tragic circumstance, especially if the inheritance isn't enough to make up for the services they're losing.
You aren't young anymore, but you still feel that you have a lot of life left to live. Despite that, you know that you're not immortal, and you know that you should be taking steps to protect the assets in your possession.
It can be hard to start thinking about your estate plans because it draws attention to the fact that you won't be around forever. Everyone ages, and death is a part of life. Fortunately, your estate plan can make this process easier for everyone.
There are plenty of myths surrounding estate planning, wills and trusts. The problem with those myths is that they can negatively impact the very people who need those documents most.
Every adult should have an estate plan in place so that their loved ones know their wishes. While many people might think that this is going to be a difficult task, it's better to think about these things now than it is to force your family to try to make decisions while they're still dealing with your passing.
You were talking with a colleague, and they mentioned that they had just started working on a will and their health care proxy. You haven't even thought about starting the process yet, but it seems like now may be a good time.
Estate planning is something that everyone should plan to do. If you haven't started yet, that's fine. There is time to do it now, and you can build on your initial plan over time.