There are a lot of terms associated with estate planning. While most are readily understood, one of the most commonly misunderstood terms it the fiduciary. Your fiduciary holds a responsibility under the law. Fiduciaries are required to put your needs above their own - both financially and health-wise. When selecting this person, you may want to consider the following.
Retirement is just around the corner and while you think you're ready, you might be surprised at how much you still have left to do. You'll need to be 62 before you can even consider Social Security benefits and over the next 10 years, your situation can drastically change. Before you head off into retirement, consider these last minute tips:
On June 27, Governor Jerry Brown signed into law a bill that limits the state's seizure of assets from the estates of low-income residents ages 55 to 64. This is a good thing.
Prince and Estate Planning -- What We Can Learn
You already know how you want your assets distributed and you have even discussed it with your heirs, but discussing it doesn't make it legal. If you don't create an estate plan, your heirs are free to do what they will, but also they fall victim to taxes, government fees, etc.
If you're considering a living trust or revocable living trust, review these common questions and answers to help you better understand how they work and whether or not it's right for you:
When a person passes away, you assume they're safe from any wrongdoing, but you would be wrong. The number of identity theft cases against deceased individuals has grown substantially in the past few years. More family members are finding out their loved one's identity was stolen shortly after their death. While the estate won't be liable for the charges, it is a hassle that can still cost the family in the end.
Long-term care is becoming increasingly common for individuals. With the rising numbers of Alzheimer's cases in the United States, it is imperative that family members protect themselves from the burdening costs associated with long-term care. All too often families are blindsided by the costs and often Medicare doesn't cover the long-term needs of an individual.
When you create an estate plan, the first question that will be on your mind is whom you should discuss your wishes with. Unfortunately, the answer isn't as simple as you might think.