All attorneys are not created equal, and this is something to keep in mind if you are a veteran who is interested in planning for the future.
Recording your final wishes on paper is all well and good and it is of course quite necessary. But as you are doing so you must also recognize the fact that somebody is going to have to carry out your wishes in a hands-on manner. If you use a Last Will to direct the transfer of your assets this legwork is done by the executor or personal representative.
The legal profession spans many different specialties, and each individual attorney is generally going to be an expert in a particular aspect of the law. This is something to keep in mind when you are interested in planning ahead for the future as a veteran of the United States Armed Forces.
As you go through life you are probably going to be consumed by the day-to-day challenges that you are presented with along the way, and without question they are many and varied. You may not find yourself thinking too much about the future, but the truth is that the sooner you get started doing so the better.
Sometimes a highly publicized legal case can provide an example that resonates throughout society. This type of scenario took place several years ago with a young woman named Terri Schiavo at the center.
Making budgetary preparations for long-term care expenses is something that you should prioritize when you are looking ahead toward the latter portion of your life. This is true even if you expect to be on Medicare once you reach the age of eligibility because the Medicare program does not absorb assisted living expenses.
If you are going through life without an estate plan you are not alone. Less than half of people who have not yet achieved senior citizen status have any type of estate plan in place. However, when you go through life without executing these important documents you may be putting those that you love at risk.
It is important to be cognizant of the fact that you are not necessarily going to be optimally served by utilizing a last will to arrange for the transfer of assets to your loved ones. When you use a will there are costs involved because the estate must be probated before it is closed, and there are significant expenses incurred during the probate process in many cases.
Because of the fact that passing away can seem very distant you may not take estate planning all that seriously. For this reason a majority of people who have not yet achieved senior citizen status are going through life without having made any plans at all.
There are a lot of misconceptions out there when it comes to estate planning terms because people make assumptions without seeking expert advice. With this in mind we would like to provide some clarity with regard to the difference between an estate tax and an inheritance tax.