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.
With the passing of the entertainment personality Dick Clark the world lost an iconic figure who was a part of the pop culture landscape for decades. According to reports he was extremely successful from a financial point of view during his career, amassing a personal fortune that is estimated to be in the hundreds of millions of dollars.
A lot of people procrastinate when it comes to estate planning. They tell themselves that they will have plenty of time to take care of it when they are old and gray, but the truth is that you are taking risks when you look at things this way.
It is important to gather all the relevant information when you are making plans for the future. With this in mind your anticipated lifespan is something to be aware of, and at the present time the average lifespan among all people in the United States is 78.1 years.