Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the upcoming decades.
Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the article “Discuss Your Estate Plan With Your Children.” Having this conversation with your adult children, especially if they are members of Generation X, could have a profound impact on the quality of your relationship and your legacy.
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996 and should be taken into consideration when you are planning your estate.
Many people make New Year’s resolutions. If one of your resolutions was to make sure your affairs and finances are in order, then you are going to need to review your estate plan – or create one. How do you know if it needs to be changed or updated, or whether you even need one in the first place? Below are a few scenarios that you may want to consider.
If you have adult children, do they know how much money you make, how much you have tucked away, and how much you spend each year?
It is quite common that adult children are caught unaware or without access to funds when tragedy strikes. When a parent's finances are revealed only after death, or when a debilitating illness strikes, the responsibility can place a lot of stress on the offspring.
The 7 Questions you should consider to avoid confusion or conflict after your death. If you have ever considered how you want your estate to be distributed after you die. Hopefully, you’ve written a will to make sure your wishes will be followed. If not, let’s talk!
Assuming you do have a Will, your estate is planned…right?
While most of us would like to think that estate planning is that simple, there are other things to consider as part of the process, and topics that need to be revisited over time. Sometimes, your life changes. Sometimes, the law changes.
When you die, your executor will typically have more than 100 tasks to handle to settle your estate. Which means anything you can do in advance to add clarity and lessen the burden of that person’s work is always a good idea.
Here is a list of seven things to consider, when making sure your estate has a plan in place:
Bob Michaels is extremely passionate about providing the best possible legal experience for his clients, and focuses his practice on elder law, estate planning, business, and real estate matters. Bob has been able to provide piece of mind and a solid foundation to many folks in the Puget Sound area over the years and wants to provide resources and relevant information whenever he can. For more information on how Bob can help your loved ones through these troubling times, contact Bob to schedule a FREE consultation.
Many scientific studies have established that there is a wide range of benefits that flow from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, try resisting the pull of negativity and embrace the beneficial results of positivity.
You can increase not only your own well-being but also that of your children or other beneficiaries, by creating an estate plan designed to promote their happiness, which in turn, will enable them to live healthier and more successful lives.