Why Everyone Needs an Estate Plan
If you think of estate planning as something only ultra-wealthy people need to do, you’re not alone. That’s a common misconception.
If you think of estate planning as something only ultra-wealthy people need to do, you’re not alone. That’s a common misconception.
Talking about death makes most of us uncomfortable, so we don’t plan for it. That’s a big mistake, because if you don’t have an end-of-life plan, your state’s laws decide who gets everything you own.
Under Illinois law, an individual holding a power of attorney is a fiduciary as a matter of law. The person designated as a power of attorney agent owes a fiduciary duty to the principal—the person making the designation.
The late ‘Siegfried & Roy’ star, Roy Horn, named lifelong friend and performance partner, Siegfried Fischbacher as the executor of his multi-million-dollar estate, according to his will filed in Las Vegas courts.
Too many people mistakenly believe that to have a need for estate planning, you must be old and wealthy. Nothing could be farther from the truth. Once you are a mature adult, independent, and income-producing, it is time to assume the responsibilities of preparing for your future. High on the list is preparing an estate plan with a clear understanding that your plan will be revised to adapt to changing circumstances.
Eighty-five million families in the United States own at least one pet. That’s 68% of the population. How many of those owners have a plan for what would happen to their pet, if they themselves met with a crisis, had a lengthy hospitalization, or died?
If there’s a family member or a friend in your life who refuses to do their will and get their estate in order, here are some tips to finally get them to take action.
The world exists just as much online, as it does offline. Failing to recognize that when planning for the end of life, can lead to unexpected repercussions for survivors.
The official figure for elder financial fraud used by a congressional committee is around $3 billion a year, but that’s based solely on reported cases of fraud. Other estimates are 10 times that much.
If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.
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