Every year, many people in the United States are unable to manage their own affairs due to incapacity. They might be young or old. They may have had a gradual decline or a sudden onset. They might have had a stroke, heart attack, or some disabling disease such as Parkinson’s, Alzheimer’s, or COVID-19. If you are incapacitated without having prepared, it can be an ordeal for you and those who care for you. Your loved ones might need to go to court to have you declared incompetent and have a … [Read more...] about Planning for Incapacity
The Questions of Estate Planning, Part 6: Why
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated solutions for those with substantial means and complex needs. But, perhaps most importantly, Estate Planning also appoints those … [Read more...] about The Questions of Estate Planning, Part 6: Why
The Questions of Estate Planning, Part 5: How
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. One of the most frequent points of misunderstanding is that we focus on “who” we want to receive our assets, rather than “how” they should receive them. For some beneficiaries, an outright distribution might be appropriate. However, ask yourself if one of your beneficiaries might be like the beneficiaries … [Read more...] about The Questions of Estate Planning, Part 5: How
The Questions of Estate Planning, Part 3: When
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated solutions for those with substantial means and complex needs. But, perhaps most importantly, Estate Planning also appoints those … [Read more...] about The Questions of Estate Planning, Part 3: When
Trusts for Privacy
There are many good reasons to use trusts: Trusts avoid the probate process, which is a public process to change title of assets from the deceased person to the new recipient. Trusts may be helpful in tax planning. Specialized irrevocable trusts may be helpful in qualifying for Medicaid. Trusts are helpful to manage your assets during your incapacity, avoiding “guardianship” or “life probate.” Trusts may continue after death for the beneficiaries and can provide a multitude of … [Read more...] about Trusts for Privacy
You Never Know: Planning for the Unexpected
On a hot summer day, few things are more fun than swimming. Hannah Collins went swimming on such a day in the Edisto river near Charleston, South Carolina. She swam often and was nicknamed “river rat” by her father. But, while swimming one summer day, she became infected by an unseen danger, a rare amoeba, Naegleria fowleri, which is known as the “brain-eating amoeba.” Less than two weeks later, even after the best medical care, Hannah died. Here’s a link to more information. Like Hannah, … [Read more...] about You Never Know: Planning for the Unexpected
6 Important Estate Planning Considerations – Part 1: Incapacity
This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. Often, when people think of “estate planning” they think it’s a task only for the old, the rich, or the infirm. But, that simply is not true. Estate planning is something you do when you care, regardless of your age, wealth, or health. One thing to consider in your estate planning is your own possible incapacity. Nobody wants to consider they may become … [Read more...] about 6 Important Estate Planning Considerations – Part 1: Incapacity
