Do you ever think about the need for life-support systems should you become “terminally ill” or “permanently unconscious” due to the possibility of experiencing a future accident or illness? What decision would you want your family to make if faced with the difficult choices involved with life-sustaining medical treatment for you?
When planning for retirement, most Americans think mainly about using tax-advantaged savings vehicles like 401(k) or individual retirement accounts, while failing to consider the triple tax advantages associated with saving for future health care costs using a health savings account, or HSA.
Be sure to consult with your qualified team of tax, legal, and financial professionals. Early and thorough planning can help you avoid these common mistakes, meet your financial goals, and leave a lasting legacy for your loved ones.
Having a buy-sell agreement assures the departing owner (or the family) that there is a guaranteed buyer who will buy the business at a fair price. The buying shareholders benefit because the agreement enables them to continue the business without having to negotiate with outside parties.
When legendary singer Aretha Franklin died of advanced pancreatic cancer at age 76, she did not have a will or trust, according to documents filed in Oakland County Probate Court. And now the $80 million estate of the intensely private Queen of Soul is about to become very public – and possibly very taxing for her heirs.
ALFs may not be for everyone who needs long-term care. They are primarily designed only to care for the slightly to moderately impaired. If a person is seriously impaired, a nursing home is often the best choice. On the other hand, some people who need long-term care can receive assistance at home, from professional home care personnel. How do you know which type of care is best for you or a loved one? Most long-term care policies today provide a care coordinator to assist you in making the right decision regarding the type and place of care best suited to your needs. Again, check your policy or ask your agent if your policy pays for a care coordinator. Knowing what your policy provides can be the first step to determining what is the best course of action for you or a loved one.
It is never easy to plan for death or disability. However, leaving your grown children in the dark about your key financial, medical, and estate planning matters can result in confusion and delay at a time when clarity and timeliness may be of the essence. Though these preparations may seem burdensome at first glance, once you “fill in the picture,” you and your children can rest assured that your affairs will be properly managed according to your wishes should the need arise.
Advance directives are legal instructions that express your wishes regarding financial and health care decisions in the event that you become unable to communicate them. They are essential estate planning tools for everyone, regardless of age. In the absence of such documents, court intervention (with the accompanying time and expense) may be necessary to carry out your financial and health care decisions.
Two main responsibilities of the probate court are to determine the validity of a will and to ensure that it is faithfully executed. Since there are both advantages and disadvantages to the probate process, lets consider some of the points to determine how probate could affect your estate.
While it may be impossible to predict whether, or to what extent, your estate will be subject to taxation at the time of your death, creating and maintaining an estate plan provides essential legal and financial protection for your heirs.
