Estate Planning: Assets & Finances

When planning an estate, the process begins with digging deep into fact finding of finances.  Reviewing assets and understanding the best ways to transfer assets is key in ensuring that family members will not have to deal with the “red tape” of probate court, especially if one passes without a will in place. Asset Review …

Estate Planning: Per Stirpes, Per Capita, Probate & More Definitions

Estate planning can become complicated and confusing, especially when discussing terms such as per capita and per stirpes.  However, how a person wants his or her estate divided after they have passed can be dictated based on these terms. Per Stirpes A legal Latin term, per stirpes literally means “by branch” and refers to the …

The Importance of Having a Will

Estate planning begins with a will.   Wills are a way for those who have passed on to have their voice heard and their final wishes carried out.  Does everyone need a will?  Yes.  Almost every individual, regardless of their net worth, needs a will.  In addition, having a will means that a person decides who …

Estate Growth and Shrinkage

When a person’s assets accumulate over time, one can expect to see those assets grow as they age.  However, after death, a large chunk of those same assets can end up being eaten away by government taxes, fees, and other administrative costs.  This decrease can be a significant portion of a person’s estate and is …

Estate Planning: How to Keep More of Your Money

Planning what to leave heirs when a person dies is not something that can be done in one day.  Rather, estate planning requires knowledge, thought, and ongoing protection of assets in order to reach the goals of wealth distribution for future generations. Estate Planning Estate planning involves the process of accumulating, preserving, and distributing assets …

Understanding the Social Security Income Questionnaire

Parents of a child with special needs often apply for disability benefits.  There are specific guidelines the government uses in order to determine eligibility.  Many different questions are asked to determine whether an applicant is eligible for Social Security Income (SSI). Some of the questions you might be asked to answer include: Name of son …

Medical and Financial Planning for Special Needs Children

Parents with special needs children understand the importance of having quality health care and how changes to the laws can impact their decisions on planning for the future of their child.  Health care reform has changed the face of health insurance in the past few years.  With these changes come challenges and decisions regarding medical …

Lifetime Alternative for Special Needs Children and Adults

Caring for a child with longer-term disability needs can be expensive for parents.  For those who wanted to leave money for their child to ensure their continued care after both parents were gone, the options were often limited.  Before 2014, if parents saved for their child and received federal benefits, once a certain dollar amount …

Wills and Guardians for Special-Needs Children

Recently, we discussed the initial planning stages for parents of special-needs children. Planning for the future when the parent is no longer around to make decisions is a critical part of the special-needs parents’ role; there are legal, financial, and medical considerations to keep in mind throughout the initial planning process. In this blog post, …

Letters of Intent and Special Needs Trusts

Parents of special-needs children face many obstacles when it comes to planning for the future. In addition to the legal and financial ramifications of caring for children while the parents are still alive, those parents also must make preparations for continued care and support after they die. In previous installments, we’ve discussed some of the …