Making your end-of-life plans is much more than just putting together a will and selecting an executor. In the days, weeks or months leading up to your final hours, you may need someone to step in and make some major health care decisions on your behalf. Assigning...
A living trust is a legal entity where you can transfer your property and assets. The trust creator is a settlor, and the person moving assets into the trust is the grantor. You can create a living trust or inter vivos trust, then appoint a successor trustee to manage...
Your estate plan should accomplish various goals. Firstly, it should set out options in the event you fall into serious ill health and cannot speak for yourself. Secondly, upon your death, it should facilitate the transfer of your assets to those you choose. It can...
If you ask most people if they need to make an estate plan or if they think it’s important, the majority will probably tell you that it is. At the same time, studies have found that the majority of people do not have an estate plan. What this suggests is that many of...
Regarding the estate plan, your living will is a component that addresses your healthcare. Your living will empower you to make decisions regarding your medical care. You make the decisions in advance, laying down what you want for your family members. A living will...
Most Americans don’t have an estate plan, so if you have already created one, you understand the importance of having arrangements in place and providing for your loved ones if you die or become incapacitated. But it is not something that only needs to be done once...
Offer in compromise is a program instituted by the Internal Revenue Service (IRS). It aims to help taxpayers who cannot pay the taxes they owe, or for taxpayers for whom it would create a financial hardship to pay the taxes they owe. It allows taxpayers to settle...
Taxes are, without a doubt, a necessary source of funds that the government needs to operate, fund public services and maintain the country’s infrastructure. However, nobody wants to pay more taxes than they need to. As long as you do things correctly, there’s nothing...
Estate planning is a significant aspect of financial management. It includes understanding complex laws and tax systems. Knowing these rules can help you plan for the future and ensure your family and loved ones face minimal financial burdens during an already...
When a person creates an estate plan, they choose people to make decisions for them and handle their affairs when they no longer can. Typically, these involve an executor, a trustee and sometimes a guardian. Under the law, these individuals are called fiduciaries and...