Both living trusts and wills can be powerful forces in your estate plan. However, while the majority of Americans are at least casually familiar with what a will does, living trusts are far less well understood. There are two major types of living trusts. Which one is...
How wills and irrevocable trusts differ
When creating your Virginia estate plan, you have options, and different estate planning tools enable you to accomplish different estate planning objectives. Many people working on their estate plans choose to create wills, irrevocable trusts, or both along the way....
The role of a court-appointed guardian
Injury, illness, age and various other factors may leave people unable to speak or to make decisions for themselves. When loved ones cannot care for themselves because of physical or mental incapacities, family members may consider asking the court to appoint...
Who handles finances after death?
Losing your loved one is a tragedy, but finances can add a hassle on top of it. Nevertheless, there are likely to be several complex requirements before the estate settles fully. Nobody wants to do these things, but someone has to. Depending on the situation, you...
When should you update your living will?
Thinking about catastrophic injuries, life-altering illnesses and death can be uncomfortable or downright scary. Fear of these common life events often keeps individuals from planning for them. Still, with a comprehensive living will, you retain control of your health...
Who should you focus on in your estate plan?
When building your estate plan, other people often play a large role. After all, you are making this plan for others, so they can benefit from your assets and finances after your death. But who are the most important and active figures in your estate plan?...
What if my mother does not like the nursing home?
If you are your mother’s caregiver, it is natural for you to have concerns about nursing home abuse or neglect. Both of these are huge problems in caregiving facilities across the United States. However, it is also possible that if your mother is complaining about the...
Update your estate plan to preserve its function
An estate plan gives you a place to articulate your end-of-life wishes and describe what you would like your loved ones to do with your assets. Maintaining your plan is a continual process. Throughout your life, you may experience significant changes that may impact...
What should I transfer into a Medicaid trust?
Having Medicare and Medicaid can be an ideal way to ensure you have maximum insurance coverage. However, Medicaid is an income-based service. You must qualify by coming in under income thresholds. When figuring your eligibility, the state will consider your assets...
3 types of advance medical directives
An advance medical directive is a planning tool for future medical complications. The directive is a legal document that explains how you want others to handle your medical decisions when you cannot make those decisions yourself. Advance directives are not just for...
