Over 70% of parents of young children do not have an estate plan in place, and of the 30% that do, many of their plans have holes, including mistakes made in naming Guardians, and not naming Temporary Guardians. Judges try their best to make decisions about what is in the best interest of your children, but they can never know of your true intent unless it is in writing.
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Trusts are commonly used estate planning tools. There are two main types of Trusts – Revocable and Irrevocable. If you have a Trust, make sure you know the difference between them and the benefits your Trust will provide.
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Paying for Long-Term Care: Did you know that Medicare will not cover the cost of a nursing home for more than about 20 days? The average person stays in a nursing home for 835 days according to the National Care Planning Counsel. Who pays for the remaining 815 days? There are a couple of options, including long-term care insurance, which many people cannot afford or waited too long to obtain, or for most people, paying with their own life savings. Medicaid can also cover the cost of a nursing home as long as certain asset and income limits are met.
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Bringing a new baby into the world is one of the most exciting and potentially anxiety-provoking experiences in life. As a new parent, you naturally want to provide for and protect your baby and his future in every way. For most new parents, thinking about making a Will is the last thing on your mind. Sleepless nights, joyful first smiles, and keeping up with the laundry are much more at the forefront of your thoughts. Yet having a new baby can also leave some parents feeling like they want to take all steps necessary to make sure their child is protected from any foreseeable or unforeseeable harm. The following are some important things all new parents should know about Estate Planning with minor children
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