There are many reasons that everyone needs an Estate Plan. These are the first three reasons that come to the top of my mind because they seem to really resonate with my clients.
In an ideal world we would always agree with our spouse...that is not the world that we live in. When it comes to the very important decision of choosing guardians for your children - you are not alone if you and your spouse don't agree. I don't have a magic formula for making the correct decision, but here are three strategies that should make the decision easier.
It's that time of year and you can smell taxes in the air. I am seeing and hearing all sorts of news right now about how everyone is getting smaller tax refunds. This isn't necessarily a bad thing. While taxes are on everyone's mind, I'd like to explore how taxes affect estate plans.
Considering your healthcare decisions in advance is an important part of creating an Estate Plan. The three healthcare documents that most people are concerned with are the POLST, Advanced Directive, and Healthcare Power of Attorney.
Not everyone is ready to handle inheriting a lump sum of money. This is especially true of young people that don't have the life experience to appreciate the value of money and haven't acquired the skills to manage money. Many inheritances disappear in the matter of a couple of years or even in a matter of months.