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When individuals cannot manage their finances, courts can appoint guardians. Financial guardianship is for those who need help handling money. Depending on the jurisdiction, financial guardianship may also be called guardianship of the estate or conservatorship. In cases where individuals need help with personal and financial decisions, the court can order guardianship of the person… Continue reading When Does Someone Need Financial Guardianship?

Life estates are ways for you to transfer property to another party while retaining the right to live there until you pass away, or some other event occurs. As the grantor of the life estate deed, you become a life tenant of the property. What Is a Lady Bird Deed? Lady Bird Deeds, technically known… Continue reading Lady Bird Deeds: A Different Kind of Life Estate

Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions. What Is a Beneficiary? Beneficiaries are individuals who you select to receive money, various other assets, or specific bequests (such as sentimental items) upon your death. You can name these individuals in estate planning documents such as a will.… Continue reading What Are the Drawbacks of Naming Beneficiaries?

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which went into effect in 2020, changed how beneficiaries of inherited retirement accounts must withdraw these funds. The Act’s passage made it more difficult for individuals to pass their retirement savings on to their heirs without tax liability. The 10-Year Rule Generally speaking, beneficiaries of… Continue reading Inherited Retirement Accounts: Minimizing Tax Consequences

he No Surprises Act is a federal law enacted to protect patients from unexpected medical bills incurred on or after January 1, 2022. It aims to address the issue of surprise medical billing, which can occur when patients receive unexpected charges for their medical care. The Act applies to out-of-network emergency services, out-of-network air ambulance services, and… Continue reading How No Surprises Act May Help With Unexpected Medical Bills

While the internet makes our lives more convenient, it also adds new complications.  For example, what happens to all our online data and assets if we become disabled or die? Whether or not we spend half our lives responding to devices, we all transact a lot of our daily business online — buying items on… Continue reading Four Steps You Can Take to Protect Your Digital Estate

Starting an estate plan can be overwhelming, and you probably have many questions. You are not alone. Below are eight questions people often ask about last wills and testaments as they begin to think about estate planning. 1. Aren’t Wills Only for Wealthy People? This is a common myth. Last wills and testaments (also known simply… Continue reading 8 Frequently Asked Questions on Last Wills and Testaments

When people pass away, they leave behind assets, property, and possessions that can have sentimental and real value for surviving family members and loved ones. Everything that an individual owns upon their death is known as their estate. According to Estate Exec, the average size of an estate is between $50,000 and $250,000. Eleven percent of… Continue reading 3 Common Probate Questions: Estate Planning Basics

If you are in the hospital, you may want your loved ones to be able to access information about your prognosis. However, if you have not authorized them to receive specifics regarding your medical condition, they could be denied these details.            What Is HIPAA? The Health Insurance Portability and Accountability… Continue reading Do You Need a HIPAA Release?

Many older adults can no longer safely live on their own. However, they may not need the highly specialized care of nursing homes. Intermediate care facilities present one option for older adults who cannot live independently but require daily assistance. As a residential option for seniors, intermediate care facilities (ICFs) can house residents on a… Continue reading How Intermediate Care Facilities Can Serve Older Adults