Planning for Nursing Home Expenses
A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.
Ethan Huizenga September 22, 2020
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Trusts: The Swiss Army Knife of Estate Planning
We may think of a spoiled heiress to a large fortune, whose parents were savvy enough to prevent her from having full access to her funds. On the other hand, we could imagine a loved one with special needs, whose needs will be provided for with trust-protected money.
Ethan Huizenga September 21, 2020
12 Times You Should Update Your Will
It is also important to realize that it isn’t merely “why” you are updating your will, but “when” you are updating that can make all the difference. Acting too late (or too early) may mean your changes are no longer appropriate or even immediately invalidated.
Ethan Huizenga September 10, 2020
Different Trusts for Different Purposes
Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.
Ethan Huizenga September 7, 2020
A Non-Medical Check Up – For Your Estate Plan
For example, did you name someone as an heir who is no longer in favor with you or—worse yet—has died? Who should get what they would have gotten? Are there now new people in your life—be they family members or not—whom you might wish to share in what you may have?
Ethan Huizenga September 5, 2020
3 Steps to Conflict-Free Estate Planning
One problem that frequently stems from the inheritance process is fractured relationships between siblings. Unfortunately, the common denominator in many of these situations is the parents’ estate plan.
Ethan Huizenga September 3, 2020
What Should I Know about Beneficiaries?
Whenever you open a financial account, you’re almost always asked to name a beneficiary. Simply stated, a beneficiary of the account is someone who is entitled to the benefits of the account, typically, on the death of the account holder. If you’ve purchased life insurance, for example, you name a beneficiary, who receives the benefits of the policy when you pass.
Ethan Huizenga August 27, 2020
What Is a Beneficiary and Why Do I Need One?
Whenever you open a financial account, you’re almost always asked to name a beneficiary. Simply stated, a beneficiary of the account is someone who is entitled to the benefits of the account, typically, on the death of the account holder. If you’ve purchased life insurance, for example, you name a beneficiary who receives the benefits of the policy when you pass.
Ethan Huizenga August 10, 2020
Does the Trust Beneficiary Have to Pay a Tax?
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income, rather than the trust itself paying the tax. However, these beneficiaries are not subject to taxes on distributions from the trust’s principal.
Ethan Huizenga July 15, 2020
The Best Way to Make a Life Insurance Claim
There might be a time in your life when someone you know pulls you aside at a family gathering and says that you’re the designated beneficiary of their life insurance policy.
Ethan Huizenga July 14, 2020
