Three Key Estate Planning Strategies You Can’t Overlook

A great estate plan requires periodic updating, extensive analysis, and following these three important strategies. “Stress Test” Your Estate Plan Through Various Scenarios One of the best ways to determine your plan is thorough and ready for virtually any scenario is to actually test it out in a variety of hypotheticals. What will happen if you suddenly become incapacitated? What will happen if your child, or children, pre-decease you? What rights, if any, will your child’s ex-spouse have to your estate’s assets? Putting your estate plan through these “stress” variables should not stress you out! Our view is going through these scenarios...

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Do or Don’t – Donor Advised Funds

With the holiday season upon us, many people want to find the best way to give back and donate to charitable causes. A method for giving that is gaining in popularity is donor-advised funds. These are funds created by donors where money, appreciated securities or other assets are deposited, then those funds are distributed to charities over time. Donor-advised funds are on the upswing. In fact, donor-advised fund contributions make up approximately 7 percent of all individual charitable donations. Donations to these funds increased by nearly 24 percent in 2013, according to CNBC.com. If you make a donation to a donor-advised fund,...

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Holiday Season Good Time to Discuss Estate Planning with Loved Ones

Your parents are getting older and you may be wondering if they have a plan in place just in case something awful suddenly occurs. However, it is difficult to have that conversation since it is an uncomfortable subject to talk about and you may not be in close proximity to your loved ones. The holiday season provides the perfect opportunity to have that conversation with your loved ones since everyone is together and can participate. It may not be the most “holly jolly” subject, but it needs to be done. Being proactive and getting your family on the same page will...

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Why Long-Term Care Funding is a Critically Important Investment for Your Future

November was long-term care awareness month. Regardless which month it is, at InSight Law, we encourage all of our clients to have some type of long-term care plan in place, since you never know if and when you may need an in-home nurse or will need to reside in a long-term care facility. There are several different strategies that you can employ to address your long-term care funding needs.  Strategies I have seen are:  buying a straight long term care policy to fully fund your daily needs, buying a straight long-term care policy to partially fund your daily needs and then self-funding the remaining...

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Don’t Let Your Long-Term Care Insurance Lapse

The median annual price of a private room in a nursing home is over $90,000, according to Genworth Financial. Many people attempt to defray these exorbitant costs by purchasing long-term care insurance. But here is something that may blow your mind - more than a third of people with long-term care insurance policies at age 65 let their coverage lapse before they pass on, without reaping the benefits the policy may offer, according to Forbes.com. Specifically, men and women at age 65 have a 32 percent and 38 percent chance of lapsing prior to their death. Understand, when you coverage lapses,...

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Long-Term Care – Why You Need to be Prepared

It is an undeniable fact - we are living longer. By the year 2050, people in their 90s will increase four fold. That means the number of senior citizens (i.e. age 65+) will more than double, according to an article by J. Brendan Ryan. Many seniors need long-term care. In fact, over ninety percent of seniors’ health care costs today are attributable to chronic diseases like arthritis, diabetes, etc. The likelihood of a senior citizen needing long-term care at some point in their lives is extremely high – nearly 70 percent. Millions of unpaid caregivers helps the sick, elderly and disabled. This...

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The Burden of Inheritance

Many people mistakenly believe that inheriting a large estate is some wondrous thing akin to winning the lottery. All of sudden, you are presented with access to vast sums of money, large pieces of property, etc. Such assets can completely change your standard of living. Nevertheless, there are numerous “burdens” associated with inheritance. One of the biggest burdens is the emotional trauma associated with inheritance. We must not forget that someone died in order for an estate to be distributed. Along with the emotional toll of inheritance is the large amount of time and work that must go into properly distributing a...

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Estate Planning Takeaways from Lamar Odom’s Medical Nightmare

Former NBA star Lamar Odom was on the verge of death totally incapacitated. He needed the assistance of a breathing tube and many worried he would suffer permanent, debilitating brain trauma. Fortunately, his health has improved and it looks like he will pull through, but this incident is a prime example of why it is so important to regularly review and update your estate planning documents. Lamar Odom was married to Khloe Kardashian, but the couple was not on good terms and had signed divorce papers, but they were not finalized. This meant Kardashian possessed legal authority to make medical decisions...

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Simple Estate Planning for Your College Kids

It is a day most parents dream of, and dread, all at the same time – their child makes the voyage into adulthood and heads off to college. Keep in mind, even though you may view your son or daughter as a child, in the eyes of the law, when they turn 18, they are a legal adult. As a result, they need to have some essential estate planning documents in place. An estate plan is critical since it provides directives on who will be appointed to make medical and financial decisions in the event your son or daughter is unable...

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