Anyone who has ever witnessed the physical demise of a loved one understands the tremendous emotional and mental pain and sadness that are tied to such an event. In cases where the life of a parent, spouse or adult child hangs in the balance after a serious heart attack or car accident, family members often agonize over questions and decisions related to what a loved one would want with regard to life-saving interventions.
When it comes to estate planning, there's often a lot of focus on taking steps to provide for a surviving spouse or child. These discussions often leave many single adults feeling left out and scratching their heads wondering how estate planning applies to them and their individual concerns and circumstances.
We all go through many stages and experiences in life—some good and others painful. From births, marriages and financial successes to deaths, divorces and financial hardships; we are constantly forced to evaluate our current situation and to make changes and adjustments accordingly.
Whether it's donating time at a local shelter, raising money to help fight a disease or exerting energy to build homes for those in need, people from all walks of life choose to make charitable endeavors an important part of their everyday lives.
One of the great misunderstandings about estate plans is that people think an estate plan is a single document, a self-contained contract that outlines everything and anything relating to an individual's estate. To the contrary, estate plans are made up of many different documents, provisions and contracts -- and one of these documents is the will.
On Friday, our blog discussed how those people inching ever closer to retirement age -- aka Baby Boomers -- need to expand their focus beyond retirement planning and ensure that they have an estate plan in place to protect the substantial assets they've accumulated over a lifetime of hard work.
Planning for the future is something we do all the time. We schedule vacations, set aside money for retirement, organize long-term payment plans for a house and do what we can to support our kids as they grow up and think about what they want to be someday.
As you get older, you are often reminded of the importance of planning for your retirement. Retirement planning is important and is one thing that you can do to make life easier for yourself in the future.
In our last post, we began a discussion about the estate-related challenges currently being navigated by the family of the late Robin Williams. A court recently ordered Williams’s children and widow to try and settle their disputes over the course of the next few months. If the family cannot resolve their differences, they will likely need to litigate the issues about which they disagree.
Many Americans choose to work or to retire in locations outside the borders of the United States. Whether you are a Midwesterner seeking warmth in the Caribbean or a New Yorker seeking peace in rural Italy or France, it is important to take a few estate planning steps before you leave the country for an extended period of time.