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children tend to be very excited to be out “on their own” for the first time, but this significant life The Legal “What Ifs” of College Life Don’t get caught in the web of legal intricacies surrounding the Did you know that even though you are a parent, the school, financial institutions (like the Financial Estate planning is a crucial step in caring for an adult child, especially during a major life transition Our team at Your Legacy Legal Care understands the importance of ensuring you protect your loved ones

Life is full of unexpected twists and turns. While it might once have seemed like a task to put off until retirement, estate planning is now considered As soon as you turn 18, your parents have no legal access to your medical or financial accounts like While you might feel like life is just starting, making plans for the end of your life should not be Having an estate plan in place will allow you to enjoy life, knowing your loved ones and assets will

disability, there seems to be no end to the additional considerations that need to be made in daily life By putting funds into a trust, you may even be able to ensure that your loved one’s care continues without He or she will also help you develop the instructions for the special needs trust and will likely have If you have additional questions or would like to schedule a complimentary consultation with our attorneys

A trust protector generally watches over a trust that will be in effect for a long time, to ensure that beneficiaries, or the trustees, or the beneficiaries and trustees Change trust distributions based on the life Code § 114.0031 (2019) As a result, it is essential to ensure that the trust document is explicit about An experienced trusts and estates attorney can help you define these duties and ensure that the trust

take inventory of the items in your estate, such as real estate, investments, family heirlooms and life insurance policies. And also note your current liabilities, like a mortgage or credit card debt.

This legal document is like a love letter to your child, providing detailed instructions about their It can be difficult to create, but it’s crucial to ensure your child’s well-being. It should cover areas like: Your child’s medical history Your child’s daily routine and preferences Information Draft the letter of intent — This document should be comprehensive and cover all areas of your child’s life Consider consulting with an attorney experienced in special needs planning to ensure it covers all basis

things much easier for the estate administrator or executor, especially for children or executors who live These are life insurance policies, homeowner policies, birth certificates, marriage license, immunization involved to rehearse the various steps necessary to settle the estate if mom and dad are no longer living

using the term as a verb to brag on social media about surviving what the rest of us consider everyday life If you or a young adult in your life needs convincing, consider what happened when Lamar Odom overdosed Hopefully you and the young adults in your life are not making similar life choices to Odom, but he is “agent” or “agents” to make healthcare decisions on the document creator’s behalf, including end-of-life Obviously more advanced planning documents may be necessary depending on one’s life circumstances.

But, like it or not, money matters must be handled for estates and assets to be passed down correctly However, it’s important to carefully consider the terms and conditions of the account and ensure that Things like wills or trusts must also be considered depending on where the deceased partner falls in This ensures that everyone knows exactly what will happen should tragedy strike. state probate laws apply and take precedence over previously set beneficiary designations made during life

10 common inherited IRA mistakes: Failing to set up the inherited IRA properly Using the incorrect Life Expectancy Tables—the Single Life Table must be used Using the incorrect Life Expectancy factor—the life expectancy factor of the beneficiary in the current year must be used Not taking the Required Minimum

At this point, you are able to reflect on any changes that have taken place in your life or that of your This is a question that you will likely want to go over with your special needs lawyer, as he or she Life circumstances change, and someone who was named as a trustee at one point may no longer be the right Whether health or life changes have impacted someone’s ability to perform the task, an official change

If you are someone financially planning for a loved one with special needs, you are likely aware of how These alterations aim to provide better protection for beneficiaries while also ensuring trust funds Simply put, it makes your life easier. provides greater peace of mind, especially considering that this fund plays such a critical role in ensuring their estate plans and consulting with knowledgeable professionals, individuals with disabilities can ensure