When I talk to my clients about the benefits of a trust as part of their estate plan, their eyes glaze over. Trusts seem overly complicated and only applicable to the super-rich. However, there are several significant benefits to include a trust in your estate plan.
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This Sandwich Generation infographic courtesy of caringpeopleinc.com shows the latest statistics of those caring for children and aging parents.
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What is the best way to communicate with family members about your medical, financial, and legal documents and information? Create a Family Information Binder.
When my Florida law practice drafted estate planning documents, we would present our clients with a Legal & Financial Family Information Binder. This was a binder where they could put all their estate planning documents and important financial information in one place.
We called it the “911 Binder,” meaning that when you got a call from the hospital, you had one place to go to for the Health Care Power of Attorney. If you needed to go to a bank, you had the Financial Power of Attorney as well as a list of bank accounts and the key to a safety deposit box.
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As we deal with the challenges of the current Covid-19 crisis it is important to look for ways to protect your family. Many things can happen during this time. You want to prepare for any scenario. Estate planning during a pandemic is helpful in case of any sudden illness or hospitalization.
A comprehensive estate plan covers many of life’s contingencies. A will is important but only comes into play at your death. There are other estate planning documents that help you during life events. For example, a sudden illness or medical emergency.
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