All too often, people are aware of the need to create an estate plan and the inherent value in doing so, yet fail to take the necessary action. For some, this inaction can be attributed to discomfort with addressing the always sensitive issue of their own mortality, while for others it can be attributed to the mistaken belief that the process of creating even a simple will prove to be beyond their understanding.
Some seniors are married during most or all of their elderly years, while others are single during these years. A recent report indicates that women are more likely to be in the latter group than men are.
Charitable giving does not have to be a standalone process. Rather, when supporting charities is among a person’s goals, they can incorporate their charitable giving into their larger overall plans, such as their estate plan, through planned giving.
As a young married couple is starting a family, the present can be a remarkably busy time. Thus, couples in this situation might be tempted to leave planning for the future as something to handle at a later date.
One of the big things parents are focused on is the care of their children. For some parents, though, their children are not the only family members they might be caring for. This is particularly the case for parents who fall into the “sandwich generation.”
Setting out what will happen in the future with the real estate they have is among the things an elderly individual can do in their estate plan. Now, each particular type of real estate has its own unique aspects and circumstances, and thus can raise its own particular issues when it comes to estate planning.
What a person does during their life can have significant ramifications on what happens after their death, such as how things go for their family and friends after they pass away. This is especially the case when it comes to what they do (or don’t do) in the realm of estate planning.
One of the crucial facts that people need to accept about estate planning is that it is important to prepare your estate plan early in life. You want to have everything organized and ready when you are young so that if the unexpected happens, you and your estate are prepared.
One thing that has become increasingly common in the U.S. is elderly individuals continuing to work rather than going into retirement.