When you set up your estate plan to deal with future medical decisions, you have a few options. The two main ones are a living will and a power of attorney. You need to know the differences to find out which one is right for you.
If you use a power of attorney, you essentially turn your power to make medical decisions over to someone else. It's probably going to be a spouse or an heir.
You set up a trust for your children, who are minors. If you pass away, your financial assets get passed on through the trust. You don't want to leave money directly to your 12-year-old child, after all. The trust holds it until the kids become adults.
But should they get it as soon as they are technically adults? Legally speaking, that means when they turn 18.
Unfortunately, Omaha has not been spared the blight of the effects of opioid addiction that have cast a pall over the entire country. Lives have been lost and families splintered in the wake of this scourge.
Perhaps the most vulnerable ones affected by opioid addiction are the children of those struggling with their addictions. These kids are innocents caught up in the web that slowly strangles the life out of their addicted parents.
When planning your estate as a young parent, the most difficult decision you will make is choosing a guardian for your child in the event of your death and, if applicable, your spouse’s death. It is nearly unimaginable to think of another person raising your child. Yet it’s vital to prepare for all possibilities.
If you had to choose someone to raise your child, who would it be? What qualities should they possess and what things should you consider as you contemplate who to choose?
It's easy to feel like estate planning is something that you do by yourself, for yourself. That can be true in some situations. However, other people are impacted by this plan. Therefore, it may be a good idea to talk with them throughout this process.
In fact, some experts say that one of the most important things people can do while developing their estate plan is to talk to their heirs about that plan and their intentions.
With the end of your marriage, you enter a new stage in your life with your ex. Now the two of you are co-parents. You have to work together even though you're not married and you may both move on with your romantic lives. You still have to share the portions of your life that include the kids.
If that sounds hard to do, it's understandable. Not everyone enjoys dealing with their ex, but it's unavoidable if you have kids. The goal is to focus on them. When you see how your actions help them, even when it's difficult, the whole thing feels easier. Here are some priorities that you should have:
By 2020, it is expected that about 157 million Americans will have been diagnosed with a chronic illness. If you're one of them, you should have an estate plan that reflects that reality.
These are some of the key estate planning documents that could benefit you if suffering from a chronic illness.
A divorce and child custody agreement typically addresses a number of issues, from where children will live to where they will go to school to where they will spend the holidays.
And recently, the Nebraska Supreme Court made a ruling on a case that has to do with where children go to church.
The heart and soul of Nebraska is all about farming. However, farm families face special challenges when couples decide to divorce. Protecting a farm that has been in the family for generations isn’t easy in divorce, especially if its operations have grown during the marriage and multiple family members are a part of running it.
Famed Omaha, Nebraska, businessman Warren Buffett announced he will donate $3.6 billion worth of shares in his Berkshire Hathaway company to five foundations as part of his estate plan.
In a company transaction, Buffett will convert 11,250 of his Class A shares of Berkshire Hathaway stock into 16.875 million Class B shares. Those Class B shares will be gifted to five foundations: Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation, the company announced.
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