When doing your estate planning, sometimes you can run into a conundrum. You want to provide an equitable share to all your heirs. However, you know that leaving a large lump sum of money to one or more children or grandchildren could be their undoing.
Many married couples create estate plans jointly, often with the intention of providing for their children in the event that something happens to them. Too many people forget about that cooperative last will or estate plan in their divorce, leaving their legacy vulnerable to serious problems in the future.
The Omaha region of Nebraska has its share of single parents, each of them dedicated to providing for their children's current and future needs. A great method of accomplishing this goal is estate planning. However, estate planning for single parents may look a bit different than it does in households with two parents.
All adults, no matter their means or age, should draft a basic estate plan. But that doesn't mean that the simple will that you signed at age 25 will serve you and your heirs in good stead two decades later.
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.
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.
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.
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.
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.
To most people, estate planning is one of the most confusing endeavors to undertake. Often, it is difficult to even begin such a task, but many agree that putting an estate plan in place is important. The good news is that working with a lawyer simplifies this process for most Omaha residents. Another benefit of attorney assistance is avoiding the mistakes that many people make when they attempt estate planning alone.