When we think of estate planning, we ask ourselves: What happens if I die? Certainly, this is a very important question. While failing to plan for death can cause terrible consequences, failing to plan for disability could be even worse. An even more important question is: What happens if I become disabled? Each year, countless Americans become disabled through injury, disease, or advanced age. According to the Disability Statistics Center of the University of … [Read more...]
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New Privacy Regulations: How to Protect Yourself
The federal government often passes legislation that is designed to protect us. However, all too often, that legislation can have unintended consequences. Federal laws and regulations have now created privacy protections for medical information. The Health Insurance Portability and Accountability Act and regulations to implement it, known as “HIPAA,” came into effect. Now all “covered entities” must comply with strict rules or face fines and potential criminal penalties. … [Read more...]
Protecting Your Assets
Part of estate planning is keeping your estate from being diminished by taxes, but also unforeseen expenses, liabilities, etc. The increased litigiousness of American society has made asset protection more important than ever. Here are a few of the basics. First, assets from others that are given to you can be shielded from creditors. So, if your parents are giving you money, it should be placed in a trust with someone else as trustee and with discretion to pay or not pay … [Read more...]
I Just Inherited Money! Now What Do I Do?
Inheriting money sounds great on the surface. Visions of plasma TVs, tropical vacations, and better schools for the kids all dance through your head. However, the reality often is somewhat different. First, you may have grieving to do. Someone died to leave you that inheritance. If the person was close to you, you may have to work through emotional issues before spending that inheritance. Next, you may not want the inheritance. I know that sounds crazy, but it … [Read more...]
What’s The Worst That Can Happen?
Often, people procrastinate with estate planning. We think, “What’s the worst that can happen?” We think it will not really affect us, only what happens to our money after we’ve passed. Unfortunately, that’s not true. Of course, it will affect our money, causing delays, expenses, and potential infighting. However, the lack of planning can also affect us. Perry Whatley, known by his friends as “Bit,” was a refinery worker in Baytown, Texas. Bit lived an ordinary life, living frugally … [Read more...]
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