#livingwill

[selkyle24]

Estate Planning at 70? Here’s What to Know

It’s never too late to start estate planning, and at 70, it’s a powerful way to ensure your legacy is protected. Here are a few key elements to consider:

A living will to make your healthcare choices known.

A trust to make sure your family avoids probate.

Powers of attorney for decisions if you’re unable to speak for yourself.

[memorialmerits]

Among the most crucial steps in funeral

[brigittas-writing-nook]

Brie's Update: Reflections in the time of Covid

I know, it has been a while since I've given you a Brie's update. I thought I posted an one in August. Apparently not. At any rate, let's dive in.

Covid finally caught me

It took four and a half years, but Covid finally caught up to me. I'm not thrilled about this, in case you're wondering. Not only does it make breathing difficult, it has put a very not-needed stopper into my schedule. I don't know which is worse, the stuffed up nose, the angry lungs, or the nasty metallic aftertaste the medicine (which I'm thankful exists) leaves in your mouth! Covid is no fun, and I don't recommend it. What I do recommend is this: get vaccinated if you haven't! If you have, make sure you stay up on your boosters. Please. I want to see your lovely faces sticking around for a while, because...

A new idea has formed

I've been thinking about creating a poetry chapbook for a while now. Trouble is, I've been struggling with what to put in it. Did I want it to have a theme? Did I want to focus on a specific subject or two? I wasn't sure, and I was trying to figure it out all summer, but then...

A year has passed

For those who don't know, my mother, Marlene Davis, died August 30, 2023. It was one of the hardest days of my life, and the decision to take her off life support was both painful and merciful. I hated that my sister and I had to do it, but I wouldn't have made any other choice. Mom is at peace (and happily sitting on my bookshelf, since I got custody of the urn), and that is what matters. I learned some things from that. Having the awkward and uncomfortable conversations beforehand surrounding living wills, wills, and funeral arrangements cuts down on so much uncertainty and confusion in a time of profound grief. Mom's end-of-life preferences made our decision easier to make. In the end, the right thing to do was respect her wishes. Having a will is crucial to making your beneficiaries' lives easier in this process. Mom didn't have one, but, thanks to living in an apartment, she didn't have a large estate, so it was significantly less of a hassle. Having funeral arrangements done (and paid for) ahead of time would have made our lives easier. By needing to save money, though, we did have to not honor one wish: we ended up not interring her ashes in a cemetery plot (I'm happier about this, because I kind of like having Mom hanging out on a shelf).

More than a day

When mourning someone as close to me as Mom was, I realized, during August, that mourning this anniversary involved more than the day she died. Mom had a rough go for about two and a half months. She had three surgeries, two strokes, and a bout of pneumonia during that time. Her poor body just couldn't keep up. And my sister, my mother's best friend, and I spent practically every day with her when she was in the hospital. It was a painful time, and it lasted for more than one day. It's a time period I've had to mourn, as well.

Reflections on death

I have done a lot of reflecting on death in the past month. Not just on Mom's passing, but on the concept itself, particularly the anthropomorphic ideal of death. And this reflection has created quite a bit of poetry Yes, you guessed it. I figured out what subjects I want to cover in the chapbook. And, yes, I realize how morbid that sounds, but the mind processes how the mind processes. And, apparently, mine has been doing so through poetry. So look forward to a new chapbook from me soon. I would love to publish it on her birthday, November 14, but that might be a lofty goal. Maybe in time for her favorite holiday? That gives me another four weeks. Here is one of the poems I wrote during this time of reflection. Nearly a Year It has been nearly a year Since your new journey began In a place I couldn’t go to – That beautiful, distant land. The world is a little empty Since you went away. And life has taken weird turns – I wonder what you’d say. Would you tell me I was crazy To take such an uncertain path? Or would you tell me how proud you are To see me make dreams come to pass? Sometimes a year passes quickly, But this year has dragged on. And I desperately miss you Now that you are gone. I hope you realize, Wherever you have flown – You were the first person I met, And the greatest I’ve ever known. Copyright 2024 Brigitta Shannon Rose if you want to support me, visit my Patreon or Buy me a Coffee. I like coffee; it keeps me going. Patreon That's all for now. Stay fabulous, y'all! Read the full article

[20westlegal]

Don’t forget about healthcare directives! Ensure your medical wishes are known and respected with a living will or healthcare power of attorney.

Contact us to get started! Call us at (978) 440-0014 or book your appointment at bit.ly/20westlegalmeetingscheduler.

[secretstime]

types of living wills

Different types of living wills have advantages for pregnant women. Learn about advance directives to communicate medical wishes in case of incapacitation.

[mishrasatty7]

#livingwill #supremecourt #news #update #magistrate #legalseva https://www.instagram.com/p/Cn1DdALvFbT/?igshid=NGJjMDIxMWI=

[ukimmigrationmatters]

Wills, Trusts, and Inheritance Tax: How to Keep More for Your Family

Don’t Risk Losing Everything!

In the UK, inheritance tax can take a significant portion of your estate, leaving less for your loved ones. However, with careful planning through wills and trusts, you can mitigate this burden.

For more expert advice on managing your finances, subscribe to Charles Kelly Money Tips Podcast on YouTube or email charles@charleskelly.net to meet a specialist adviser.

Watch full YouTube interview: https://youtu.be/-SfqPiXPTbg

Creating a properly drafted will ensures your assets are distributed according to your wishes, potentially avoiding intestacy rules that might increase your tax liability. Including trusts in your estate planning is a powerful tool to protect your wealth. Trusts can help reduce inheritance tax by transferring assets out of your estate, placing them in the hands of trusted individuals for your beneficiaries.

Key strategies include the Nil-Rate Band Discretionary Trust, which allows you to pass on up to £325,000 tax-free, and gifting assets during your lifetime, which can also reduce the value of your estate if you survive for seven years after the gift.

It's essential to review and update your will regularly to reflect changes in your circumstances and tax laws. Proper estate planning with wills and trusts not only safeguards your legacy but also ensures your loved ones benefit from the maximum inheritance with minimal tax impact.

For more expert advice on managing your finances, subscribe to Charles Kelly Money Tips Podcast on YouTube or email charles@charleskelly.net to meet a specialist adviser.

#InheritanceTax #WillsAndTrusts #EstatePlanning #TaxSavings #CharlesKellyMoneyTips #section24 #paylesstax #business #discretionarytrust #livingwill

[manhwafull]

Read Living Will Manhwa

[HOT MANHWA] Title: Living Will Read on Website: https://manhwafull.com/manga/living-will/ Summary: Jeanne, a prostitute at address 74, took care of the fallen Janet. Jeanne wants to be friends with Janet, but Janet tries to get information out of her. #manhwafull,#hotmanga,#hotmanhwa,#comic,#hotcomic,#webtoon,#manhwatop,#manga,#topmanhwa,#zinmanga, #manhua,#manhwa,#newmanhwa,#newmanhua,#newmanga,#manhwarecommendation,#manhuarecommendation,#mangarecommendation, #LivingWill,LivingWillManhwa

[ladyspeechsankofa]

A gentle reminder to write / update your will if you haven’t already. Life as we know it is a wild ride. Take care of your affairs while you can to make the road out of here as smooth as possible for those you leave behind when it’s your time. - LadySpeech #GentleReminders #LadySpeech #LivingWill #Adulting #LadySpeechSankofa #RealTalk #GoodAdvice https://www.instagram.com/p/CYfP4omlR_x/?utm_medium=tumblr

[shekhar1204]

A Quick & Simple 5-Minute Guide to the Power of Attorney Act 

[smithclea]

Estate Planning Documents

An effective estate plan is the foundation of a successful estate.

Wills, trusts, and powers of attorney are three of the many documents that can be used to ensure that your family's wishes for future generations are met.

These documents will help ensure that your family's assets will not be squandered by those who do not have your best interests at heart.

Last Will

A last will and testament is a legal document that states who you want to inherit your assets, as well as your wishes about funeral arrangements and other matters.

This can be an important document to create if you have any assets or investments.

It's important to have one in place before you die.

So that the proper people can receive them.

A will not is similar but does not include provisions for the distribution of your property after death.

It may also be called a "testamentary trust."

Living Will

A living will is a document that states your wishes for health care if you become terminally ill or permanently unconscious.

It should be signed and witnessed by someone who knows you well, such as:

Your doctor

A priest or minister of religion

An attorney

Power of Attorney

A power of attorney is a legal document that allows you to appoint someone else to act on your behalf.

There are two types of power of attorney: limited and unlimited.

Limited means that the person you're appointing only has authority over certain issues. Such as health care decisions and money management.

Unlimited means that they have full control over all aspects of your life. Including finances and property ownership.

And can make any decision without consulting with you first.

They're not the same thing as wills (which establish how your property will be distributed upon death).

But they're often used together with wills because they allow people who aren't able or willing to write their wills. 

Health Care Proxy Or Durable Power Of Attorney For Health Care

Health Care Proxy or Durable Power of Attorney for Health Care is a document that allows you to make health care decisions for yourself if you become unable to do so.

For example, the power of attorney could allow your friend or family member to give consent for medical treatment if necessary.

You can also use this type of document as a way to appoint someone else as your healthcare agent in case something unexpected happens and someone needs to make decisions on your behalf.

A durable power of attorney and health care proxy both work but have different purposes:

To make sure someone else can take over responsibilities related to medical decisions (e.g., physician's orders),

To protect against inclement weather conditions while traveling across state lines,

 For different types of emergencies where there may be no time left before an unexpected event occurs.

Trust

A trust is an arrangement in which property or money is held by someone other than the owner.

Generally, for the benefit of one or more beneficiaries.

It can be a revocable or irrevocable trust.

It can cover real estate, personal possessions (such as cars), life insurance policies, and retirement funds.

There are two types of trusts: living trusts and testamentary trusts.

Both types give you control over your assets after death but differ in how long they last.

A testamentary trust lasts until its terms expire; a living trust continues indefinitely unless revoked by you or another person acting on behalf of your estate (like a spouse).

A will automatically become effective when it's executed.

But if you want something more permanent such as naming someone else as trustee then this needs to be recorded in writing before any probate proceedings begin.

So that any disputes over ownership rights can be resolved before they become legal issues later down the road.

Revocable Living Trust

A revocable living trust is a document that allows you to transfer ownership of your property to someone else.

The trust is created during your lifetime, but you keep control over the assets in the trust, which are placed under your name.

These assets include bank accounts, cars, and other valuable items.

The reason for creating a revocable living Trust will vary depending on what type of property you wish to protect.

Real estate or personal belongings such as jewelry or artwork.

If there are children involved in your estate plan (for example, if they have mortgages), then these assets should always be kept separate from those owned by others.

So that if anything happens to one parent's share (such as death), then there will still be enough left over for each child without having them split up their inheritance equally among themselves.

Which would result in having nothing when they need it most!

Irrevocable Life Insurance Trust (ILIT)

An Irrevocable Life Insurance Trust (ILIT) is a trust that holds life insurance policies.

The grantor makes a grant to the trust, which then holds the policy and pays out beneficiaries after the death of the grantor.

The ILIT can be used to avoid estate taxes and probate because it does not have any term limitations on its duration.

thus, it does not need to be renewed at periodic intervals like most other types of trusts do.

Bypass Trust

A bypass trust is a legal document that allows you to avoid probate.

It’s usually used when one spouse dies before the other, and their estate cannot be divided up between them.

Generation-Skipping Trust (GST)

A Generation-Skipping Trust (GST) is a trust that you can set up to avoid estate taxes.

GSTs are irrevocable and can be created for any amount of money.

This is great because it means that even if your heirs want to sell their inheritance, they won't have any way of doing so without paying extra taxes.

These trusts also allow you to pass wealth from one generation to the next without having to worry about how much each child gets or when they'll get it.

They'll always inherit what was left behind by their ancestors!

Wills, Trusts, And Powers Of Attorney Are The Foundation Of Any Estate Plan.

These legal documents help you plan for your future by naming who will receive what from your property after you die.

You can create these documents yourself or hire an attorney to do it for you.

But if someone else is making decisions about your property without consulting with them first (such as a creditor).

Then this could be considered a will fraud or power of attorney fraud and could result in criminal charges being filed against that person!

A will is a legal document created at least one year before death that determines who gets part of the person's estate after death.

A living trust enables one person to make financial decisions on behalf of another person while they're still alive.

Powers of attorney allow someone else to act on behalf of another person when their health deteriorates or becomes incapacitated due to illness etc.

Conclusion

In this post, we’ve covered the basics of wills, trusts, and powers of attorney.

If you’re setting up your estate plan for the first time or want to make sure it’s as comprehensive as possible, take some time now to consider what might be missing from your current documents.

You may find yourself surprised at how many options there are! If so, talk to an experienced estate planning attorney.

They can help you decide which are best suited to your situation and needs.

About The Author

Clea Smith is a USA-based author on Legal issues related to estate planning, will and trust, business law, and elder law. Clea Smith does her best writing on these topics that help users to find the best solutions to their FAQ on estate planning attorney, probate, living trust vs will, and more about legal family issues.

[memorialmerits]

Among the most crucial steps in funeral

[20westlegal]

Concerned about your healthcare wishes if you can't speak for yourself? Advance directives like a living will can ensure your preferences are respected.

👉 Contact us to secure your healthcare decisions. Your voice matters, always. tinyurl.com/book20westlegal

[bmanmemories]

Include your Finances when Devising your Natural Disaster Plan

Include your Finances when Devising your Natural Disaster Plan

The calm before the storm Effective planning is essential for a community to successfully prepare for, respond to and subsequently recover from a disaster event. Risk assessments, risk based planning and resilience are closely integrated through the planning process. Planning provides a means for addressing complex problems in a manageable way Subsequently, most people will tell you that they…

[rajricki]

The Perfect Asset✅ #finances #passiveincome #estateplanning #crypto #legacy #wealthbuilding #retirement #money #property #investing #entrepreneur #tagwagai #mortgage #investor #investment #wealth #invest #business #motivation #livingwill #law #finance #financialfreedom #cryptocurrency #estate #bitcoin #planning #cashflow #assets #realestate (at AssetRising-india) https://www.instagram.com/p/CUXBxBmlUg4/?utm_medium=tumblr