Many people are unaware that disabled people are restricted by law in the amount of assets they are permitted to own. If a disabled person acquires too many assets, whether by their own work, by marriage, or some other way, they will lose their disability payments. This sounds reasonable, but in reality, SSDI payments for
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Once the trustee of a trust has distributed the assets to the individuals named in the document, it is time for the trust to end. The termination of a living trust is not something that most people give much thought to, and for good reason: the termination process is fairly anticlimactic and does not even
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The term “irrevocable” typically means that something is unable to be revoked. When an individual creates an irrevocable trust, they do so with the intent that once it is created, it cannot be terminated. But does that mean it cannot be modified? Not necessarily. Some irrevocable trusts allow for their modification upon the settlor’s death
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For parents with a child with special needs, one of their biggest concerns is how they are going to continue to support their child after their death. While it is a parent’s first instinct to leave them a large amount of money in a private bank account, doing so could actually have negative implications on
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Making post-life arrangements is not something that many people want to do, but it is something that needs to be done despite the discomfort it may cause. Most people opt to create a will, as it is most conventional and requires very little maintenance once drafted and finalized. However, there are several estate planning tools
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What is an estate tax? An estate tax is “a tax on the right to transfer property at the time of death.” An estate tax does not apply to everyone’s estate; whether it applies to you depends on the total value of your estate. How rich do I have to be for the estate tax
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Older Americans may decide to adopt a pet to keep them company after their children have grown up or their spouses have died. Pets are particularly well suited for the elderly, as their presence can help lower blood pressure, reduce stress, increase physical activity, and reduce depression and loneliness. However, in such a situation, it is
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Many famous people have specified their wishes for their funerals in their wills. Star Trek creator Gene Roddenberry requested that his ashes be sent to a satellite orbiting Earth. His remains were sent into space on a memorial flight in 1997. In contrast, famed author Charles Dickens asked that “no public announcement be made of
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According to the Pew Internet Research Center, 62 percent of American adults use Facebook (and as this statistic was current as of September 2014, that number may be even higher now). These are not just young adults, but older ones. Sixty-four percent of those ages 50 to 64 and 48 percent of those 65 and
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