How the Affordable Care Act Drove Down Personal Bankruptcy
December 11, 2017
Expanded health insurance helped cut the number of filings by half. Filings have dropped about 50 percent, from 1,536,799 in 2010 to 770,846 in 2016. Those years also represent the time frame when the ACA took effect. Although courts never ask people to declare why they’re filing, many bankruptcy and legal experts agree that medical bills had been a leading cause of personal bankruptcy before public healthcare coverage expanded under the ACA. Unlike other causes of debt, medical bills are often unexpected, involuntary, and large.
Who Gets Custody of Children If Both Parents Die?
December 04, 2017
As a parent, you have vowed to take care of your children until they have reached adulthood and sometimes beyond. Part of this includes planning for if the unthinkable happens, and you are no longer alive to fulfill this vow. A legal guardian will take over your duties if you and the other parent die before the child turns 18. Who takes over this duty depends on whether a will has been written before death.
Don't Make The Estate Planning Mistake This Financial Planner Almost Did
November 19, 2017
When my kids were little—ages 2 and 4—I left my husband. As most divorcing couples do, we divided up our assets. Since our individual IRAs held similar amounts, I kept mine and he kept his. At that time, I listed my father as the beneficiary so he could take care of things, since my children were minors. Then I forgot about it.
Texting One’s Last Will and Testament
November 08, 2017
A gentleman there initiated a text on his mobile phone regarding the disbursement of his assets. The man subsequently died and left all his worldly possessions to his brother and nephew and nothing to his wife. The text also noted where he wanted his ashes to be spread and said he left cash behind the television.
For Parents With Troubled Adult Children, Financial Hurdles Abound
October 25, 2019
If you die without an estate plan, your heirs will ultimately get your assets (after an extended delay and unnecessary costs). But you might not want them to get it right away. Wouldn't you rather decide when and what they get?
Married Couples Need Powers of Attorney, Too
October 16, 2019
Think you don't need an estate plan because you're married and your spouse will get everything? Or because you're single and don't have many assets? Okay. What happens if you get sick and can't make financial or medical decisions? Powers of attorney for financial management and advanced directives are part of any comprehensive estate plan.
Biggest Estate Planning Mistake People Make
October 14, 2017
If you are like most people, when you hear the words “estate planning,” you probably think of writing a will, to explain who will get what you own when you die. The problem is, a will has little or nothing to do with you. It’s all about planning for someone else.