As a country, America has around $13 trillion in debt. People who are 45 to 54 years old have the highest debt average at $134,600. This brings up a point that many people might not think about very often -- the status of debts when a person dies. This can be a difficult thing to handle when you lose a loved one.
Protecting your estate may take many forms, depending on your particular needs and the goals that you prioritize. However, some pieces of wisdom apply to anyone creating or maintaining an estate plan.
A special needs trust makes sure your child with special needs has what he or she needs in the future in the event that you can no longer be there to provide or care for your son or daughter. The trust may also be created to give another person control over your child's property, real estate and finances. The person who takes over control of these assets is known as a trustee, and he or she is in charge of doling out and managing assets for your child until your child no longer needs that assistance. Here are three facts you need to know about setting up a special needs trust.
Once you reach your 30s, it's safe to assume that you have a better idea of what you want to accomplish in the future. By now, you may even own a home and have a child (or several children).
Your family has come to enjoy the finer things in life, and that is all thanks to your hard work. You have built your company from the ground up and now you are getting to enjoy doing the things you have always wanted to do. Even though things seem great right now, you should stop and think about what is going to happen if you die unexpectedly.
Planning for the future through an estate plan is a foundational part of providing for your loved ones - and securing your own peace of mind. Estate planning is especially important for those with blended families.