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Avoid these will mistakes

Top 5 Mistakes to Avoid When Making Your Will

August 10, 2020
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Nearly Half of Americans over 55 Do Not Have a Will.  And, a great number of those that does have a will, have likely made a few simple mistakes, which can lead to your will be contested or made invalid. Make sure you have not made these mistakes: -1-  Not letting family know that you have a will Having a will is useless if nobody knows it exists. Make sure your executor and other trusted family member know where to look for your will when the time comes. Be sure to leave it in a secure place that is still…

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Home Ownership

Special Ownership for Married Couples: Tenancy by the Entirety

August 9, 2020
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If you are married, make sure you have the right from of ownership for your house and any other real estate. In some states married couples have a special way to jointly own property.  This provides married couples an advantage over a regular joint ownership. Joint tenants must have equal ownership interests in the property. If one of the joint tenants dies, his or her interest immediately ceases to exist and the remaining joint tenant owns the entire property. The advantage to joint tenancy is that it avoids having an owner’s interest probated upon his death. The disadvantage is that…

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Plan Your Estate

Mother Fails to Create Estate Plan

August 8, 2020
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A son looking to help his mother, learns that because he does not have power of attorney, he must go to probate court to get the legal author he needs to help his mom. Terry asks: My mother is 85 and has Alzheimer’s disease. Her condition isn’t that good. She doesn’t recognize me. I could be any one of four people to her. A few years ago I prepared a power of attorney form and sent it to her. My daughter was supposed to help her get it signed and notarized, but she never got around to doing it. I…

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Don't Transfer Your House to Your Kids

Don’t Transfer Your House to Your Adult Kids

August 7, 2020
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Reasons to Not Transfer Your House Medicaid It may sound like a good idea to transfer your house to your adult kids, so that you can qualify for medicaid, but it could end of costing you medicaid benefits that you may would have qualified for. Medicaid is the government program that pays for health care and nursing home bills for the indigent.  However, gifts and transfers made within five years of applying for Medicaid can lead to a penalty period and could disqualify or delay you from receiving medicaid benefits. Creditors & Divorce Transferring your home to your adult kids…

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Estate Planning - Be Prepared

Worse Case Scenario – You Want to be Prepared

August 6, 2020
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The coronavirus (covid-19) still exist, today.  The number of people infected, sickened and hospitalized have increased.  The number of deaths have also increased. With the coronavirus continuing to spread, a number of people have decided to put a will and health care directive in place. Since launching Unwrap This, our website statistics show that there have been a number of people downloading and using the forms.  This is good news, because we want people to be protected.  We would like for everyone to keep their money and stay in control of their life. If you have not put your documents…

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Time to Update Will

When Should You Update Your Will?

August 5, 2020
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So you finally got your Will done; you feel good about it; everything is set. WAIT!  It is not over.  Why?  Life changes; situation changes and people change.  You want your Will to reflect your updated situation.  Here are times when you should update your Will. -1-  You are having your first child The change is to name a guardian for your child, and who will serve as trustee for any trust created for that child by the will. The will should be flexible enough to accommodate the possible birth of future children. -2-  You are thinking about or planning…

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Beneficiaries

Assets with Beneficiary Designation Avoid Probate

August 4, 2020
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The following assets can usually avoid probate if you name a beneficiary for that asset: IRAs 401Ks, 403Bs, 457 Pension Accounts Life Insurance Policy Annuities Bank Accounts (Money Market, Certificate of Deposit, Checking, Savings) Investment Accounts In fact, you should also name a secondary beneficiary for each asset in case your primary beneficiary per-deceases you. To Name or Change a Beneficiary Contact the company, bank or financial institution that holds your asset and tell them you want to name a beneficiary; or that you want to change your beneficiary.  The company will send you a form to complete, or they…

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