Let Your Voice Be Heard
The article examines the case of Terri Schiavo and how a clear expression of her wishes could have avoided problems.
Your Grandkids Could Retire as Millionaires
You can set up an irrevocable trust for grandkids and with relatively small contributions make them millionaires by retirement.
New Privacy Regulations: How to Protect Yourself
The federal government often passes legislation that is designed to protect us. However, all too often, that legislation can have unintended consequences. Recent federal laws and regulations have created new privacy protections for medical information. The Health Insurance Portability and Accountability Act and regulations to implement it, known as "HIPAA," recently came into effect. Now all "covered entities" must comply with strict rules or face fines and potential criminal penalties. "Covered entities" include your physicians and hospitals. Penalties for mistakes run from a $100 fine for an innocent error up to a $250,000 fine and 10 years in prison for malicious misconduct.
If You Really Love Me, Don't Leave Me Anything!
This sounds like an odd statement, but it may be very accurate. Leaving assets directly to children or other beneficiaries may cause them problems which could be easily avoided or reduced by leaving them the assets in trust rather than outright. Even if the child is a very capable adult, it is often better to leave the assets in trust. The child can receive the assets in trust and could be trustee of that trust. As trustee, the child could invest the assets as desired, could purchase a home with trust assets and live in it, and could even start a small business. All of this can be done while leaving the assets in the trust. Further, as trustee, the child could make distributions needed for his or her health, education, maintenance and support, or that of his or her own children. Finally, the child can be given a power to determine who should get any remaining assets at his or her own death.
