There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you are young or your estate is modest, you should always have a legally valid and up-to-date will.
Your estate consists of your assets (money, real estate, and belongings). Your estate also includes your debts, expenses, and unpaid taxes. Once you pass away, someone must take charge of your estate and settle your affairs.
Inflation occurs when there is more money circulating than there are goods and services to buy. The process is like trying to attend a sold-out concert at the last minute; there is more demand for tickets than there are tickets to go around.
At a time when your career is reaching a peak and you are looking ahead to your own retirement, you may find yourself in the position of having to help your children with college expenses while at the same time looking after the needs of your aging parents. Squeezed in the middle, you have joined the ranks of the "sandwich generation."
People are living longer today, and although that is good news, the odds of requiring some sort of long-term care increases as you age. As the costs of healthcare, home care, nursing homes and assisted living continue to increase, you may wonder how it is you are going to keep up. One option that is growing in popularity is long-term care insurance (LTCI).
Often times Medicare does not cover your entire healthcare costs during retirement, so you may want to buy a supplemental medical insurance policy known as Medigap. Medigap is sold through private insurance companies and is designed to cover costs not paid by Medicare, helping you fill the gaps in your Medicare coverage.