Wills vs Trusts.
A will and a trust go together.
A will is a letter of instructions to go to the probate judge describing your desires regarding your personal items.
Each state has their rules as to when probate is required. It is often based on the value of one’s estate that determines whether probate courts are involved.
A trust is a legal document that can be its own legal entity. A trust is usually needed when real estate or other type of valuable property is involved.
It is not a good idea to use a trust as a beneficiary to life insurance or for any type of tax-advantaged retirement account such as a 401(k), 403(b), 457(b)etc..
Also, note that you should have beneficiaries designated for your bank accounts as well. Bank accounts and retirement accounts have the option to chose a beneficiary and therefore, a trust is not needed. Contact your local bank to update your beneficiaries.
If you don’t update/add beneficiaries, the banks will not and can not communicate with you regarding financial issues.
We recommend you consult an attorney who specializes in wills and trusts.
We recommend our customers to:
https://binghamestatelaw.com/about-me/. Attorney Kim Bingham has been servicing our customers for the past 5 years and our customers are very pleased.
FAQS
I'm too young, I don't need life insurance.
The best time to get life insurance is when you are young and healthy. This can allow you to save millions of dollars in future taxes and save more than if you contributed to a 401k.
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I'll wait until I get married or have children.
Health is always uncertain. Not everyone qualifies for life insurance. It is always better to get your life insurance while you are young and healthy.
Proper maintenance is essential to extend the life of your flooring. For hardwood and laminate, regularly sweep or vacuum to remove dirt and debris. Use a damp mop for cleaning but avoid excessive water, which can damage wood. For carpet, vacuum frequently and consider professional deep cleaning periodically. Avoid dragging heavy furniture and use protective pads. Also, place rugs in high-traffic areas to minimize wear. Finally, follow the manufacturer's care guidelines for your specific flooring type to ensure longevity.
I buy gold and silver.
Gold and silver are great but, they do not provide all the tax free benefits to you and your family.
Whole Life Insurance Is a Scam.
Compared to what? Well, life insurance is the best place you can put your money. It is also the oldest most secure and proven product in existence.
I Have Life Insurance.
Many people don't realize whole life insurance (Permanent) is the first kind of life insurance and the oldest type of life insurance.
Term life insurance (Temporary) is new and the most expensive life insurance you can buy.
Hardwood flooring offers numerous advantages that make it a popular choice. Firstly, it's known for its timeless beauty and versatility, complementing a wide range of interior designs. Hardwood is also incredibly durable, often lasting for generations with proper care. Unlike carpet, it doesn't trap allergens and is easy to clean. Additionally, hardwood can add value to your home. While it may require a higher initial investment, it can pay off in the long run by increasing the resale value of your property.
I'll wait until I get married or have children.
Health is always uncertain. Not everyone qualifies for life insurance. It is always better to get your life insurance while you are young and healthy.
Proper maintenance is essential to extend the life of your flooring. For hardwood and laminate, regularly sweep or vacuum to remove dirt and debris. Use a damp mop for cleaning but avoid excessive water, which can damage wood. For carpet, vacuum frequently and consider professional deep cleaning periodically. Avoid dragging heavy furniture and use protective pads. Also, place rugs in high-traffic areas to minimize wear. Finally, follow the manufacturer's care guidelines for your specific flooring type to ensure longevity.
I buy gold and silver.
Gold and silver are great but, they do not provide all the tax free benefits to you and your family.
I have life insurance at work.
Employer provided life insurance is great because it is often a free benefit. However, anything that is free is not usually the best. Employer provided life insurance is temporary and not transferable. You need to have your own personal policy to truly provide protection and tax-free growth.
