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Life insurance is often one of the most important parts of an estate plan. People usually purchase life insurance to prevent their spouse, children, or other dependents from suffering financial hardship if they die unexpectedly. You may think that all you need to do is simply write in the name of the person you would like to receive the proceeds from your life insurance policy on the beneficiary designation section of your paperwork and forget …

In March 2004, the Senate passed Resolution 316, which officially recognized April as National Financial Literacy Month. Both Houses of Congress have passed similar resolutions since then designed to encourage financial literacy so that individuals are better prepared to manage their money, credit, and debt. Nevertheless, in the fourth quarter of 2019, U.S. household debt, which includes student debt, credit card debt, auto debt, mortgages, home equity loans, and other debts, exceeded $14 trillion for …

While watching a movie or reading a book about wealthy individuals and their families, you may have come across terms such as “heir,” “descendant,” and “next of kin.” Though made-for-Hollywood storylines use these terms interchangeably, words describing familial relationships have distinct definitions. Using the correct terms is critical in wills, trusts, and other legal documents because words have significant implications. The wrong word can lead the courts to incorrectly interpret your documents and therefore cause …

What Is a Trust Protector? Traditionally, the three roles that must be filled when setting up a trust are the settlor (also called a grantor, trustor, or trustmaker), the trustee, and the beneficiary. All three roles are necessary to create a trust that functions properly. Although it is relatively common to use trust protectors in foreign asset protection trusts, a trust protector is a fairly new role in trusts drafted in the United States for …

Many scientific studies have established that there is a wide range of benefits flowing from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, you can resist the pull of negativity and embrace the beneficial results of positivity. This is not just an attempt to make yourself feel better in spite of reality, but rather to take full advantage of the proven benefits of positivity. …