Nursing homes and assisted living facilities are beginning to allow visitors again. If you are considering visiting a friend or family member, it continues to be important to take precautions to prevent the spread of COVID-19. Even if nursing homes in your state are allowed to resume visitation, individual nursing homes may remain locked down due to local or facility-specific circumstances.
Washington State law does not require employers to provide severance pay. However, when an employee is facing unwanted termination, a severance agreement (sometimes also called a separation and release agreement) can benefit both sides. Whether you are an employee who has been handed an agreement, or an employer needing to terminate an employee for any reason, it’s important to know what you are giving up and what you are gaining by entering into such an agreement.
Right now, self-care is more important than ever. In the midst of protests and pandemic, quarantines and election-year politics, we must focus some time and attention on taking care extending grace to ourselves. Self-care is the practice of taking care of our needs — for rest, for healthy food, for community.
hould I tell my estate planner I’m expecting an inheritance?
Yes. While some people are hesitant to count their chickens before they hatch, looping your estate planner into your full financial picture is the best way to prepare for whatever the future may hold. By planning ahead, you can help ensure that whatever is left to you will be protected and able to be enjoyed for years to come. With all of the emotions that surround the passing of a loved one, you’ll be able to focus on grieving and the administration process, without having the additional worries of how you will handle your finances.
When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to help protect it: an inheritor’s trust.
A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in five spend, donate or simply lose it all. If you are about to receive an inheritance, there are several steps you can take to insure your funds will last longer than a few years.
Receiving an inheritance is a huge blessing but, if not handled properly, can also become a curse. Often times, the inheritor does not know what to do with the new asset and runs into financial trouble, squandering most, if not all of it. This could happen due to the inheritor having outstanding creditor issues or tax troubles or being inexperienced with managing the new assets. No matter what the financial obstacles maybe, estate planning can help address or even eliminate these issues. For these reasons, it is vital to update your estate plan - or create one if you have not already - if you have received or are expecting to receive an inheritance.
Retiring from your business can a tough decision. To ensure that what you have built continues on, there needs to be a plan for succession. For some people, they have spent years grooming a child or other family member to take over, wanting the business to stay in the family. Others look to sell to a third party for a quick way out that will also give them a nest egg for their next phase of life. However, there is a third option--transferring the business to your employees. If you like the idea of transferring your business to long-time faithful employees who have contributed greatly to the company’s success over the years, below are a couple of options for you to consider.
