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Explain your estate plan to adult children

Creating an estate plan is one of the most important parts of life. This plan protects not only you but your assets, your spouse, your beneficiaries and your property when you die or become incapacitated. Reviewing your estate plan every couple of years is a great way to make sure what is expressed in the plan is still your preference. If you have adult children, it is important to explain the wishes outlined in the plan as soon as possible.

It's a good idea to explain what is in your estate plan, so your adult children have an understanding of your wishes and what they can expect when you pass away. For example, inform each adult child how and what they will be inheriting money and assets, so they are not surprised upon your death.

How to make shared custody work for all involved

Have you come to an agreement on shared custody with the other parent of your children? If so, there needs to be a lot of "give and take" in this relationship in order to make shared custody work for all those who are involved. It might get off to a rocky start, but the harder you work in the best interest of your children, the more successful the situation will be for everyone.

You need to create an agreement that takes your child's needs, activities and age into account. Their lives are the focus of this agreement. If you cannot take them to sports games, pick them up from activities after school or get them to doctor's appointments because of work, you should not be agreeing to a schedule that makes you responsible for these things.

Debt settlement may not be the solution you hoped for

If you are struggling with overwhelming debt, your mind may be full of questions and worries about your future. Falling behind on your debt payments can be a scary thing, and you are probably dealing with warning letters in the mail and humiliating phone calls that demand payment.

During this stressful and confusing time, you may be looking for any port in a storm, and this is what makes many in Tennessee vulnerable to the lure of ads that promise to settle your debts quickly and inexpensively. If you are considering turning your debts over to a settlement company, you should take some time to investigate all your options and learn as much as you can about how the debt settlement industry works.

Co-parenting tips for Memorial Day weekend

Memorial Day weekend is right around the corner. Many families in Memphis, Tennessee, will either travel for the long weekend or host family and friends for a celebratory barbeque to tip off the unofficial start to summer. Today, we will provide some co-parenting tips for the Memorial Day holiday that you can also use when your children are on summer vacation.

Even though Memorial Day is not as big of a holiday for parents sharing custody as Christmas, Hanukkah, New Year's Day or Thanksgiving, it is still an important holiday for many families. Many families like to go away for this extended weekend. Others like to have parties at home. It can be difficult to plan when sharing custody.

You aren't always powerless when it comes to a wage garnishment

Few people here in Tennessee, or anywhere for that matter, would argue with the fact that having even more money taken out of your paycheck because you can't meet your financial obligations doesn't help the situation. When you received notice of the wage garnishment, you probably felt as though you could do nothing to stop it.

Now, you don't bring home as much as you used to, and it's even harder to pay your essential bills such as rent, utilities, groceries and gas. Is there anything you can do?

Estate planning is not just for young people

There is a misconception out there that estate planning is only for people of a certain age. For example, you went through life already, had kids, sent them to college, and now have grandchildren; yet you do not have an estate plan. Even though you made it this far without a plan, it's still not too late to create one. You have a lot of beneficiaries to protect late in life. Estate planning is not just for young people.

Just because you are no longer young and don't have any dependents living under your roof doesn't mean that you shouldn't plan your estate. Estate planning protects more than just the dependents who live in your home. It protects your spouse. It protects you should you become incapacitated. It protects your heirs upon your death.

Refrain from social media use while going through a divorce

Social media has become the forefront of our lives. Millions upon millions of people use various social media platforms multiple times per day. They share photos, videos, stories and other items with their followers. Social media can be a blessing -- but when it comes to divorce, social media can be a big curse. Here's why you should refrain from social media use while going through a divorce.

Do not disparage your spouse on social media at all. Making rude comments, sharing secrets and even posting unflattering pictures of your spouse can cause a lot of problems for you when going through a divorce.

Indirect impact of divorce on your credit

There are quite a few indirect impacts a divorce can have on your credit score. Just know that getting divorced in and of itself does not lower your credit score. There is no section for marital status on your credit report. It is how you handle all of the financial issues that come with divorce that impact your credit score and we will look at some of those issues in this post.

It might be wise to sell the family home, especially if there is still a mortgage on it, and then split the proceeds. Why? If you decide you want to keep the home, you will need to refinance the mortgage to get your former spouse's name off of it. This will add a lot of debt to your name and hurt your credit score.

Changing a deed to a house after the death of your parents

In many cases, your parents will have a trust or other legal document in place that prevents the family home from entering into probate when they die. It's not often that both parents die at the same time, but it isn't out of the realm of possibility for it to happen. If for some reason nothing was set up properly, you will need to follow the local procedure for transferring the deed of the home through probate.

It's important to know that a will and a trust are two very different legal documents. A will simply explains the wishes of a person after they die. A trust helps move property from one person to another after death by avoiding probate. When you draft a trust, you move property without paying taxes on it.

Virtual visitation might be an option for your custody plan

Virtual visitation has become a popular option for parents involved in a child custody agreement to communicate with their children. Parents aren't always readily available to speak to their children or even visit with them because of various factors, including work, serving in the military and moving away from where they live. This is why virtual visitation might be an option for your child custody situation.

When you realize that you might not be able to see your children physically because of work, school, the military or where you live; virtual visitation can be the answer. It will need to be included in the child custody agreement for it to be used and there might be restrictions placed on how and when it can be used.

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