Grandparents have the best of all worlds. They get to enjoy spending time with their grandchildren without all the responsibilities of caring for them day to day. If you are a grandparent, however, you may choose to contribute financially to your grandchildren’s care while you are alive. You may also want to make gifts to your grandchildren in your estate plan. The Vero Beach living trusts … [Read more...]
Last Will vs. Living Trust
Although your initial estate planning document will probably be a Last Will and Testament, there may come a time when you consider adding to that limited plan or even using another primary method for the distribution of your estate assets. Specifically, many people decide that a living will is a better option for distributing assets than a Will. The question then becomes, Last Will vs. Living … [Read more...]
Older Americans Month Is an Excellent Time to Update Your Estate Plan
Each year, during the month of May, the Administration for Community Living (ACL) sponsors the nation’s observance of Older Americans Month. Every year there is a new theme for Older Americans Month. The 2019 theme -- Connect, Create, Contribute -- encourages older adults and their communities to:Connect with friends, family, and services that support participation. Create by engaging in … [Read more...]
How to Use a Memorandum of Intent with Your Special Needs Trust
The moment you become a parent, the need to have an estate plan in place becomes apparent. If you are the aren’t of a child with special needs, the need for a well thought out and comprehensive estate plan is heightened. Care must be taken when providing for your child because making direct gifts can do more harm than good. As part of your special needs planning component within that estate plan, … [Read more...]
The Type of Joint Title You Choose Can Put Your Property at Risk
Creating a successful estate plan requires you to do more than simply decide how your estate assets are to be distributed after you are gone. It also requires you to protect those assets while you are alive. Fortunately, there is a wide range of estate planning tools and strategies that can help with asset protection. The Port St. Lucie asset protection attorneys at Kulas Law Group explain how … [Read more...]
When Is It Too Late for Medicaid Planning to Help?
Hopefully, you already have at least a basic estate plan in place. If so, you are off to a great start. If your estate plan doesn’t include Medicaid planning, however, and you are already enjoying your “Golden Years,” you might find yourself facing a dilemma. If you suddenly need to qualify for Medicaid, and did not plan ahead for that possibility, your retirement nest egg might be at risk. That … [Read more...]
What Happens to Your Retirement Account When You Die?
In the United States, a significant percentage of the workers count on the funds in a retirement account to live comfortably during their retirement years. The rules of most retirement accounts require the owner to take the funds out in disbursements over many years instead of just withdrawing one lump sum when they reach retirement age. Consequently, it is not unusual to have funds left in a … [Read more...]
What Can an Estate Plan Do for You?
Have you put off creating your estate plan despite well-meaning friends and family members urging you to get a plan in place? If so, you are hardly alone. Over half of all Americans don’t have an estate plan in place. Those same people, however, acknowledge the importance of having a plan. One reason people frequently put off creating an estate plan is that they don’t realize everything a well … [Read more...]
New Estate Tax Proposal
A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read on to learn more about this proposal and its prospects.New Estate Tax Proposal … [Read more...]
Do I Need an Attorney to Help Me Administer a Trust?
Ideally, when a trust is created, the Settlor (the creator) gives considerable thought to the appointment of the Trustee and discusses that appointment with the prospective Trustee before making it final. In reality, however, that doesn’t always happen. In fact, Settlors often appoint a spouse, family member, or close friend to be the Trustee of their trust without really contemplating the … [Read more...]
