While most people won’t actually say anything out loud, when a family member passes away they start to wonder what they will inherit from the decedent’s estate. In fact, family members often end up in costly and divisive court battles over the inheritance to which they feel they are entitled. Believe it or not, however, beneficiaries don’t always want the inheritance left to them by a family … [Read more...]
How and When Does a Living Trust Terminate?
A living trust is one of the most common tools used in estate planning. If you are contemplating the addition of a living trust to your estate plan, you probably have a number of questions about how a trust might fit into your plan, how to create a trust, and how a living trust terminates. To help answer one of those questions, the attorneys at Kulas Law Group explain how and when a living trust … [Read more...]
Is an Inherited IRA Taxable to the Beneficiary?
Planning for retirement is much more complex in the 21st century than it was in decades past. Workers can no longer rely on employer-sponsored pensions and the future of the Social Security system remains uncertain. Consequently, more and more people are saving for their own retirement using tools such as a 401(k) or an Individual Retirement Account (IRA). If those accounts still have assets in … [Read more...]
5 Documents You Need to Review after the Loss of a Spouse
If you recently lost your spouse, you are undoubtedly dealing with the emotional impact of that loss right now. The changes that need to be made to your estate plan in light of your spouse’s death is probably not at the forefront of your mind. Nevertheless, there are some changes you should likely consider making. To help you get started, the Port St. Lucie estate planning attorneys at Kulas Law … [Read more...]
What Is a Family Wealth Trust?
When you initially sit down to create an estate plan, a Last Will and Testament may be all you need to ensure that you don’t leave behind an intestate estate in the event of your death. A Will can distribute your entire estate; however, as your estate and your family both expand, you may find that a Will is no longer sufficient to meet all your estate planning needs. At that point, you may decide … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you. What is a GST Trust? … [Read more...]
What Is the Community Spouse Resource Allowance?
At some point during your retirement years, you may find that you need the type of care that can only be provided by a long-term care facility. Given the high cost of that care, you may need to turn to Medicaid for help paying your long-term care (LTC) bill. One concern many seniors have when considering Medicaid as an option is the impact applying for Medicaid will have on their spouse who plans … [Read more...]
Why You Might Want to Use a Living Trust to Make Gifts to Your Grandchildren
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...]
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