Estate Planning Articles
Some of these articles have been written by our law firm and other articles are written by the American Academy of Estate Planning Attorneys and compliments of our law firm. Any feedback or questions about the articles can be addressed by contacting our office.
Do the Medicaid gifting rules and asset transfer penalties have you confused? If so, you are not alone! Unfortunately, failing to understand the rules and penalties could result in your ineligibility for benefits right when you need them the most. The answers to several common questions may help you gain a better understanding of Medicaid’s rules and penalties.
Nursing homes have historically resisted the concept of Medicaid planning based on the assumption that patients who engaged in Medicaid planning were trying to avoid paying their bills. In recent years, many nursing homes have started to rethink that position as they realize that Medicaid planning is often in their best interest as well as the patient’s.
Your farm or ranch has been in your family for generations. Are there obstacles which may prevent a smooth transition of values and assets to the next generation? If so, how can an effective estate plan can help you overcome those obstacles?
Don’t leave your future, your children’s, or your estate’s future up to chance. Learn about the odds of incapacitation and death, and how a comprehensive estate plan can tip the balance in your favor.
Odds are many of us have heard of the federal gift tax; however it’s not something most Americans face and here’s why.
For most families, especially those with considerable assets, gifting is a great way to reduce their taxable estate while providing even greater benefits for minor children.
When you make the decision to adopt a child into your family, it can be an exciting and emotional time. Don’t let this joyous occasion of adoption lead to legal or financial trouble that can be avoided with proper planning. Find out why it’s important to speak with an experienced estate planning attorney when you’re ready for that big step!
What are your New Year’s resolutions this year? Ever thought about adding estate planning to the list? You should; and here’s how to do it.
What would you do if you suddenly became wealthy? Did you know that there are certain steps you should take if you win the lottery, inherit a fortune, or receive some other form of a windfall? Find out how to make the most of sudden riches – and how to avoid financial trouble.
One method for making sure you leave a lasting charitable legacy is to let a life insurance policy do the work for you. Here’s how.
Many in the LGBT community and nationwide are celebrating the Supreme Court’s rulings in U.S. v. Windsor and Hollingsworth v. Perry. What questions do these rulings raise, and how will they affect your estate plan?
The Irrevocable Life Insurance Trust is a common estate planning tool. Although this trust is irrevocable, it offers some flexibility. Learn some basic facts and benefits offered by an Irrevocable Life Insurance Trust. Discover whether it might work as part of your estate plan.
For many, one of the most complicated and awkward conversations is likely a discussion around funerals. Preplanning for a funeral can be the ideal opportunity to start a conversation, and if you’re a Medicaid recipient, it’s even more important.
Incorporate gifting to your loved ones as a way of reducing your overall annual tax burden, but be sure you do it in such a way that it maximizes your goals.
New Years is a common time for one to consider their plans for the future. It is also a time to make resolutions. This year, the best resolution may involve making important decisions about what will happen after your death. Too many people put off estate planning, leaving their family in a mess. Make a New Year’s resolution not to do this to your loved ones, but instead to think ahead with a comprehensive estate plan.
Giving to charity is wonderful way to support your favorite cause, and it makes you feel great. But what if you want to go the extra mile and make a larger than usual contribution? Here are three ways the IRS rewards you for including philanthropy in your estate plan.
Your home is likely your family’s most valuable asset, not only emotionally, but also financially. Read this article to learn how you can take advantage of the tax, estate planning, and asset protection benefits available to you as a homeowner.
A simple way to reduce your estate tax bill is to make financial gifts during your lifetime. Children and grandchildren are natural recipients of our generosity, but there are a few things you’ll want to consider if they are still minors. Here are some common strategies for sharing your wealth with the children in your lives.
Many couples take a divide and conquer approach to household chores, and this tends to include finances as well. Often, this means one spouse is in the dark when it comes to the family’s bills, budget, and important documents. Here’s how you both can get up to speed.
While creating a Trust is an important step, it’s just the first step in securing your legacy. Has your Trust been properly funded? Find out why you should follow up with a good estate planning attorney to ensure your assets are properly protected.
The Risk of No Contest Clauses
Compliments of Our Law Firm
Written By: The American Academy of Estate Planning Attorneys
When renowned fashion designer Oscar de la Renta died in late 2014, the assumption of many was his son, widow and her three children would receive similar – if not equal – inheritances. Instead, the designer’s son, Moises de la Renta received a very small inheritance (especially considering the size of his estate). Oscar de la Renta complicated things further for Moises when he instructed his attorney to include a no contest clause in his will. Is the paltry inheritance he recieved enough to prevent the younger de la Renta from tying up the estate in a lengthy court battle or is it sufficient enough for him to rethink any plans to contest the will at the risk of losing it all?
Moises was adopted by Oscar from an orphanage in Dominican Republic when Moises was two days old. Oscar raised Moises alone for the most part, though the elder de la Renta eventually remarried a woman who had three children of her own.
As Moises grew up, it became clear that he wanted to follow in his father’s footsteps. He launched his own line of women’s clothing, but instead of making his father proud, it resulted in a falling out between the two in 2005. Father and son didn’t speak for some time and judging from the estate’s details, it appears his father hadn’t forgiven him. Further, Moises’ fashion line never gained traction.
Many were surprised to learn of the no contest clause, which in effect states that any efforts to contest Oscar’s last will and testament can result in a total loss of Moises’ inheritance. In order for these types of clauses to really serve a purpose, there must be an incentive. For instance, if the younger de la Renta learned he’d inherit $10,000, it may not be enough of an incentive to remain quiet. He may be willing to lose $10,000 if there’s a possibility of successfully contesting the will. On the other hand, if his father left $500,000 to him, Moises could be less inclined to jeopardize that sum of money.
At the age of 82, Oscar had only recently signed his will in the final weeks of his life. His wife of 25 years, Annette, inherited most of her late husband’s material possessions and other assets, including a Park Avenue apartment valued at $13 million, a home in Connecticut worth nearly $3 million, and an estate in the Caribbean. The remaining assets were left in trust for his three stepchildren and his own son. It’s interesting to note that de la Renta’s widow and stepdaughter are co-executors of the estate; Moises plays no role.
To learn more about no contest clauses and how to reduce the risk of having your estate plan contested, we welcome the opportunity to help you explore your estate planning options.
It’s no secret that a business owner must face the reality of what will happen to their company upon their death. Are you prepared to consider the many factors of family business succession planning?
The holiday season is typically or usually spent with family and friends and is a time to reflect, on the life you have built. As you look back on the past and consider the future, it is also a time to think about your legacy. Protecting your legacy is important and estate planning is just the first step in the process.
Our priorities shift as we move through our lives. What might have been important in our early twenties may no longer be a priority as we near retirement. It’s important to ensure our estate plans are current and that a trustee is chosen who will carry out our wishes when we are no longer able to do so. Learn more about addressing your estate planning priorities and how they might affect you in the future.
Choosing the right life insurance policy can ease the worries of those with a terminal illness. It can eliminate the financial distractions so that a families can focus on the well-being and comfort of a loved one.
Many of the obstacles same-sex couples faced until now are no longer unanswered questions or impossible challenges. Due to the Supreme Court’s decision in Obergefell this past June, estate planning, taxes, and other important legal quagmires are a bit clearer – and more easily achieved.
Hiring an estate planning attorney has its challenges, especially if your current attorney is preparing to retire or relocate. Here are a few tips that can help you make the transition.
Rising Medical Costs and Retirement
Compliments of Our Law Firm
Written By: The American Academy of Estate Planning Attorneys
Many of us believe we have the “planning for the future” space covered. We’ve worked hard and saved. Our homes are paid off by the time we go into retirement and as far as we’re concerned, life now consists of living well in the way we define. In a perfect world, that’s true. In reality, there are a few things which can quickly annihilate our sense of independence. Planning is key, but knowing precisely what you need to plan for is crucial.
It’s not uncommon to hear stories like this: A woman shares a tale about her closest friend whose husband had passed away a few years earlier. She tells of her friend’s loss and grief and the many things she’d begun to do as she learned to live her life without her husband by her side. Her friend was able to travel, visit old friends and of course, visit her children and grandchildren. During one of her trips, she became quite ill. After spending an extended period of time in the hospital, her family was told that she would need long-term care in a nursing home. The doctors said it wouldn’t be a permanent scenario, but this type of long-term care was crucial for a full recovery.
The Harsh Reality
The belief was that Medicare would cover these expenses. However, the family soon learned that not only did Medicare not cover any of her nursing home expenses past 100 days, but there were also considerable copays after the first 20 days. Further, she and her family learned that the costs of the nursing home would come to more than $8,000 each month. Up until then, the woman was sure all of their planning had sufficiently covered their bases in such a way that they would never be reliant on their children. Instead, this medical emergency cost her the entire life savings and before long, she had no assets, which meant there would be nothing to leave her children and grandchildren.
This woman was now worried because she and her own husband had followed a similar path for their after-retirement planning. She especially wondered what she could do to prevent this same fate of her friend.
Medicaid Income Only Trust
When applying for Medicaid, the applicant must not have more than a certain amount of assets. In most states that limit is $2,000. In addition, there are certain assets which are exempt and not countable resources, such as the primary residence, up to limits set by the state, but in no event less than $500,000 of equity. If you put money into a Medicaid Income Only Trust, those assets are not countable resources. However, you have to plan in advance because a transfer within five years of when you apply for Medicaid can incur quite substantial penalties. The Medicaid Income Only Trust is an irrevocable trust where the person transferring the money into the trust no longer has rights to the principal, but has rights to the income. The principal is retained in the trust and administered for the beneficiaries you determined, typically your children, on the terms you set up. The income is paid to you. If you need nursing home care, the income may go toward medical expenses, but the principal is safe from the medical expenses.
In addition, had the woman’s friend incorporated a Medicaid Income Only Trust, she and her family wouldn’t have faced a steep $8,000 monthly nursing home cost. Even though most of her income would have gone towards her medical care, the remaining balance would have been picked up by Medicaid.
This cautionary tale is meant to convey that with just a bit more planning, you too can better preserve your resources while planning for the unexpected and not allowing your family to shoulder the financial burdens. Discuss your options with a qualified estate planning or elder law attorney can help you plan to preserve your financial independence in the best way for you.
As parents, one of the challenges we face is ensuring our children feel as though they’re treated fairly and loved equally. What many may not realize, however, is that sometimes accomplishing this doesn’t include equal divisions, especially after they’ve reached adulthood. This is also sometimes the case with Estate Planning. While it’s designed to efficiently distribute your assets after your death, it’s also meant to see your final wishes implemented. The challenge is making sure your children understand that after assessing the dynamics and factors associated with your family and the needs of each family member, your final wishes may appear to be unfair, even though your goal was always to address the needs of each child versus the collective family.
Estate Planning When You’re Child Free
Compliments of Our Law Firm
Written By: The American Academy of Estate Planning Attorneys
Between 1980 and 2010, the number of women over the age of 40 who opted to forego motherhood doubled from 10 percent to 20 percent. That trend is expected to continue. The reasons for remaining childless are as varied as the men and women who have chosen to skip parenthood. Many are involved in their careers, others may have married and divorced early on and have no desire for domestic life and others say they worry about the future and what it might look like twenty years from now. Still, there are long-term planning objectives that are as important for childless men and women as they are for parents. Estate planning as a whole should remain a priority.
Estate planning is far more than creating a will; it’s about ensuring your financial bases are covered through every aspect of life. Not only that, but there are healthcare considerations, taxes, insurance, creditors, and other legal considerations.
Don’t underestimate the importance of powers of attorney. Who do you trust to make medical decisions if you are unable to speak for yourself? Who pays your bills if you’re in the hospital? Who ensures the mortgage is paid and the utilities are covered? A financial power of attorney as well as a healthcare proxy are vital.
- Bought a home?
- Saved for retirement?
- Invested in stocks?
- Opened your own business?
- Maybe you’ve won the lottery?
These are all assets that are part of your overall estate plan and unless you want the state to determine what happens to those assets, it’s important to cover those bases with properly prepared legal documents.
Your nieces and nephews could benefit from your years of hard work. A trust is a great way to help them as they begin their lives. Whether you set money aside for college or a down payment on their first home, you could make a difference in their lives as they transition into adulthood.
Speaking of making a difference, don’t overlook the importance of charitable giving. This is a great way to give back to your community and regardless of which charity benefits from your generosity, you can be sure you’re leaving the legacy you envision.
Don’t forget to set up a pet trust, if appropriate. These are simple documents that allow you to express your wishes for your furry family members while also financially providing for their care. We love our dogs and cats and we want to be sure they’re cared for and loved if we are unable to do so or are no longer here.
Many Americans may choose to remain child-free, but that makes the need for a strong financial and estate plan all the more important. A qualified estate planning attorney can assist you with putting your legacy in place. Contact our offices today to schedule a consultation.
Many people put off estate planning because of the uncertainty of what it means and what it encompasses. It’s not an overwhelming or time-stealing process, though it is crucial for ourselves and our families.
Many who go through a divorce are confident the legalities are behind them once they sign their divorce papers. The reality is there are other important legal tasks that can affect your future, including making changes to your estate plan, retirement beneficiary forms and even banking information. As you prepare for the next chapter in life, be sure those chapters you’ve closed won’t affect your happy ending!
Owning assets outside the United States raises a number of estate planning questions: Who gets your property when you pass away? What taxes are due? And how should your estate plan in the U.S. be tailored to ensure that all your property – here and abroad – is transferred as efficiently and effectively as possible?
Today’s estate planning tools provide families a host of financial and legal vehicles that can help ensure a family’s legacy easily pass to the next generation. In fact, we have more options now than our grandparents had in their own efforts of passing down the values and wealth.
With college costs at an all-time high and no relief in sight, parents and grandparents are looking for ways to maximize their education savings dollars. Learn how you can combine the savings from an education trust with the tax savings feature of a deferred annuity to increase your college spending power.
It is not uncommon that a loved one is being cared for by a spouse close in age, so it is important to ensure they will continue receiving care even after their spouse is gone. An estate planning attorney can advise and assist with taking the necessary step to secure the future of your loved ones, especially those in need of special care and assistance.
Many of us think of our pets as family members, but we don’t always think through who will care for our beloved animals after we die. Did you know that you can and should include your pet in your estate plan? Here are some simple options for making sure your pet lives a happy and healthy life, even after you’re gone.
You might look at your eighteen-year-old and see an average teenager, but, legally speaking, eighteen means adulthood. When your child turns eighteen, you no longer have the right to manage their property, access their medical records, or do any number of things you’ve taken for granted until now. Learn about the practical problems this can present and how you can plan around them.
Many people may be considering giving to a favorite charity or cause especially around this time of year. However, it’s important to make sure you’re informed about the latest tax rules before drawing from your Individual Retirement Account (IRA) to avoid any unpleasant surprises. Find out why you should speak with an experienced attorney when you’re feeling charitable this holiday season.
New Year’s is a time for resolutions. This year, resolve to keep harmony in your family both now and in the years to come. Proper estate planning helps to ensure your family’s peace of mind.
We always hear that planning is crucial. No truer is that sentiment than when it comes to caring for our aging parents. Proper planning can mean the difference of an enjoyable retirement or one that’s riddled with problems.
There are few things more precious than the relationship between grandparents and grandchildren. Be sure you leave them with more than just memories. Proper estate planning is a great way to make the most of your gifting efforts.
More people than ever before are millionaires in the U.S. today. Whether you’re on track to become one, plan to protect your estate by finding out why it’s important to visit an experienced estate planning attorney to protect your estate!
Legacy planning goes beyond typical estate planning and focuses on protecting not only a family’s assets but their personal legacy, such as family values, stories and heirlooms.
If you’ve already created your Will or Trust, chances are that most people think they’ll no longer need the advice of an estate planning attorney. However, even minor life changes may require attention in your plan. Find out why it’s absolutely essential to review your Will or Trust periodically with an experienced estate planning attorney.
Does your child with Down syndrome receive government benefits? If yes, using your Will to leave money directly to your child can jeopardize his or her government benefits. Learn how a Special Needs Trust can provide long-term protection for your child.
We all want to leave a lasting legacy for our children and grandchildren, but it can be easier said than done. In this article, find out how legacy wealth planning can go beyond basic estate planning to provide your loved ones with a true legacy, rather than a set of inheritances.
Proper planning with a qualified estate planning attorney can help to ensure that your assets are distributed appropriately after death. However, unless you have spoken to your loved ones and beneficiaries, there may still be conflicts if the terms of your inheritance come as a surprise. Find out more about the importance of communication with your loved ones sooner rather than later, and what to discuss to avoid unnecessary conflicts after you pass.
Leaving any bequest to your loved ones after you are gone can make a huge impact in their lives. However, it takes more than a few basic steps to ensure they receive the greatest benefit from your gift. Find out how to avoid these common estate planning mistakes and ensure you’re leaving a legacy that will last.
Just because you receive an inheritance does not mean you have to accept the assets. You have the right to disclaim the inheritance, which can be beneficial in some circumstances.
As a new parent, estate planning might be at the bottom of your long list, however, it can bring you immense peace of mind. Here’s what you need to know.
Estate planning for an 18-year-old isn’t something most people think about, but there are certain documents you need to create in case something happens to a young adult. An estate planning lawyer can help.
Poor estate planning can lead to disagreements among heirs and your legacy being lost. Don’t make the mistake of failing to plan properly, as these famous celebrities did. Ensure you have a good estate planning attorney helping you prepare for the future.
A loved one has given you the honor and responsibility of serving as a successor Trustee. But what does this really mean? Keep reading to learn about the responsibilities involved in administering a Trust.
Selecting your trustee is a critical decision because that person will be responsible for making sure your wishes are carried out in your estate plan. But what should you do if there’s tension between that person and other family members? Find out why relationships matter when selecting your trustee.
We typically have several companies or individuals who provide important services in our day-to-day life. Would your Trustee know who to contact in order to make sure everything from your home to your medical care continues to run smoothly if you were no longer able to? Find out what to consider when creating a list of important “service providers” when creating your estate plan.
Many business owners spend so much time working in the business on day-to-day tasks that they forget to ask one essential question: “What will happen to my business after I’m gone?” Most family-owned businesses fail to outlive their owners. Learn how you can help your business survive you.
Your estate plan covers your real estate, your financial accounts, and your family heirlooms, but what about your digital assets? Learn what your digital assets are and how to protect them.
The living trust is an incredibly popular estate planning option, but what is it exactly? Explore the uses and benefits of a living trust as you decide whether this planning tool is the right option for you.
A Living Trust can help you avoid probate, but does it really save you money? Let’s compare the cost of administering a Trust with the cost of probating a Will.
Even with extremely careful planning, people can often neglect to outline who should receive their family heirlooms and emotionally valuable property. Find out what you can do to avoid unnecessary feuds over your tangible personal property and help prevent potential family conflict.
Sopranos star James Gandolfini died in 2013 at the age of 51. Within weeks of his death, his Will was made public and put under a media microscope. Why did this happen and, more importantly, what lessons can you learn from it to protect yourself and your family?
Most people won’t be familiar with legal terminology if it’s their first time considering a visit to an estate planning attorney. Before a consultation, review this short list of common estate planning terms to help you prepare and feel more comfortable as you begin to create your plan.
Loaning Family Money – What You Need To Know Loaning Family Money – What You Need To Know Written By: The American Academy of Estate Planning Attorneys People lend money to family members for a variety of reasons.
Did you know that estate planning scams are becoming more and more common? Here are three tips for making sure you are never a victim.
Your vacation home is a source of countless cherished family memories, and you may want to keep the property in the family, for your children and grandchildren to enjoy even after you’re gone. However, without proper planning, your vacation home can become a source of conflict for your loved ones. Learn how good planning can protect your vacation home for future generations.
It’s something you figure out early in your role as a parent: treating your children fairly does not always mean treating them exactly equally. The fair vs. equal dilemma extends far beyond the days of mediating sibling squabbles and enforcing bedtimes. Sometimes in estate planning, as in parenting, fair does not necessarily mean equal.
Have you ever been invited to an estate planning seminar, but been hesitant to attend? When a seminar is conducted by a licensed estate planning attorney, it can be the perfect way to learn about your planning options. Here’s how an estate planning seminar can help you.
As you review your vacation checklist, make sure you’re not forgetting your estate plan. Without an up-to-date estate plan, a vacation emergency could leave you and your loved ones vulnerable. Here’s what you need to know.
Joint tenancy is a popular form of property ownership, primarily because when one owner dies, title to the property automatically re-vests in the surviving joint tenants. But using joint tenancy to avoid probate can create more problems than it solves.
It takes a team to make sure you have a fully functioning estate plan. Learn about the players, their roles, and – most important – how simple it is to assemble your estate planning team.
April 15th is fast approaching. Here are five simple and effective tips for saving time, money, and stress this tax season.
It’s time to make your New Year’s resolutions. This year, consider adding a review of your estate planning options to your list. Whether or not you already have an estate plan in place, a careful review of your planning options will ensure that you protect your family and assets and leave a lasting legacy. This article reviews some estate planning information for you to consider for this New Year.
For most people, dying without an estate plan means burdening loved ones with added inconvenience, delay and expense. For same-sex couples, however, dying without an estate plan can spell disaster. Find out why and learn what you can do about it.
Who would make your medical decisions if you were terminally ill or get into an unexpected accident? Have you expressed your wishes to your family members and, just as importantly, have you formalized your wishes so that your doctors will follow them?
A little nervous about your first estate planning consultation? Don’t be. Here’s what to expect.
Women’s roles in society and within the family have shifted dramatically over the past several generations and women have more earning power than ever before, yet too many wives take a backseat to their husbands when the subject of estate planning comes up. Here are five things every woman should know when it comes to estate planning.
Estate planning is only for wealthy people who want to reduce their estate taxes, right? Wrong! Only a tiny percentage of Americans need to worry about estate taxes but every adult needs an estate plan. Find out why.
People tend to think of estate planning as something that only the wealthy or the elderly need to do. In truth, regardless of your age, your situation in life, or your level of wealth, estate planning accomplishes a few universal goals.
You might not realize the advantages a low interest rate environment can offer for estate tax planning. Let’s take a look at just a few.
Sometimes, in an attempt to avoid thinking about the worst, we miss the opportunity to do the best for our loved ones. A comprehensive estate plan can help you confront your fears in a way that will ease your family’s responsibilities, should the unexpected happen.
Keeping your special needs child secure after you are gone takes special planning. The right techniques can ensure both your child’s well-being and your peace of mind.
Insurance has a number of uses as an estate planning tool. It helps protect and preserve your estate, giving you more to pass on to your loved ones. It also has special characteristics that allow you to position your estate for sophisticated estate planning. Learn about the basic categories of insurance and how they strengthen your estate plan.
The draft of your new Trust makes you wonder if your estate planning attorney gets paid by the word. Is all this verbiage really necessary? In fact, a good plan has many points to cover.
It can be a surprise to find yourself caring for elderly parents at the same time that you’re raising your own children. The emotional demands of these multiple roles are often coupled with financial challenges as well. That’s why it’s important to know when you can claim your aging or ill parent as a dependent for income tax purposes.
As Trusts gain popularity, a question comes up more and more often: who pays the income tax on a Trust? It seems like a simple inquiry, but the answer can be hard to pin down. So, who does pay income tax on a Trust? Here is the answer, in a nutshell.
You might have heard the word basis used in reference to taxes. Learn the definition of basis and how it can make a big difference in your estate plan.
If you’ve been chosen to serve as a Trustee, what responsibilities can you expect? Learn about the basic duties that come with this important and sometimes daunting job, and find out where you can go for guidance.
The estate planning process presents a number of opportunities for using asset protection strategies to protect yourself and your loved ones. Learn about asset protection, and avoid these four common pitfalls.
Although your Will or Trust might be the last thing on your mind as you prepare to move, this is actually an ideal time to review and update your estate plan. Find out why.
Life is full of surprises. None of us have a crystal ball, and this means it is unreasonable to create an estate plan without flexibility regarding your long-term wishes for your loved ones. When you build flexibility into your estate plan with a power of appointment, you can empower your spouse or children to stand in your place and make decisions based on your family’s changed circumstances.
Could you be married and not even realize it? If you live in a state that recognizes common law marriage, you could be married even without a marriage license or an official ceremony. Find out how common law marriage affects your estate plan and what you can do about it.
Your estate plan is prepared. Your Living Trust is in place and properly funded, you have a Pour-Over Will just in case, and your incapacity plan is ready and waiting in the event you need it. Is it time to part ways with your attorney? Not at all! In fact, your relationship with your estate planning attorney has just started.
If your children have reached adulthood, you might assume it’s best to leave them their inheritances outright, with no restrictions. However, you want to make sure your children enjoy flexibility in accessing and using their inheritances while minimizing the impact of taxes, divorce, lawsuits, and other threats. Therefore, it might be better to leave their inheritances in a Trust.
When you use a Will to plan your estate, much of your personal information becomes public after your death. A Trust can help you accomplish your estate planning goals while shielding your personal affairs from prying eyes.
If you want to leave a true legacy, a traditional estate plan is not enough. With Legacy Planning, you can pass on your values, wisdom, and family heritage along with your nest egg. You can also provide your children’s inheritances with just the right amount of protection from the threats and challenges of life.
Your mom and dad have always been there to guide you through life’s challenges. Now, the tables are turning. Learn some strategies for gently helping your parents plan for the challenges they’re likely to face as they age.
Most of us have daydreamed about inheriting money, but the reality of inheriting often doesn’t match our dreams. In the real world, an inheritance can bring with it a number of questions and worries. Here we address four common concerns about inheritances.
Estate planning is on everyone’s “should do” list, but it rarely seems to make it to the top of the “to do” list. Perhaps this is because of all the myths surrounding the estate planning process. Here are five common estate planning myths, along with the truths behind them.
Choosing between a traditional IRA and a Roth IRA can have significant tax and estate planning consequences. Whether a Roth is the right option depends on a number of factors, including an account owner’s current income, anticipated post-retirement income, and estate planning goals.
The U.S. Congress continually debates the estate tax, often considering whether or not it should be done away with entirely. Many people think this tax is a cornerstone of estate planning, so if it’s eliminated, they don’t need an estate plan. Nothing is further from the truth. This article explains why.
You’ve heard the maxim, “It’s better to give than to receive.” Americans take this aphorism to heart, especially as it relates to contributions to charity. Did you know that our tax laws actually encourage charitable giving? This article will explain gift-giving options from small to large, each with tax-savings implications.
Ranch life comes with its own particular challenges and rewards. Therefore, ranch families have even more need for professional advice than other families when it comes to finding the most effective means of passing on their assets, which may be more substantial than they suppose. This article explores various means that can be employed to create an estate plan which minimizes taxes and distributes assets equitably.
Time passes quickly. Life brings change. While these may seem like platitudes, they reflect the truth of most people’s lives. This article will encourage you to recognize a new life stage as an opportunity to review and fine tune your estate plan.
The financial consequences of a divorce can be costly. You can do things right now to protect future generations in your family from suffering financial devastation after a breakup.
Divorce is bad enough, but did you know that your children and new spouse can suffer financial devastation if you do not remember to change your estate planning documents after a divorce?
Who should you entrust with planning your estate? Unfortunately, the estate planning industry can be a mixed bag. Along with licensed, qualified attorneys there are unqualified, or even unlicensed, individuals producing cookie-cutter estate plans that may or may not work as intended. Find out why you should choose your estate planning practitioner wisely.
You and your spouse have worked hard to save for your golden years. But have you planned for a long, secure retirement if one of you outlives the other? Here’s how paying attention to certain key financial areas can set both of you up for a secure, worry-free retirement.
When you compare a do-it-yourself living trust with one that was prepared by a qualified estate planning attorney, one of the first things you’re likely to notice is that the attorney-prepared trust is long. And it might not be so easy to read. There’s a good reason for this. This article discusses the reasons why planning for contingencies with an attorney drafted estate plan is the better choice. When it comes to estate planning, there’s any number of contingencies to prepare for.
Estate planning is not just for the wealthy. The truth is, estate planning is about achieving some pretty common goals and taking care of basic responsibilities, regardless of how big or small our investment portfolio happens to be.
We’re all exposed to invasions of our privacy, large and small, during our lifetimes and even after death. These practical strategies make it easier to shield your family’s personal affairs from prying eyes.
When you really think about it, your true wealth is much more than just your accumulated assets or material possessions. With the right plan, you can protect and preserve your true wealth and create a legacy for your family that will last for generations to come.
When you are planning your estate, it is important to remember that circumstances rarely stay the same over long periods of time. A plan that worked for your family when the kids were little may very well be obsolete by the time they’ve started families of their own. This is why it’s important to ensure that you build flexibility into your plan.
Increasingly, pet owners are not just worried about providing for our pets during our lifetimes, we want to ensure that they get all the love and care they need after we’re gone, too. This article discusses the estate planning benefits a Pet Trust can provide for your furry and feathered animal companions.
It’s not something we often stop to think about, but attorneys experience life changes like anyone else. They may change careers or experience an illness or disability, or they may retire or even pass away. This article discusses the steps you should take if your estate planning lawyer no longer practices law.
The term “estate planning” usually calls to mind the process of creating a Will, establishing a Living Trust, or naming a guardian for young children. One piece of the estate planning puzzle that might not be readily apparent, though, is insurance. Learn how insurance in its many forms plays an important role in the estate planning process.
According to data collected in the 2010 census, 4.9 million children under age eighteen live in grandparent-headed households. If you are in this growing number of grandparents returning to your “parent” role again, one of the pressing responsibilities that accompany your job as caregiver is to make sure you have a plan for your grandchildren in the event that something happens to you. And because you’re older now than you were the first time around, planning becomes even more important. This article reviews why it is imperative to have an estate plan in place and what a basic plan should include.
As a child, your parents were there to guide and support you as you faced life’s challenges and obstacles in your path growing up. Similarly, as your parents age, and become less independent, they will rely on you as they face new challenges in their twilight years. This article examines how planning well in advance is important to ensure that no matter what lies ahead, their care and financial affairs will be looked after. Regardless of their financial means, if they are wealthy or of more modest means, there is a plan that can meet the specific needs of your family.
Picture this… You’re at the end of your long, fulfilling life and you’re ready to say goodbye to your loved ones and leave this world in peace. And then… your family declares war on each other. This scenario plays out all too often even in the closest of families. This article examines helpful ways to plan and avoid divisive family disputes after you are gone.
An alarming 55% of American’s don’t have an estate plan in place. Procrastination is a common excuse. However, for many people it’s a lack of knowledge about estate planning, including the benefits, their options and the protections it offers them and their families. This article reviews 10 essential estate planning facts that will arm with you with enough knowledge to cross estate planning off your “to do” list.
A Roth IRA has some important distinctions from a traditional IRA, and, depending on your tax bracket, your retirement needs, and your estate planning goals, a Roth could be a better choice for you. So, what’s the difference between the two types of IRAs? This article explores how each IRA works and which option can best fit your personal needs and goals.