If you were sitting next to an estate planning lawyer on an airplane and you had a chance to pick their brain, what would you ask? It would definitely be an enlightening conversation. In this article, we will present a hypothetical give-and-take here to pass along some valuable information. Why is estate planning important? You would die intestate if you pass away without any estate planning documents. The probate court would step in to sort out the matter. In the process, they would appoint a … [Read more...] about Straight Answers From an Estate Planning Lawyer
How Can You Leave an Inheritance to a Dog?
Most people look at the question of leaving an inheritance to a dog as something that is kind of out there. An eccentric rich person like Leona Helmsley may leave millions to their dog, but it’s just not sensible for others, right? That makes sense on the surface, but you may look at the question much differently under certain circumstances. Combating Loneliness A significant percentage of older Americans experience loneliness after losing their spouses along with many friends and … [Read more...] about How Can You Leave an Inheritance to a Dog?
Estate Planning: Where Do You Begin?
In our last post, we started to examine the subject of estate planning preparedness, and we will follow up in this entry. Estate Planning Preparedness Caring.com has been conducting surveys each year of the estate planning preparedness of American adults. They say that the only two things in life that are certain are death and taxes. According to these studies, a lot of people ignore one of them. The 2023 survey was released recently, and it found that 34% of respondents had estate plans in … [Read more...] about Estate Planning: Where Do You Begin?
Who Gets Your Assets If You Don’t Have an Estate Plan?
There are people that are under the impression that the government will step in and take care of everything if you fail to put an estate plan in place. Many of these individuals intend to execute some type of strategy in the future. However, they are in no hurry, because they feel as though there is a safety net. If you were to die without a will or a trust, in a legal sense, the condition of intestacy would exist. Under these circumstances, it is true that the state would step in to provide … [Read more...] about Who Gets Your Assets If You Don’t Have an Estate Plan?
How Do You Keep Your Estate Planning Decisions Private?
hA lot of people think that a last will is the right choice as an asset transfer vehicle unless you are a multimillionaire with estate tax concerns. In fact, this is nothing more or less than a commonly held misconception. Yes, it is true that high net worth individuals use trusts to gain estate tax efficiency. However, these are irrevocable trusts. People that have been successful without entering the true financial stratosphere could benefit from another type of trust called a revocable … [Read more...] about How Do You Keep Your Estate Planning Decisions Private?
Oklahoma Nursing Home Costs: Surveys Shed Light
The most important matter that elder law attorneys address is the long-term care situation. Most senior citizens will need some type of help with their activities of daily living eventually. Some of them can receive the assistance they need in their own homes from family members and friends, but residential long-term care will often become necessary at some point. Since Medicare is a health insurance program for seniors, and many elders require nursing home care, you may assume that … [Read more...] about Oklahoma Nursing Home Costs: Surveys Shed Light
Estate Planning Is a Must for Gen Y Members
The popular website Caring.com has been conducting estate planning preparedness surveys on an annual basis for the last few years. They should be releasing a 2023 version soon, but until then, we have to work with last year’s figures. Estate Planning Preparedness Among Millennials In 2022, 24 percent of people in the 18-34 age group had wills or trusts, and this is a decrease year over year. Just 27 percent of individuals between 35 and 54 years of age had estate plans in place a year ago. Gen … [Read more...] about Estate Planning Is a Must for Gen Y Members
Life Care Planning: What Is It?
Life care planning is a process of developing a comprehensive plan for the long-term care and support of an individual with a chronic illness or disability. It involves identifying the individual's current and future needs. Then it involves determining the best way to meet those needs, and implementing a plan to ensure that those needs are met. The goal of life care planning is to provide individuals with the best possible quality of life, given their condition and circumstances. It is a … [Read more...] about Life Care Planning: What Is It?
Family Limited Partnerships: Asset Protection and Estate Tax Efficiency
Asset protection is a source of concern for people that are vulnerable to lawsuits for one reason or another. Some professionals would fit into this category, along with business owners and people that have investment property. The family limited partnership can be a very effective asset protection tool for many of these individuals. Let's look at the details. FLP Basics There is an inherent balance that you have to strike when you are thinking about asset protection. On the one hand, you have … [Read more...] about Family Limited Partnerships: Asset Protection and Estate Tax Efficiency
Is a Payable on Death Account a Probate Avoidance Solution?
Before we look at payable on death or transfer on death accounts, we should explain what probate is and why people try to steer clear of it. Estate Administration If you utilize a will as your asset transfer vehicle, the executor that you name in the document would act as the administrator after your passing. They would not be able to handle the administration tasks independently without supervision. The will would be admitted to probate. During probate, the court would supervise the executor, … [Read more...] about Is a Payable on Death Account a Probate Avoidance Solution?
