There are two different ways to handle the estate planning process. You can take a bare-bones approach and state your final wishes in a simple will and let the chips fall as they may. The other option is a more comprehensive, thoughtful approach that takes other facets of your life into account. If you take the time to cover all of your bases, you can ease the burden on your loved ones during a time when they will be grieving. One of the details that you can address in advance is the matter … [Read more...] about Do You Have Final Arrangement Preferences?
You have options when you are planning your estate as a married person. It is possible for each party to create their own estate plan, but many people will take a shared approach. The appropriate course of action will depend on the intentions of the people involved. If you and your spouse do not have children from previous marriages and you own most of your valuable property together, a shared living trust can be the right choice. Shared Living Trust Overview A standard arrangement would be … [Read more...] about Is a Shared Living Trust the Right Choice?
Most adults today have not set up their estate plans. Many fail to take action because they don’t understand why it is important. In this post, we will share five attention-getting reasons why you should put a plan in place if you are currently unprepared. Prevent a Confusing, Tangled Situation If you pass away without any estate planning documents at all, the condition of intestacy would exist. Your family members would have to scramble to try to figure out how to proceed and who would … [Read more...] about Five Reasons to Put an Estate Plan in Place
There are many ways to arrange for the transfer of your assets after death. The best choice will depend on the circumstances, and this is why you should work with an experienced estate planning attorney for their recommendations. You can always visit the experienced estate and elder law attorneys in our firm to discuss the different options that are available to you. In this blog, we will take a look at the legal device called a life estate. Probate-Free Real Estate Transfers You can … [Read more...] about Why Would Someone Use a Life Estate?
As elder law attorneys, we find that one of the most pressing client matters we deal with centers on the impact of Alzheimer’s disease. Though it is a disconcerting prospect, you should be aware of this looming threat when you are making preparations for the future. Deadly and Surprisingly Common Everyone has heard of Alzheimer’s, but many are very surprised when they find out how widespread this affliction has become. Here are two key points. Once you reach the age of 67 your life … [Read more...] about Alzheimer’s Impact Can Be Considerable
We examined the results of a 2021 estate planning preparedness survey in a recent blog entry, and the responses were very enlightening in a number of ways. Participants that did not have plans in place were asked if they thought estate planning was important. Most of them said that they thought it was an important responsibility, yet many of these folks stated that they simply did not know where to begin. With this in mind, we will ask some questions in this post. When you form your … [Read more...] about These Questions Can Help You Structure Your Estate Plan
The alphabet soup of acronyms that are used to describe government programs can get a bit confusing when they are very similar. With this in mind, we will look at Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) in this post. SSDI When you remit payroll taxes from your job or self-employment taxes, you earn retirement credits that lead to future eligibility for Medicare and Social Security. The age at which you can receive your full Social Security benefit is … [Read more...] about SSI and SSDI: Is There a Difference?
It is very satisfying to achieve all of your financial goals. Consequently, if you have been quite successful from a financial standpoint, you have to be concerned about protecting your legacy. The estate tax is one of many significant factors for high net worth individuals because there is a relatively high estate tax exemption. The exemption (actually called "exclusion" today) is the amount that can be transferred to anyone of your choosing before the estate tax would become … [Read more...] about An Irrevocable Trust Can Ease the Estate Tax Burden
by Steve Hartnett Clients are often most concerned about how to dispose of their tangible personal property, i.e., their “stuff.” Often even wealthy clients are most concerned with the things around them rather than their financial accounts. What’s the best way to handle the “stuff”? At first glance, this may not make much sense because the items may not be of great financial value. But clients may have developed great emotional attachment to these items. In fact, there is a … [Read more...] about How to Dispose of “Stuff”
Estate planning attorneys help people understand how property will be transferred after death, and there are different scenarios that can enter the picture. One of them is the situation that would unfold if property is jointly held by more than one owner. Joint Tenancy One form of concurrent ownership is joint tenancy. In order for property to be held in joint tenancy, there must be “four unities” in a legal context: time, title, interest, and possession. This means that the co-owners must … [Read more...] about What’s the Difference Between Joint Tenancy and Tenancy in Common?