Planning for the possibility of adult guardianship in advance can be an important step to ensure that your wishes are respected, and that you have a say in who will make decisions on your behalf if you become incapacitated. While you may not entirely prevent the need for adult guardianship, there are proactive measures you can take to minimize the likelihood of it occurring. In this article, we will explore strategies for preventing a potential adult guardianship in advance. Establishing … [Read more...] about How Can You Prevent a Guardianship?
Some people harbor misconceptions about trusts. One of them is the idea that you can never dissolve a trust after it has been created, and you lose access to the resources. This is not entirely true, and we will explain the details here. Irrevocable Trusts The confusion comes from the fact that there are different types of trusts. Indeed, some of them are irrevocable. As the name would suggest, you cannot revoke this type of trust, though there are some limited exceptions. If you establish … [Read more...] about Can You Revoke a Trust?
An irrevocable life insurance trust (ILIT) is a legal arrangement that owns and manages life insurance policies for the benefit of beneficiaries. By establishing an ILIT, individuals can achieve several significant benefits on their estate planning and wealth preservation strategies. In this post, we will explore the advantages of an ILIT. Estate Tax Planning One of the primary benefits of an ILIT is its ability to mitigate estate taxes. When a person owns a life insurance policy on their own … [Read more...] about Why Would an ILIT Be Part of Your Estate Plan?
The term "sandwich generation" refers to a growing demographic of individuals who find themselves sandwiched between caring for their aging parents and supporting their own children. These individuals are often in their 30s to 50s, and they face unique challenges and responsibilities in managing the needs of multiple generations simultaneously. In this post, we will explore what the sandwich generation is and the various aspects of their role and experiences. Defining the Phenomenon The … [Read more...] about Sandwich Generation Members Face Elder Care Challenges
Long-term care insurance is self-explanatory. It covers the costs that are associated with long-term care for seniors. Since Medicare doesn’t pay for long-term care, this could be a solution. However, like any other type of insurance, long-term care insurance has its pros and cons. Pros: Protection against high costs: Long-term care services can be very expensive, especially if you need them for an extended period of time. Long-term care insurance can help you cover these costs and protect … [Read more...] about Long-Term Care Insurance: What Are the Pros and Cons?
There are good reasons why you may be somewhat confused about wills and trusts. People tell you that you should definitely have a will. Yet, at the same time, estate planning lawyers tout the benefits of living trusts. On one level, you do choose between a trust and a will as your primary vehicle of asset transfer. However, even if you make a living trust the centerpiece of your estate plan, you still need a will. This may sound counterintuitive, but we will provide an explanation after we … [Read more...] about Do You Need a Will and a Living Trust?
As elder law attorneys, we speak to a lot of senior citizens that want to learn about potentially concerning legal matters. Unfortunately, there are others that do not seek out this type of advice at the right time. In many instances, clients come to us after problems have arisen. At that point, it can be difficult to mitigate the damage. Information is the key to a comfortable, secure retirement that ultimately allows you to leave behind a suitable legacy to your loved ones. In this blog … [Read more...] about Key Facts About Social Security, Medicare, and Long-Term Care
People often buy into falsehoods or half-truths regarding estate planning. In many cases, they make mistakes, and their loved ones have to pay the price eventually. If you understand where these potholes are located, you can take the appropriate steps to steer clear of them. With this in mind, we will take a look at three different estate planning traps in this post. DIY Estate Planning There are websites that sell legal documents including last wills, and they want you to believe that it … [Read more...] about Don’t Fall for These Estate Plan Traps
Our attorneys always emphasize the fact that estate planning is an ongoing process. If you were to put an estate plan in place today, it would be based on your current life circumstances. As we all know, the only constant is change, so the picture will probably look quite a bit different years from now. With the above in mind, marital status changes are quite common. The divorce rate for first marriages has gone steadily down over the last 30 or 40 years, but it is still rather high. Reports … [Read more...] about Estate Planning for Parents That Are Remarrying
People sometimes have misconceptions about how taxes can impact inheritances. They hear terms like “estate tax” and “inheritance tax,” and they wonder about income taxes on bequests. In this post, we will provide explanations so you can go forward with a better understanding of these taxes. Income Tax Simply put, you do not have to report an inheritance when you file your income tax returns. In addition to direct bequests, this also applies to insurance company proceeds, but there are a couple … [Read more...] about Is an Inheritance Tax the Same as an Estate Tax?