You should see the complete picture when you are devising your estate plan. Clearly, you have to state your wishes with regard to the way you want your assets to be distributed. At the same time, you should also consider the actions that must be taken to bring these wishes to fruition. With this in mind, we will provide an overview of the estate administration process in this post. Simple Wills and the Probate Process If you use a will to direct postmortem asset transfers, you would name an … [Read more...] about Estate Administration 101
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Tis the Season for Giving
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. Creating a charitable giving strategy can be a great way for taxpayers to save on taxes while benefiting their community. Certain techniques can be used in conjunction with others to maximize the benefit of charitable giving. Read on to learn more. … [Read more...] about Tis the Season for Giving
Why Do You Need an Elder Law Attorney?
The term “elder law attorney” may sound kind of confusing at first. Why would anyone need a certain type of legal representation just because they are a senior? That’s a good question, and we provide the answer in this post. Key Medicare Limitation If you have paid into the program sufficiently throughout your working life, you will qualify for Medicare when you reach the age of 65. Though there are out-of-pocket costs, Medicare will pay for most of the health care expenses that seniors … [Read more...] about Why Do You Need an Elder Law Attorney?
Inheritance Planning for Blended Families
A significant percentage of first marriages end in divorce, and most of these individuals get remarried eventually. Of course, there are also widows and widowers that tie the knot. As a result, we have a lot of blended families in the United States. If you are getting remarried as a parent, you should definitely consider the inheritance planning implications. Honest Communication It can be a bit scary to propose to your significant other. It is such a big step for you, and of course, there … [Read more...] about Inheritance Planning for Blended Families
Tax Planning for 2023
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2023 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2023
4 Things Trusts Do That Wills Can’t Do
Far too many people assume that estate planning boils down to the creation of a will. In fact, there are limitations when you use a will. On the other hand, there are trusts that can accomplish things that cannot be done with a will. In this post, we will look at four of them. Nursing Home Asset Protection When you reach the age of 67, your life expectancy is 87 years if you are a woman, and 85 years if you are a man. Most people expect to live long enough to collect Social Security. If you … [Read more...] about 4 Things Trusts Do That Wills Can’t Do
Downsizing Can Be Part of Your Estate Plan
People typically think of estate planning as an exercise in document creation. At some point, you create a will or a trust, and you state your wishes with regard to the division of your property. This is certainly at the root of the endeavor, but you could embrace a more hands-on, holistic approach. Family Home and Vacation Property If you have lived in the same home for many years, it is naturally going to have sentimental value. This is especially true if you raised your family on the … [Read more...] about Downsizing Can Be Part of Your Estate Plan
Now That Mid-Terms Are Over, Let’s Talk Taxes
As inflation continues to rise, more and more individuals seek ways to stretch their dollar further. One of the many factors to consider is their overall tax burden. Sometimes, simply moving to another state, if otherwise feasible, can make a significant impact on an individual’s bottom line. Wonder how your state measures up? Read on to learn more. … [Read more...] about Now That Mid-Terms Are Over, Let’s Talk Taxes
6 Things You Should Know About Long-Term Care for Seniors
Elder law attorneys focus on legal and financial matters that are of interest to senior citizens. The primary issue that we deal with on a day-to-day basis is the matter of long-term care for seniors. If you are assuming that it will take care of itself one way or another, you may be surprised when you hear the facts. In this post, we will share five things everyone should know about the subject. Most Seniors Will Need It It is hard to envision a time when you will become unable to take … [Read more...] about 6 Things You Should Know About Long-Term Care for Seniors
Prevent the Nightmare of Ancillary Probate
When you buy a vacation home out-of-state, you are making an investment that you can enjoy on an ongoing basis. Your family members and friends can get together when you all have spare time. Memories are made when you can relax and enjoy the vacation experience. If you are in this position, you should consider the estate planning implications when it comes to the estate administration process. Simple Will and Probate When a will is used to facilitate postmortem asset transfers, the executor … [Read more...] about Prevent the Nightmare of Ancillary Probate
