We are conditioned to think that we can do just about anything on our own with some type of tool that we obtain online. This mentality extends into the estate planning realm, because there are websites that sell generic legal documents of all kinds, including simple wills and trusts. Why would people rely on these sketchy “solutions” that sound too good to be true? The popular website Caring.com conducts research on an ongoing basis to gauge the estate planning preparedness of American … [Read more...] about Can I Get My Estate Plan Online?
When you think about retirement planning, do you consider the potential impact of long-term care costs? Most people are more focused on travel, leisure activities, and quality time with their families, and this is understandable. Clearly, you want to think about the good times that you will enjoy during your golden years, but there is an unpleasant truth that you should address to preserve your legacy. Medicare Gap Most seniors will require long-term care, and more than one third of … [Read more...] about Connecticut Assisted Living Costs Went Up in 2020
Tony Hsieh was staying in a house that was owned by a friend in New London when it caught fire on November 18. He suffered from smoke inhalation and burn injuries, and he passed away nine days later. He had a remarkable run as a businessman that started when he cofounded LinkExchange in 1996 when he was just 22 years of age. Two years later, the partners sold the business to Microsoft for the sum of $265 million. Hsieh used the capital to launch a startup funding firm called Venture Frogs. … [Read more...] about Deceased Former Zappos CEO Tony Hsieh Had No Estate Plan
One of the reasons why you should work with an estate planning attorney to devise your plan is because there are things to consider that many laypeople would overlook. In this post, we will look at three of the details that should be attended to when you are planning your estate. Letter of Last Instructions If you are an employer, you are not going to hire someone, give them a title, and turn them loose with no instructions. They would have a general idea of what they are supposed to … [Read more...] about Three Commonly Overlooked Estate Plan Details
On the surface, it can seem as though Medicaid would not be relevant to someone that is going to qualify for Medicare as a senior citizen. The reason why Medicaid is important is because it will pay for a stay in a nursing home, and Medicare does not cover custodial care. Nursing homes are extremely expensive, so Medicaid can preserve the legacy that you would like to be able to leave to your loved ones after you are gone. When a married person applies for Medicaid coverage while their … [Read more...] about Medicaid Spouse Allowances Will Rise in 2021
If you were to have an informal conversation with an estate planning lawyer, you would learn a lot in a short period of time. With this in mind, we are going to share a hypothetical conversation between a curious layperson and an estate planning attorney. When should you start to think about developing an estate plan? A lot of people think you can wait until you are a senior citizen for a couple of different reasons. One of them is the simple fact that they don’t like to think about their … [Read more...] about A Conversation With an Estate Planning Lawyer
The federal estate tax targets people that have been particularly successful from a financial standpoint. There is a relatively high exclusion, and you don’t have to pay the tax if the value of your estate does not reach this threshold. To understand the place we are at right now, you have to absorb a bit of a back story. Path to the Current Exclusion In 2009, the federal estate tax exclusion was $3.5 million, and the maximum rate was 45 percent. There was a complete repeal in 2010 that was … [Read more...] about 2021 Estate Tax Exclusions Have Been Set
As elder law attorneys, we keep a finger on the pulse of matters that are important to senior citizens. Clearly, Medicare is an important piece to the puzzle, and when you are planning for retirement, you should be fully cognizant of the out-of-pocket costs. Each year, there are updates to the relevant figures. The changes for 2021 are now available, and will share them in this post. Retirement Credits to Qualify for Medicare Some people assume that you automatically qualify for Medicare … [Read more...] about Medicare Costs Updated for 2021
Before we address the specific subject we are going to focus on in this post, we will provide some general background information about the benefits of living trusts. You Retain Control A lot of people assume that you surrender personal control of assets that you convey into any type of trust. The whole idea is to allow a trustee to manage the assets, right? This is true when it comes to irrevocable trusts, and people use these trusts because they want to surrender incidents of ownership … [Read more...] about Do You Need a Will If You Have a Living Trust?
If you are going into business for yourself, you have to make some choices. Asset protection should be taken into consideration, and from a retirement and estate planning perspective, you should have a succession plan. Let’s look at the most commonly used asset protection structures, and we will then move on to the second part of the equation. Small Business Asset Protection The limited liability company (LLC) can be the right choice for a wide range of small business people. When you … [Read more...] about Asset Protection and Business Succession Planning