Estate planning attorneys will provide comprehensive assistance to individuals and families after a diagnosis of a serious illness. We can assist the person who is sick with creating advanced directives for medical care to express preferences about care in case incapacity makes it impossible to make independent choices about health services in the future. We can also help after a diagnosis to make plans for long term care services or hospice care, and can provide guidance on getting a last will … [Read more...] about How can estate planning attorneys help you plan for serious illness?
Estate Planning FAQ
Single parents will face different issues than married parents or people without children as they create their estate plan. This is true both when children are little and when kids grow up. When single parents create an estate plan, they will need to determine who should get custody of their children if something happens to them and the other parent is not involved in the child’s life. They will also need to consider providing financially for their children in case something happens to them. … [Read more...] about Do single parents face any specific estate planning issues?
Many tax reform proposals that are currently being considered would repeal the federal estate tax. The federal estate tax is currently assessed once the value of an estate exceeds $5.49 million. If estate tax is repealed, no one will need to worry about making an estate plan aimed at avoiding federal estate taxes. However, those with estates that are subject to estate tax on the state level will still need to take tax planning issues into account when creating an estate plan. … [Read more...] about Will tax reform change estate planning rules?
A testamentary trust is a type of trust that you create which will go into effect after you pass away. It is distinct from living trusts, which you can create and have go into effect during your lifetime. You can create a testamentary trust within your will, which is why a will trust is another name for a testamentary trust. Testamentary trusts can be relatively easy to create and can provide you with more control over an inheritance that you provide to someone, such as a minor child who you … [Read more...] about What is a testamentary trust?
Creating a revocable living trust as part of your estate plan is a smart option for many people who are planning ahead to protect their assets and to provide for their families. There are many reasons to create a revocable living trust, although this kind of trust is not necessarily the right option for everyone. You may want to create a revocable living trust so you can specify a backup trustee to manage the trust assets so those assets are protected in case something happens to you and you … [Read more...] about Why would you want to create a revocable living trust?
Many people create a last will and testament and believe they have taken care of their estate planning. However, there are many reasons why wills aren’t a sufficient estate plan. Creating a will is not going to give you the control that you need if heirs are not responsible spenders or if you want to leave money to a child but want more control over when and how the child accesses his or her inheritance. Wills also won’t protect assets during your lifetime, help you to avoid estate tax, allow … [Read more...] about Are wills sufficient for an estate plan?