The vast majority of adults in the United States do not have estate plans in place. As you would expect, estate planning for the millennial generation is not widely embraced, but it doesn’t stop there. Caring.com has been conducting surveys on an annual basis to measure the estate planning preparedness of Americans. According to the … [Read More]
How Does a Life Estate Work?
When you are planning your estate, there are a number of different methods that you can utilize to facilitate asset transfers after you are gone. One possibility is the life estate, and we will explain the positives and the negatives in this post. Real Property Transfers You can potentially use a life estate to arrange … [Read More]
Consider the Benefits of Aging in Place With a Medicaid Waiver
After the active retirement years start to wane, life for seniors will take on a different complexion. Living assistance may be necessary, and there is a concept called “aging in place” that you should understand when you are looking ahead to the future. Modification of Living Spaces It can be difficult to accept the limitations … [Read More]
Home Values Can Lead to Estate Tax Liability
It is a good feeling to watch your home go up in value, and in some areas, the prices have dramatically increased over the last decade. This is a great development for homeowners and savvy investors, but it can lead to estate tax liability. Federal Estate Tax Your real property is part of your estate … [Read More]
Does an Inheritor Pay Capital Gains Taxes on Appreciated Assets?
We are going to look at the guidelines for capital gains taxes on an inheritor in this post. But before we focus on that subject, we will provide a general overview of taxation as it applies to your estate. State and Federal Income Taxes Since the taxman always wants a piece of the pie, a … [Read More]
Are There Different Types of Wills?
A lot of people are not aware of the fact that numerous documents can be used when you are planning your estate. Variations of trusts abound, and there are also different types of wills, and we will look at them in this post. Simple Will The estate planning document that most people have heard of … [Read More]
Incapacity Planning: Address Potential Cognitive Impairment
Yes, asset transfers are at the core of the estate planning process. At the same time, you should see a complete picture and prepare for eventualities that you may face toward the end of your life. Incapacity planning should be part of your plan, and you will see why when you understand the facts. Anticipated … [Read More]
Preventing Estate Disputes: Strategies for Keeping the Peace
Navigating estate planning can be complex, and without careful preparation, it can lead to contentious estate disputes among beneficiaries. Understanding why estate disputes arise is crucial in ensuring your final wishes are respected and your legacy is preserved in harmony. In this post, we examine the subject and offer some actionable solutions. Understanding the Roots … [Read More]
An Overview of the Uniform Probate Code
We are going to look at the Uniform Probate Code (UPC) in this post, but before we get there, we will provide some general information about the process of probate itself. Estate Administration If you use a will to express your final wishes with regard to the way you want your assets to be transferred … [Read More]
Estate Planning Myths Can Lead You in the Wrong Direction
Some misinformation circulates about certain aspects of the estate planning process. People sometimes make costly errors because they buy into these estate planning myths, and with this in mind, we will look at some of these commonly held misconceptions in this post. 1. Estate planning is not necessary until you are a senior citizen. Obviously, … [Read More]
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