Uncategorized

No one likes to ponder their own mortality. However, this discomfort often leads to an overlooked yet essential task: estate planning. What happens if you die without a will or trust? The repercussions of dying intestate (without a will or trust) can be far-reaching. Here's a closer look at the potential consequences and why establishing a will or trust is crucial. The State Determines Your Estate's Fate In the absence of a will or trust, state intestacy laws decide how your assets are … [Read more...] about The Ripple Effect of Dying Without a Will or Trust

We have heard a lot about inflation this year, and we are living it when we make purchases. For the most part, there is nothing good to say about higher prices, but there is a silver lining for seniors. As elder law attorneys, we focus on matters of interest to older folks, so we will explain what we mean in this post. 2023 Social Security Cost-of-Living Adjustment Each year, there can be increases to Social Security payouts to account for the cost of living. We say that there “can be” because … [Read more...] about SSA Releases 2023 Social Security Cost-of-Living Adjustment

In most cases, there is nothing wrong with doing things for yourself to save money. In addition, a lot of people simply enjoy DIY projects, and the financial part of the equation is irrelevant. However, there are endeavors that are not well suited to the do-it-yourselfers, and estate planning is one of them. Downloads and Worksheets There are many different websites out there that sell downloads and worksheets that can be used to create legal documents, including DIY wills. Is it possible to … [Read more...] about DIY Wills and the Many Problems That Ensue

Estate planning attorneys always give clients a heads up from the beginning. This is not a “one and done” process in most cases if you put a plan in place relatively early on. The only certainty in life is change, and evolving circumstances can trigger the need for estate plan updates. Changes in marital status certainly fit into this category. If you get married, you will have a different dynamic to address. Divorce fits into the same category, and remarriage after you have children is … [Read more...] about Blended Families and Estate Planning: 4 Things You Should Know

Some people that know they should have an estate plan do not take action because they feel that they have insufficient resources. This is understandable on the surface, but if you are in this position, you could use life insurance as an income replacement vehicle. Life insurance can also be used to fill the gap or provide an abundance if you have assets, and we will provide some insight here. Term Life Insurance Term life is insurance that does not have any cash value if the triggering … [Read more...] about Life Insurance Can Bolster Your Estate Plan

The revocable living trust is a very useful estate planning tool that is the ideal choice for a wide range of people. We are going to address a question that people often have about taxation in this post, but first, we will provide a general overview so you understand the benefits. Efficient Estate Administration If a simple will is utilized, the administrator would be the executor. The will would be admitted to probate, and the administration process would take place under the supervision of … [Read more...] about Do I Report Living Trust Income When I File?