A lot of people think estate planning equals the creation of a will, and that’s the long and short of it. Why would you need anything else when a simple will can be used to express the way that you want the slices of your pie to be distributed after you are gone? This logic … [Read More]
Why Would I Use an Irrevocable Trust?
There are many different legal devices that can be used when you are planning your estate. A lot of people do not understand this, and this leads them to the belief that they can simply use do-it-yourself downloads to create their own wills. In reality, your plan should be constructed to meet your specific needs. … [Read More]
Aid and Attendance Veterans Pension Can Defray Long-Term Care Costs
The people that make sacrifices to serve in the United States military take risks, and they also receive certain rewards. One of them is a retirement pension for careerists that served for at least 20 years, but there is another pension benefit that flies under the radar. Aid and Attendance Pension Certain wartime veterans that … [Read More]
Special Needs Planning Questions Answered
What is special needs planning? In the field of estate planning, steps can be taken to provide for people that are in unique situations. This applies to the facilitation of inheritances to people with disabilities. Why can’t you just name someone with a disability in a simple will? You can certainly do this, but there … [Read More]
What Are the Responsibilities of the Probate Court?
As estate planning and elder law attorneys, we are intimately connected to the probate court. One of the major functions of the court is to provide supervision when an estate is being administered. If you use a last will to express your final wishes, you name an executor in the document. This estate representative would … [Read More]
Avoid These Estate Planning Missteps
We have worked with families that are trying to deal with estate planning mistakes that were made by loved ones. Because of this experience, we are aware of the missteps that people commonly take, and we will share a couple of them here in an effort to raise awareness. Intestacy Surveys that measure the estate … [Read More]
IRS Has Lowered Retirement Account RMD Requirement
Your 401(k) or individual retirement account is supposed to provide income that you can draw from during your retirement years. However, if you do well financially and make some strong moves along the way, you may never need the money. At that point, your account will fit into your estate plan. The IRS has recently … [Read More]
Prepare for the Eventualities of Aging
Estate planning is not strictly confined to inheritance distribution decisions. A comprehensive estate plan will address the eventualities that you may face as you get older, and there are some unpleasant realities that should be confronted head on. Aging, Alzheimer’s, and Cognitive Impairment Once you are a senior citizen, it is likely that you will … [Read More]
Is Charitable Giving Part of Your Estate Plan?
When you are planning your estate, you have a lot to think about, and your family will invariably come first. This being stated, charitable giving can be quite meaningful on a personal level when you support causes and/or institutions that are doing good things for others. When you work charitable giving into your estate plan, … [Read More]
What Happens If a Will Beneficiary Dies?
When you are planning your estate, you should thoroughly think everything through, because events do not always fall into place as expected. We will look at one of these unexpected circumstances in this post, and we will provide a solution. Deceased Beneficiary When you are drawing up a will, you can include a survivorship clause. … [Read More]
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