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]
How Does a Pet Trust Work?
If you have concerns about predeceasing your pet, there is a viable estate planning option in the form of a pet trust. Clearly, this would be relevant to senior citizens, and younger pet owners may want to have a plan in place as a purely precautionary measure. Caretaker The first order of business is to … [Read More]
Medicaid Estate Recovery and the Child Caregiver Exemption
Elder law attorneys counsel clients that are preparing for the eventualities of aging, and long-term care is one of the concerns. The majority of seniors will need help with their daily needs, and more than one third will spend time in nursing facilities. Last year, the median annual charge for a private room in a … [Read More]
Estate of Musician Prince Has Finally Been Settled
When high-profile celebrities with a lot of money pass away, the press knows that people are interested in the estate details. They dig through them if they are available, and they are widely publicized. This is an intrusion of privacy, but mistakes that are made can be instructive. This dynamic definitely applies to the 2016 … [Read More]
Is a Living Will Similar to a Living Trust?
There are some overlapping terms used in the field of estate planning, and this can lead to misconceptions. With this in mind, we are going to look at the difference between a living will and a living trust in this post. Wills and Trusts for Asset Transfers Most people are aware of the fact that … [Read More]
Genworth Survey: Hartford Long-Term Care Costs Increased in 2021
As elder law attorneys, we pay close attention to financial and legal matters that are specifically relevant to senior citizens. Long-term care costs are at the top of the list, because most seniors will eventually need help with their activities of daily living. Genworth Financial has been conducting surveys on an annual basis that provide … [Read More]
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