Many people do not consider the possibility of creating a trust because they harbor misconceptions about the administration process. In this post, we will share five key facts that will help you understand the value and relative simplicity of living trusts. You act as the trustee. One of the most important things to understand about … [Read More]
Is an Inheritance Subject to Capital Gains Taxes?
We are going to look at the question of taxes on appreciated assets in this post. After we provide an explanation of the step-up in basis, we will conclude with an overview of the potential impact of the other types of taxes. Basis Reset Let’s say that your grandmother passes away and she leaves you … [Read More]
Brace Yourself for Alzheimer’s When You Plan Your Estate
Elder law attorneys are forced to explain some unpleasant truths to their clients, and one of them involves cognitive impairment. Alzheimer’s disease is a widespread threat because it strikes just under 13 percent of all seniors, and there are 200,000 people under 65 with the disease. As you get older, the likelihood of contracting Alzheimer’s … [Read More]
Why Is an Estate Plan Necessary?
The vast majority of American adults do not have estate plans in place, and some folks simply do not feel as though it is necessary. This is a mistake, and we will provide some food for thought in this post. Avoid Intestacy Some people that do not have plans intend to draw up a simple … [Read More]
Why Do Some People Avoid Probate?
When you are planning your estate, you should understand the estate administration process that will commence after your passing. This will sometimes involve probate, and we will provide some important facts about this process in this post. Court Supervision Most people are aware of the fact that an executor is the person that will eventually … [Read More]
Consider the Tax Climate When You Pick a Retirement Spot
If you live in Connecticut, you may want to retire to a location that has a milder climate, and this is understandable. In addition to the weather, you should also consider the tax climate when you are choosing a retirement destination. Income Taxes on Retirement Income There are 41 states in the union with state-level … [Read More]
Family Feud Was Fueled By DIY Planning Error
When you plan your estate on your own without any legal counsel, mistakes can be made that lead to problems later on. This is demonstrated by a court battle that was waged in Pennsylvania last year. Power of Attorney Debacle The person at the center of this imbroglio is a woman named Mercedes Goosley. She … [Read More]
Medicaid Waiver Can Be Part of Your Life Care Plan
You should take a holistic approach when you are looking ahead toward your active retirement years and the twilight years that will follow. At first, the goal is to enjoy your freedom, spend quality time with your family, and cross things off your bucket list. As the years pass, you may find that you need … [Read More]
Don’t Overlook These Estate Plan Details
There are some estate plan details that many people do not think about. This is one of the reasons why you should work with an attorney to develop your plan. In this post, we will look at some of the aspects that you may not consider. Child Guardianship and Asset Management You should definitely have … [Read More]
Can You Change Your Mind and Dissolve a Trust?
You may be reluctant to establish a trust if you are under the impression that you cannot revoke the trust after it has been created. After all, you do not have a crystal ball, and you may find that you need the assets yourself at some point. This is an understandable concern, and a lot … [Read More]
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