The federal estate tax targets people that have been particularly successful from a financial standpoint. There is a relatively high exclusion, and you don’t have to pay the tax if the value of your estate does not reach this threshold. To understand the place we are at right now, you have to absorb a bit … [Read More]
Medicare Costs Updated for 2021
As elder law attorneys, we keep a finger on the pulse of matters that are important to senior citizens. Clearly, Medicare is an important piece to the puzzle, and when you are planning for retirement, you should be fully cognizant of the out-of-pocket costs. Each year, there are updates to the relevant figures. The changes … [Read More]
Do You Need a Will If You Have a Living Trust?
Before we address the specific subject we are going to focus on in this post, we will provide some general background information about the benefits of living trusts. You Retain Control A lot of people assume that you surrender personal control of assets that you convey into any type of trust. The whole idea is … [Read More]
Asset Protection and Business Succession Planning
If you are going into business for yourself, you have to make some choices. Asset protection should be taken into consideration, and from a retirement and estate planning perspective, you should have a succession plan. Let’s look at the most commonly used asset protection structures, and we will then move on to the second part … [Read More]
Pandemic Shows Importance of Advance Planning
We were told all along that the colder weather would usher in a resurgence of the novel coronavirus, and we have reached that point. Estate planning attorneys always emphasize the fact that anything can happen at any time under ordinary circumstances. People understand this, but far too many of them embrace the “this will never … [Read More]
Why Would You Use a Trust Instead of a Will?
One of the most commonly held misconceptions about estate planning is the idea that you can no longer access or control assets that you convey into a trust. There is some truth in this, because there are irrevocable trusts, and you cannot act as the trustee if you establish this type of trust. However, the … [Read More]
Avoid These Three Estate Planning Mistakes
People often make estate planning errors that yield negative consequences. In this post, we are going to look at three of these common mistakes in an effort to raise awareness. Do-It-Yourself Estate Planning The websites that sell generic, boilerplate legal documents contend that you can plan your own estate using their worksheets and downloads. This … [Read More]
An Overview of 529 Plans
When you are planning your estate, you may decide that you would like to provide educational opportunities for younger members of the family. This can be the greatest gift of all because you are giving them the ability to achieve their full potential as human beings. 529 Savings Plans A 529 savings plan is the … [Read More]
What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. Read on to learn more about this often-confusing concept. [Read More]
Fair Isn’t Always Equal and Vice Versa
When you’re deciding how your assets should be divided at death, sometimes dividing them equally is the appropriate choice. But, sometimes it’s not. Fair isn’t always equal or vice versa. Read on to learn more, including how to avoid a challenge if you choose an unequal division among your children. [Read More]
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