We have all heard of so-called “trust fund babies.” These are children that are born into wealthy families who are beneficiaries of a living trust or some other type of trust. When you set up a trust for the benefit of a minor or an adult who cannot handle his or her own financial affairs … [Read More]
Brace Yourself for Long-Term Care Costs
Elder law attorneys assist clients that are concerned about legal and financial matters that senior citizens often face. There are a number of different issues that we deal with, but the matter of long-term care is definitely at the top of the list. You may assume that the Medicare program will pay for a stay … [Read More]
Streamline the Estate Administration Process
There is more to estate planning than the choices that you make with regard to the way you want your assets to be distributed after you are gone. It is wise to think holistically and envision the hands-on tasks that must be completed to make your wishes come to fruition. With this in mind, we … [Read More]
Young Adults Need Advance Directives
Most people in the United States do not have estate plans in place, and the overall lack of preparedness is a head scratcher. We will devote a future blog post to the results of a recent survey on the subject, but suffice to say that most people between 35 and 55 are unprepared. This is … [Read More]
Consider the Potential Impact of Alzheimer’s Disease
As elder law attorneys, we keep a finger on the pulse of trends that can have an impact on our clients. At this time, Alzheimer’s disease is one of the most significant sources of concern. Everyone has heard of the disease, but you may be surprised when you know all the facts. Widespread Impact The … [Read More]
Estate Planning: Bryant Tragedy Serves as a Stark Reminder
The basketball community and others around the world were thrown into a state of shock when Kobe Bryant, his daughter, and seven others died in a helicopter crash. Death is inevitable for all of us, but when people pass away before their time, the sense of loss is quite profound. From an estate planning perspective, … [Read More]
Coronavirus Underscores the Importance of Planning
COVID-19 has had an enormous impact on all of our lives, and it has given us a lot to think about. One of the lessons learned is the fact that unexpected circumstances can arise at any time, even some things that are absolutely unprecedented. Even though death is one of the inevitable facts of life, … [Read More]
SECURE Act Has Estate Planning Implications
Many of our clients have questions about how they can use their individual retirement accounts advantageously when they are devising their estate plans. There was once a tried-and-true strategy called the “stretch IRA” that could be used to great advantage under certain circumstances. However, this approach is no longer possible because of some changes to … [Read More]
Can You Give Gifts to Avoid Estate Taxes?
Before we address the question that serves as the title this blog post, we must provide the necessary background information. We have a federal estate tax in the United States, and it carries a potentially devastating 40 percent maximum rate. The good news is that most people do not have to pay this death levy, … [Read More]
Can a Living Trust Be Contested?
Before we address the question that serves as the title this blog post, we should explain why you may want to consider a living trust as the core document in your estate plan. This type of trust is revocable, so if you ever change your mind, you can dissolve the trust and take back direct … [Read More]
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