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 may make sense to someone that is not in the estate planning field, but in reality, there is a lot more to think about. In fact, you may be surprised to hear that a will is not the best asset transfer vehicle to use in … [Read more...] about Estate Planning: Do You Need More Than a Will?
Incapacity Planning
Elder Financial Abuse Is All Too Common
As you get older, you will invariably have a new set of concerns, and this is simply part of the human condition. You should be aware of the challenges that are looming so you can take the appropriate preventative measures. Elder financial abuse is a major problem that a lot of people never think about. It was brought to light back in 2009 when the MetLife Mature Market Institute released a groundbreaking study. Researchers stated that abuse cases cost victims a total of $2.6 billion … [Read more...] about Elder Financial Abuse Is All Too Common
Answers to These Questions Will Shape Your Estate Plan
A lot of people that are fully aware of the importance of estate planning are unprepared because they don’t have a starting point. With this in mind, we will share some questions here. When you think about the answers, your estate plan will start to take shape. Are family members relying on your income? Even if you are single and you have no children, you should have a basic estate plan in place, but you would be taking a minimal risk if you do not. On the other hand, if you are married and … [Read more...] about Answers to These Questions Will Shape Your Estate Plan
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 disease increases. It strikes 32 percent of the oldest old, which is a term that is used to describe individuals that are 85 years of age and … [Read more...] about Brace Yourself for Alzheimer’s When You Plan Your Estate
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 downloaded a durable power of attorney form on the internet because she wanted to give her son, Joseph, the right to act on her behalf. Goosley was in her 80s at the time. This is in 2013, … [Read more...] about Family Feud Was Fueled By DIY Planning Error
Follow These Steps to Create Your Estate Plan
Estate planning can seem complicated and overwhelming if you do not know anything about it, and this is understandable. In this post, we will break it down to some easy-to-understand steps to help you get started if you are currently unprepared. Evaluate Your Assets It is important to inventory your assets and tally up the value of the resources that you intend to pass along to your loved ones. You should attach a dollar figure to your estate because of potential estate tax exposure. The … [Read more...] about Follow These Steps to Create Your Estate Plan
Five Overlooked Benefits Living Trusts Provide
There are a few major benefits that living trusts provide that are widely publicized. One of them is the fact that the administration of a living trust takes place outside of probate. A will would be admitted to probate, and there are some negatives that go along with the process. Probate expenses absorb a portion of the estate before it is distributed, and the records are  available to the general public, so there is a loss of privacy. There is also a waiting game because no inheritances are … [Read more...] about Five Overlooked Benefits Living Trusts Provide
Three Key Estate Planning Tips
Estate planning can seem like a complicated matter, and there are intricacies and some complicated devices. This being stated, there are some basic tips that you can digest to gain a fundamental understanding of the process, and we will provide three of them here. Don’t assume a will is the appropriate asset transfer device. A lot of people think that a will is the only estate planning document you should ever consider using unless you are extremely wealthy. In reality, there are multiple … [Read more...] about Three Key Estate Planning Tips
Three Tips to Jump-Start Your Estate Planning Efforts
A lot of people that know they should put an estate plan in place drag their feet because they have certain unanswered questions in their minds. In this post, we are going to share three tips that will help to demystify the process. Taxation may not be a problem. It is natural to assume that the tax man will want a share of your legacy, but in reality, this may not be the case at all. A direct inheritance that is received through the terms of a will would not be subject to regular income … [Read more...] about Three Tips to Jump-Start Your Estate Planning Efforts
Answer These Questions to Develop Your Estate Plan
In this post, we will provide four questions for you to think about. When you come up with the answers, you will have a better idea of what your estate plan will look like when you take action. Are estate taxes going to be a concern? Most of the tax laws are favorable when it comes to asset transfers after someone passes away. If you receive insurance policy proceeds or an inheritance through the terms of a will, you would not be required to report the income when you file your … [Read more...] about Answer These Questions to Develop Your Estate Plan
