As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified Estate Planning practitioner can provide guidance to address the issues unique to the solo senior. Read on to learn more. … [Read more...] about Planning for the “Silver Tsunami”
While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that forgiveness. Under normal circumstances, creditors that discharge debt issue a corresponding Form 1099-C Cancellation of Debt to the debtor for inclusion in that year’s income. While the administration works out the kinks in the loan forgiveness plan, it’s important to understand the current provisions of … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness
When a famous individual dies, it’s always interesting to see how they set up their estate, if they bothered to undertake estate planning at all. These cases provide great lessons for Estate Planning practitioners both about what to do, as well as about what to avoid. In some cases, even when celebrities take the time to set up a proper estate plan, things go wrong. Paul Newman’s estate represents one such situation. Read on to learn more. … [Read more...] about More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Estate planning often encompasses, at least in part, business succession planning. Many individuals own family businesses with the idea of passing the business on to the next generation. Of course, the bigger the business, the more complex that endeavor becomes. Yvon Chouinard recently made headlines when he donated 98% of his $3 billion company to an Internal Revenue Code Section 501(c)(4) organization. The move saved him millions in taxes, furthered his family’s political agenda, and embodies … [Read more...] about Lessons from Patagonia
One of the most difficult decisions you may ever be faced with is choosing a nursing home for your parent. Recognizing that nursing home care is necessary to keep your parent safe and healthy does not make the task much easier. Once the decision has been made, however, the next step is to choose the best facility. The process of choosing a nursing home can be emotionally and physically exhausting given that your parent’s health and happiness are at stake. To get you started, the Essex Junction … [Read more...] about How to Pick the Right Nursing Home
If you were recently appointed to be the Trustee of a trust and you have never served as a Trustee, you likely have several questions about your duties and responsibilities as a Trustee. Whether or not you need to hire an attorney to help you administer the trust is probably at the top of that list of questions. There is no legal requirement obligating a Trustee to retain the services of an attorney; however, the Essex Junction trust administration attorneys at Unsworth LaPlante, PLLC explain … [Read more...] about Should I Hire a Lawyer to Help Me Administer a Trust?
When it comes to retirement planning, where you live can significantly impact how far your retirement income stretches. That, in turn, affects how comfortably you live out your retirement years. It is precisely for this reason that a growing number of retirees decide to move outside of the United States when they retire. If you are one of them, you will need to choose your retirement country. To help you decide, the Essex Junction elder law attorneys at Unsworth LaPlante, PLLC discuss some of … [Read more...] about Best Countries for Retirement
As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die. Read on to learn more. … [Read more...] about Death and Your Digital Footprint
Although elder abuse is not a new problem in the United States, it is a growing problem. The reasons for this are complex; however, the sheer number of older Americans is one contributing factor. The average life expectancy of an American has nearly doubled over the last century, causing the population of older Americans to swell. Unfortunately, this also means that elder abuse has become a very real concern. If you have a parent, or other loved one, who is part of the older demographic, … [Read more...] about How to Spot Signs of Elder Abuse
Creating a comprehensive estate plan requires you to consider several factors that might impact you as you age, including the likelihood that you, or a spouse, will need long-term care. If you do end up needing long-term care (LTC), the cost of that care could put your estate assets at risk if you failed to plan for the possibility ahead of time. One way to plan for LTC is to purchase LTC insurance. Long-term care insurance, however, is not right for everyone. To help you decide if it is right … [Read more...] about Should I Have Long-Term Care Insurance?