Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. Read on to learn more … [Read more...] about The Basics: Financial Power of Attorney
When you are looking ahead toward your retirement years, you probably envision the good times that lie in wait. If you take the right steps along the way, you will have the resources to relax, enjoy leisure activities, and cross things off your bucket list. Without question, your golden years can be quite fruitful. A lot of people that understand the importance of retirement planning do not look over the horizon. The twilight years will inevitably follow these golden years, and there is an … [Read more...] about Living Assistance and the Medicaid Waiver
Estate planning should be viewed as an ongoing process. The initial estate plan that you put in place will be based on a snapshot of your life at that time. Over the years, things change, and there are also legislative mandates that can impact have inheritance planning implications. A change in marital status will always trigger the need for an estate plan update. There are many different approaches that can be taken, and the optimal choice will depend upon the circumstances. If you … [Read more...] about Estate Planning for Second Marriages
A lot of people assume that a last will is the right estate planning document to use unless you are very wealthy with a complicated estate. This is a misconception, because there are trusts that are useful for people that are not multimillionaires. The one that is the right choice for the widest range of people is the revocable living trust. Let’s look at four compelling reasons to use a living trust as the centerpiece of your estate plan. Consolidation of Assets If you maintain direct … [Read more...] about Four Reasons to Use a Living Trust
As elder law attorneys, we focus on the legal needs of the senior community. We help clients understand some of the eventualities that they may face during the latter stages of their lives. It is important to address some inconvenient truths that can be difficult to accept. Life Expectancy When you think about your senior years, you probably envision the period that will immediately follow your working career. At that point, you can travel, engage in leisure activities, and enjoy your spare … [Read more...] about Effective Planning in Light of Dementia Threat
One of the main reasons why it is important to work with an attorney to devise your estate plan is because as a layperson, it is unlikely that you would understand all of your options. There are many different ways to proceed, and the optimal course of action will depend upon the circumstances. A major misconception that often enters the picture is the idea that trusts are only used by very wealthy people. The above statement could potentially be true, but you would have to remove the word … [Read more...] about Are There Different Types of Trusts?
It can seem like estate planning is all about the execution of a static document. You certainly have to leave behind instructions, but who will follow them, and how will it be done? The process of estate administration should be considered when you are planning your estate, because your understanding of it will impact the choices that you make. Last Wills A lot of people just blindly assume that a last will is the right asset transfer vehicle to utilize unless you are super rich. It can be … [Read more...] about Estate Administration: Keep It Simple
Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read on to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...] about Whom Do You Want to Get Your Assets?
The vast majority of Americans do not have estate plans in place, and this is even true when you are talking about people that are in their mid-30s through to the age of 60. Of course, the preparedness level is extremely low among people that are younger than 35. You may say that there is nothing to see here; these figures are just common sense. It is true that the average life expectancy is 78 years, but significant numbers of younger people pass away every day. If you don’t have anyone … [Read more...] about Advance Directives Are a Must for Young Adults
People that don’t have enough good information sometimes make estate planning errors that yield negative consequences. In this post, we will look at three common estate planning traps that you would do well to avoid. Going It Alone There are those that know they should put a plan in place, but they keep procrastinating for one reason or another. Some of these folks see ads placed by websites that sell do-it-yourself legal documents, including last wills. Going this route can seem like a good … [Read more...] about Avoid These Three Estate Planning Traps