A living trust is a versatile and highly effective estate planning tool that can be a better choice than a last will as the centerpiece of your estate plan. Unfortunately, many people that could benefit from the utilization of a trust do not consider this option. One of the reasons why you may ignore the possibility of trust creation is because you fear a loss of control. Yes, it would be nice to set aside resources that you would like to leave to your loved ones, but you do not know what … [Read more...] about Can You Change a Living Trust?
Many people have misconceptions about the way things transpire after someone passes away. For example, you may conjure images of scenes that you have seen in movies and on television shows. There is a funeral, and the attendees gather at the home of a family member after it is over. Certain people are called into a room where a meeting is convened, and there is then a “reading of the will.” The idea is that the executor that reads the will has the power to distribute the assets independently … [Read more...] about Consider Estate Administration Realities
When we post on this blog, we usually share information about what you should do when you are planning your estate. On this day, we are going to go in a different direction that is just as useful if not more. We are going to look at five common estate planning mistakes that should definitely be avoided. Intestacy Let’s face it, passing away is at the very bottom of everyone’s to-do list. For many, it is a subject to be avoided, and this can yield negative consequences. If you keep … [Read more...] about Top Five Estate Planning Mistakes
If you speak with elders when you are young and anxious, they will tell you that time may seem to move slowly for a while, but it passes very rapidly when you get older. This is certainly true, and before you know it, you may start to recognize the fact that your retirement years are just over the horizon. Unfortunately, many people do not come to this realization until it is too late to accumulate the resources that they need to retire in comfort. Retirement planning is very important, and … [Read more...] about Holistic Planning Should Start Early
Studies consistently show that a significant percentage of people do not have last wills or any other estate planning documents. In fact, a 2019 survey that was conducted by Caring.com found that 57% of the adults that responded were unprepared. As you might expect, younger people are less likely to have wills than their older counterparts. This being stated, a surprising 34% of people 65 years of age and older stated that they did not have plans in place. The figure was a shocking 61% for … [Read more...] about Estate Planning Inaction Is All Too Common
Our law firm is devoted to estate planning and elder law matters, and we have an office in Essex Junction, Vermont. It is truly a fantastic place to call home, and the area provides residents with the best of all possible worlds. Perhaps the best thing about the city is the fact that it is a close-knit community, and locals genuinely care about one another. There are resources that people can tap into when they need assistance with all different types of challenges, and one of them applies to … [Read more...] about Connect With the Vermont Chapter of the Alzheimer’s Association
When we post on this blog, we usually share information about what you should do when you are planning your estate. On this day, we are going to go in a different direction that is just as useful if not more. We are going to look at five common estate planning mistakes that should definitely be avoided. Intestacy Let’s face it, passing away is not on anyone’s to-do list. For many, death is a taboo subject, and while it may be understandable, this perspective can yield negative … [Read more...] about Top Five Estate Planning Mistakes
People sometimes hear bits and pieces about estate planning and they make important decisions based on incomplete information. This can be a huge mistake that comes back to yield negative consequences, and these circumstances often stem from misguided probate avoidance notions. Probate is a legal process that enters the picture if you use a last will to state your wishes with regard to the distribution of your directly held personal property. It allows for creditors to seek satisfaction from … [Read more...] about Is Joint Tenancy a Good Estate Planning Move?
Medicaid and Long-Term Care Planning can be very confusing because of the extensive system of rules in place. To understand the significance of the question that we are focusing on here, some background information in helpful. The majority of people over the age of 65 will need living assistance eventually, and nearly 4 out of every 10 American senior citizens will someday reside in nursing homes. Additionally, the life expectancy for a 67-year-old man is 85 years, and that figure is 87 for a … [Read more...] about Does Medicaid Count Assets in a Living Trust?
Estate planning can be approached in a few different ways. You can choose to play your cards close to the vest with regard to the way that you are going to provide for your loved ones. On the other hand, you could be open and communicative about your plans, and this is probably the better way to go if it is at all possible. There is more to the process of estate planning than the simple execution of the appropriate documents. You should definitely consider the events that must take place … [Read more...] about Estate Planning: Build a Family Relationship