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
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?
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
A lot of people know that they should take action to put an estate plan in place, but they procrastinate for one reason or another. It stays on the back burner for years, and the years turn into decades. In far too many instances, these individuals pass away without ever getting around to it. When this happens, the condition of intestacy is the result. Under these circumstances, there is a government mechanism in place to respond, and we will look at the process here. Intestate Estate … [Read more...] about Don’t Let the State Plan Your Estate
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world. The coronavirus has infected over four million people around the world, including over a million in the United States. It has killed over 80,000 … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
Before we share an important detail of the CARES Act that you should understand if someone that you love is in a nursing home, we have to share some cold hard facts. You may think that it is unlikely that you will ever require nursing home care, but the statistics tell a different tale. Aging and Long-Term Care The United States Department of Health and Human Services maintains a very informative website called LongTermCare.gov. According to the site, 70 percent of seniors will someday need … [Read more...] about Nursing Home Residents Can Keep Stimulus Checks
When entities conduct research into the estate planning preparedness of American adults, the numbers are hard to understand. Caring.com has taken on the task over the last few years, and they have seen a steady decline in the number of respondents with estate plans in place. In the 2020 survey, less than half of individuals that were 55 years of age and older had wills or trusts. The number was less than 30 percent for people between the ages of 34 and 55. Estate planning procrastination … [Read more...] about Develop an Estate Plan While You Can
When you are planning your estate, you are going to have to make choices with regard to how your resources will be distributed. This can be a simple matter for some people. For example, you and your spouse may decide to leave all assets to the surviving spouse. You can then leave each of your children equal shares of the estate that is left behind by the survivor. Unfortunately, everyone does not have the same balanced family dynamic. For some reason, you may want to distribute resources … [Read more...] about Will Your Estate Be Challenged?
The Coronavirus Aid, Relief, and Economic Security Act (CARES) was passed by Congress as a response to the economic fallout that has been triggered by the COVID-19 pandemic. A particular provision within CARES applies to beneficiaries of individual retirement accounts and some current account holders. We will provide the details here, but first, we have to share some background information about these accounts. Traditional Individual Retirement Accounts When you have a traditional … [Read more...] about No RMDs for IRA Beneficiaries in 2020