You may think about estate planning as the act of creating a document that will direct the transfer of your assets after you are gone. This is definitely a significant part of the equation, but a well-constructed plan will go a step further. It will also address eventualities that you may face toward the end of your life. Incapacity Is Common Until you have had an experience, it is nearly impossible to truly imagine what it would feel like, and this is understandable. This being stated, when … [Read more...]
Your Estate Plan Should Be Custom Crafted
The ideal estate plan will include documents that are created as a response to the specific circumstances that exist. You have many different options, and you should act in a fully informed manner. An estate planning document that is appropriate for one person may not be necessary for the next.For example, high net worth individuals who are exposed to the federal estate tax would want to implement estate tax efficiency strategies. The tax comes into play if you are transferring more than the … [Read more...]
A Look at Two Useful Inheritance Planning Tools
There is the right tool for the right job in any field of endeavor, and this certainly comes into play when you are talking about inheritance planning. You have many different options when you are planning your estate, and you should carefully explore them so that you can provide for each person that you love in the ideal manner.If you have someone in your family with special needs, you may want to make this individual more comfortable, either through an inheritance or a direct lifetime … [Read more...]
Interesting Turn in Aretha Franklin Estate Case
Aretha Franklin was the undisputed “Queen of Soul” for decades, and she helped to make history on multiple different levels during her 76 years on the planet. She passed away in August of 2018, and from an estate planning perspective, there are some lessons to be learned from her inaction. The Condition of Intestacy Estate planning attorneys will always hammer home the fact that it is very important to have an estate plan in place to avoid intestacy. This is the condition that exists when … [Read more...]
Vermont State Estate Tax: Property Counts
We have an office in Essex Junction, Vermont, and it is important to understand the potential implications of estate taxes when you live in our state. There are a relative handful of states in the union that impose estate taxes on the state level, and Vermont is one of them.Before we get into some of the details, we will look at the federal estate tax parameters. The estate tax exclusion is the amount that can be transferred before the remainder of the estate would be taxed upon transfer. In … [Read more...]
Have You Considered the Impact of a Guardianship?
Studies that are conducted to gain an understanding of the estate planning preparedness of people around the country consistently yield some rather disturbing results. Most adults are going through life without any type of estate planning documents, and a very high percentage of younger folks are remiss.According to the American Association of Retired People, only 22 percent of individuals between the ages of 18 and 36 have a will or some other asset transfer vehicle in place. For people … [Read more...]
Living Trusts Provide Versatility
If you have not given the matter a lot of thought, you could fall into a paradigm of limitation that many people accept what they don’t seek estate planning guidance from a licensed attorney. Far too many people assume that a last will is the only asset transfer vehicle to use if you are not very wealthy. They assume that trusts are for high net worth individuals that have to make fancy moves to avoid the estate tax.Someone that adopts this perspective will look at the estate planning … [Read more...]
How Is a Power of Attorney Used in Estate Planning?
Most people are aware of the fact that a power of attorney is a legal device that can be used to allow someone else to act for you in a legally binding manner. The person that gives the power is called the grantor or principal, and the term for the proxy is “attorney-in-fact” or agent.There are general powers of attorney, and limited powers of attorney. If you execute a general power of attorney, the agent or attorney-in-fact would have sweeping powers to act as your representative. In a … [Read more...]
Preserve Resources With a Medicaid Trust
As elder law attorneys, we advise clients that have concerns about the eventualities of aging. One of the most pressing issues is the matter of long-term care and expenses that go along with it. Many people are under the assumption that Medicare will pay for in-home care or a stay in a nursing home or assisted living community. In fact, the program will not generally pay for long-term care.If you are thinking that it is likely that you will be able to take care of all your own day-to-day … [Read more...]
Veterans Aid and Attendance Special Pension Can Ease the Burden
Before we explain the Veterans Aid and Attendance special pension, we should look at some statistics that are quite relevant. When you have been able to handle all of your own activities of daily living throughout your life, it can be hard to imagine a time when you will have significant limitations. Unfortunately, nearly 3 out of every four senior citizens will someday need living assistance. Of course, it becomes more likely as you reach your mid-70s and 80s.Some people can get all the … [Read more...]
