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...]
DIY Estate Planning Is Risky Business
Many people like to take on do-it-yourself projects to save money, and they can also be a hobby of sorts. Without question, there’s a lot of useful information on the Internet, and there are YouTube videos that provide step-by-step instructions in many cases. There is nothing wrong with adopting a “can-do” attitude in a general sense, but you have to know where to draw the line.This definitely enters the picture when it comes to estate planning documents like last wills. There are websites … [Read more...]
Why Would You Use an Irrevocable Trust?
In the field of estate planning, there are trusts that can be revoked, and others that cannot be dissolved. If you are thinking about the possibility of creating a trust, you would probably feel more comfortable if you knew that you could revoke it if you change your mind. This makes sense on the surface, but there are some very good reasons why an irrevocable trust would be the better choice under some circumstances. Incidents of Ownership To gain an understanding of this subject, you have to … [Read more...]
How a Living Trust Attorney Helps You Protect Your Privacy
A living trust attorney can provide you with help in protecting your privacy as well as the privacy of your heirs or beneficiaries. It is important that you have a plan in place to transfer your wealth that addresses the needs of your loved ones. For many people, one of the key things that they are concerned about when receiving an inheritance is making sure that all of their financial details do not become public record. The creation of a living trust can help to ensure that does not … [Read more...]
