The responsibilities that you assume as you go through life will often shift, but if you are committed to your family, they will come in a steady succession. By the time your children are grown, you may find yourself providing assistance for your aging parents. As time goes on, they will invariably require more and more help. At some point, the level of need may exceed your capabilities, and long-term care can be the only answer. Assisted Living Costs If you have never thought about the … [Read more...] about Will Your Parents Need Long-Term Care?
When you plan your estate, you make decisions about the inheritances that you will be leaving to your loved ones. At the same time, you have some control over the size of the pie that will be sliced up after your passing. There are some looming threats that can impact your legacy, and we will take a look at some of them in this post. Elder Financial Abuse It is a very sad phenomenon to say the least, but unfortunately, elder financial abuse is widespread. This subject started to draw … [Read more...] about Address These Sources of Inheritance Erosion
It’s good to try not to overcomplicate things that are basically very simple at their core. Unfortunately, people sometimes go in the reverse direction. They assume that a task is simpler than it actually is, and they try to take the matter into their own hands. In far too many instances, the results are disastrous. If you take a moment to think about it, you can probably recall more than one sitcom episode that is built on this very premise. This perspective often enters the picture when … [Read more...] about Do You Need an Attorney to Plan Your Estate?
There is a very unique demographic phenomenon unfolding in the United States right now, and it will persist into the foreseeable future. During the postwar years between 1946 and 1964, an inordinate number of babies were born. This phenomenon has been dubbed the “baby boom,” and if you do the math, you can see that these people are attaining senior citizen status. This has created a very large pool of senior citizens. People are having their first children at later ages than they did a … [Read more...] about Are You a Member of the Sandwich Generation?
People often come away a bit confused when they hear bits and pieces about the taxes that can be applied on inheritances. The term “estate tax” is commonly utilized, and you may have also heard of an “inheritance tax.” Some people think that estate tax is a term that is used to describe the income taxes that you have to pay if you receive an inheritance. In fact, inheritances are not subject to regular income taxes. An estate tax is entirely different. Federal Estate Tax We do have a … [Read more...] about Estate Tax & Inheritance Tax: Is There a Difference?
People often make assumptions when it comes to estate planning, and they think that they have to settle for a planning strategy that is less than ideal. Unfortunately, in far too many cases, these mistakes yield negative consequences. There are many different estate planning approaches that can be taken, and there is a way to satisfy most objectives. With this in mind, we will look at the legal device called an incentive trust in this post. Loving Guidance You may have concerns about … [Read more...] about An Incentive Trust Can Provide a Solution
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