Alzheimer’s disease affects far too many families, and the impact is felt on a number of different levels. In this post, we will share some key facts that will open your eyes if you have not explored the subject. Facts and Figures Everyone knows that Alzheimer’s causes dementia, but aside from the memory loss, there is another aspect that flies under the radar. If you were to name the diseases that kill the most people in the United States, breast cancer and prostate cancer may come to … [Read more...] about Alzheimer’s Is a Looming Threat
Most people do not have estate plans in place, and many of them are well aware of the fact that they should take action. The reason why they procrastinate is because they really do not know where to begin. With this in mind, we will provide a brief outline in this post so you can start to think about the structure of your plan if you have not done so already. Create an Inheritance List Clearly, some people have very straightforward inheritance planning intentions. For example, you and your … [Read more...] about Estate Planning: Where Do You Begin?
If you ask a sampling of people to explain what estate planning is all about, most of them would say that you draw up a will. Of course, you can use a will to express your final wishes, but there are some good reasons why you may want to consider utilizing a trust instead. We will look at five of them in this post. Special Needs Planning You have to consider benefit eligibility if you are going to be leaving an inheritance to a loved one with special needs. Many people with disabilities rely … [Read more...] about Five Reasons to Use a Trust
Probate is an estate administration process that takes place under the supervision of a court. Some people are aware of the existence of probate and they think that it is a universal necessity. This perception follows the widely held belief that estate planning boils down to the execution of a simple will. In this post, we will provide some clarity so you can go forward in an informed manner. Simple Wills and the Probate Process A will is in fact admitted to probate after the death of the … [Read more...] about Is Probate Always Required?
As we begin a new year, it’s a good time to start off right. If you don’t already have an estate plan, now’s a great time to make an appointment with an estate planning attorney to get one. Read on to learn more. … [Read more...] about Starting the New Year Right
As elder law attorneys, we advise clients that are concerned about potential long-term care costs. The majority of elders will need help with their activities of daily living, and a significant percentage of them will require paid care. You can expect to pay over $125,000 for a year in a nursing home in the Burlington, Vermont area, and you are look at almost $70,000 for a professional home-health aide. Almost all seniors qualify for Medicare coverage, and it is a solid source of health … [Read more...] about Medicaid Planning: Update Figures for 2021
Over recent weeks, we have been passing along various updated figures that are relevant from an estate planning and elder law perspective. In this post, we are going to answer a question that many people have about the annual gift tax exclusion. Before we focus on that particular subject, we will provide the appropriate background information, which will include a review of the 2021 estate tax parameters. Inflation Adjustment The federal estate tax exclusion is a set dollar amount that can … [Read more...] about Was There a 2021 Gift Tax Exclusion Increase?
Vermont is one of just 12 states with state-level estate taxes, and the District of Columbia has its own estate tax. The exclusion is the amount that can be transferred before the estate tax would be applied on the remainder. The amount of the exclusion is set by the legislature, and after it has been established, there can be adjustments on an annual basis to account for the cost of living. Since the calendar has turned over, an estate tax exclusion adjustment has been made for 2021. Last … [Read more...] about What Is the 2021 Vermont State Estate Tax Exclusion?
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?
In December of 2019, the SECURE Act was signed into law, and it went into effect this year. It changed the individual retirement account parameters in some important ways. A new piece of legislation that is been dubbed SECURE Act 2.0 was introduced into Congress in late October, and if it is passed, there would be more changes to 401(k) plans and IRAs. Before we look at the legislation that is on the table right now, we will provide a recap of the changes that were included in the first … [Read more...] about An Overview of Proposed Secure Act 2.0