Probate is the legal process of estate administration. If you arrange for the distribution of your personally owned property through the terms of a last will, the probate court would provide supervision. Creditors are given an opportunity to come forward seeking satisfaction during probate, and interested parties would have the opportunity to challenge the validity of the will. This process serves a purpose, but it is not necessarily positive for the rightful heirs to an estate. In Vermont, … [Read more...]
Why Are Living Trusts Utilized?
When you work with an estate planning lawyer to devise your inheritance plan, you have access to knowledge that you would not have at your disposal if you were to go it alone. Your attorney will explain all of your options to you in detail, and at the end of the day, you can make very important decisions in a fully informed manner. With this in mind, we will look at the value of revocable living trusts in this post. Last Wills vs. Living Trusts One of the most common misconceptions that people … [Read more...]
Incapacity Planning Is a Must
When you think about the matter of estate planning, arranging for postmortem asset transfers will probably come to mind. Without question, you have to execute a will or some type of trust to state your final wishes. The ideal course of action will depend upon the circumstances, and there are many possibilities. This is one of the most important financial decisions you will ever make, so you should certainly discuss your options with a licensed estate planning attorney. End-of-Life … [Read more...]
Can You Give Gifts to Avoid the Estate Tax?
We have a federal estate tax in the United States, but most people do not have to contend with it, because there is a relatively high credit or exclusion. This is the amount can be transferred before the estate tax would be applied. Before the beginning of this year, it was somewhere in the vicinity of $5 million. This was the figure that was installed in 2011, and there were ongoing adjustments to account for inflation. When the new tax laws went into effect in 2018, the estate tax exclusion … [Read more...]
A Look at Special Needs Planning
It is important to understand the fact that there is no one-size-fits-all estate plan that is right for everyone. Your financial position, your family dynamic, and your objectives will be determining factors, and there are many possibilities. There is also the matter of the life situation of the people that you want to provide for in your estate plan. With this in mind, let’s take a look at the value of special needs planning. Government Benefits If you would like to leave an inheritance to … [Read more...]
How Burlington Estate Planning Lawyers Can Help You Protect Your Pets
Burlington estate planning lawyers at Unsworth LaPlante, PLLC will help you to make effective use of legal tools to protect your loved ones. For many clients, it is not just people who you want to protect and to provide for -- it is animals as well. Our legal team will work closely with you to make sure that your pets will be safe and secure even if something should happen to you. To find out more about how our firm can provide you with help planning ahead for your animal's future just in … [Read more...]
5 Things Burlington Medicaid Planning Attorneys Want You to Know
Burlington Medicaid planning attorneys at Unsworth LaPlante, PLLC can help you to prepare a plan to get covered by Medicaid if you need care. We help you to ensure that your life savings is not lost if you get sick and need to move to a nursing home or long term care at home. Unfortunately, far too many people do not realize how important Medicaid planning is to protecting their wealth as they get older. You don't want to make this mistake so you should reach out to Unsworth LaPlante, PLLC … [Read more...]
Why Your Heirs Would Prefer Living Trusts
Essex Junction living trust attorneys can provide you with help and support as you make plans to leave your legacy. While many people use a will to determine who will inherit and how assets will pass on to loved ones, your heirs or beneficiaries would likely prefer it if you would use a living trust. When you create a living trust and transfer assets into it, assets can transfer outside of the probate process. Unsworth LaPlante, PLLC can help you to determine what this would mean to your … [Read more...]
Burlington Estate Planning Attorneys Explain the Importance of Advanced Directives
Burlington estate planning attorneys at Unsworth LaPlante, PLLC assist you in identifying the steps that you need to take to prepare in case you get sick or become badly hurt. We can help you to be prepared for life's unexpected tragedies by making effective use of legal tools that protect your autonomy and that protect your loved ones. You never know when something unexpected could happen and you could end up in a situation where medical decisions about your care need to be made and you are … [Read more...]
Who Should You Put in Charge of Trust Administration?
One of the primary reasons for trust creation is the fact that when you have created a trust, the assets held within the trust can pass through the trust administration process. The trust administration process is more private, faster, easier, and less costly than the probate process, which Investopedia estimates can take around a year to complete and can cost up to three percent to seven percent of the value of the estate. The trust administration process should also be able to take place … [Read more...]
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