The idea of putting your dog in your estate plan can sound silly when you are a relatively young adult. Lifespans for our fine furry friends are relatively brief compared to humans, and most dogs are mutually owned by families, so there is more than one potential caretaker. This being stated, the dynamic is quite a bit different for senior citizens. Since we are elder law attorneys, we do get questions about inheritance planning for pets. A Cure for Loneliness Though some people think that … [Read more...] about Can a Senior Put a Dog In an Estate Plan?
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?
Sometimes people overlook estate planning tools that can be very useful for them, because they harbor certain misconceptions. One of them is the notion that you lose control over assets that you convey into any type of trust. This is not the case when it comes to revocable living trusts. Ongoing Control If you convey assets into a revocable living trust, you do not lose control. The person creating the trust is referred to as the grantor, and the grantor will typically act as the trustee and … [Read more...] about Do You Still Control Property in a Living Trust?
Most people are aware of the fact that a power of attorney is a document that you can use to give someone else the power to act on your behalf in a legally binding manner. On the surface, it may seem as though a power of attorney would have no place in an estate plan, but this is really not the case. A well-constructed estate plan will center around the events that will take place after your passing, and the facilitation of asset distributions will be at the core. This being stated, it is … [Read more...] about Why Is a Power of Attorney Part of an Estate Plan?
It can seem like estate planning is all about the execution of a static document. You certainly have to leave behind instructions, but who will follow them, and how will it be done? The process of estate administration should be considered when you are planning your estate, because your understanding of it will impact the choices that you make. Last Wills A lot of people just blindly assume that a last will is the right asset transfer vehicle to utilize unless you are super rich. It can be … [Read more...] about Estate Administration: Keep It Simple
There are estate planning solutions that can be implemented to satisfy virtually any objective. You should certainly discuss your estate planning goals with a licensed estate planning attorney so that you can become apprised of your options and act in a fully informed manner. With the above in mind, you should be aware of the fact that it is possible to provide for your pet in your estate plan. At one time, pet trusts were not legal at all, but eventually, some states started to adopt the … [Read more...] about Estate Planning Solution for Senior Pet Owners
When you discuss estate planning with laypeople that have a little information, you may hear bits and pieces that can give you the wrong idea. In a lot of instances, they revolve around the concept of probate avoidance. Estate Administration Probate is a legal process that would enter the picture if you use a last will to arrange for the transfer of your assets. The probate court would provide supervision during the estate administration phase. This process would take eight or nine months … [Read more...] about Probate Avoidance Is Not the Only Consideration
Most people focus purely on monetary matters when they consider the subject of estate planning. This is certainly understandable, and it is important to suitably provide for your loved ones on this level. At the same time, you could take a more comprehensive approach and engage in the process of legacy planning. This would include leaving behind important pieces of your heart, mind, and soul. Ethical Will Throughout your life, members of your family have invariably come to you looking for … [Read more...] about Legacy Planning: Leave a Piece of Your Heart
If you have never looked into the subject of long-term care and the costs that go along with it, you are about to obtain some very important information. In this blog post, we will explain why Medicaid planning is something that should definitely be on your radar. Limitations of Medicare If you work and pay taxes for at least 10 years, or if your spouse has done this, you will qualify for Medicare when you reach the age of 65 under currently existing laws. This health insurance program for … [Read more...] about Recognize the Importance of Medicaid Planning