Estate planning is part of the broader legal specialty of elder law, so estate planning attorneys stay abreast of all of the issues that are relevant to seniors. Clearly, the health and well-being of our nations elders is a matter of great importance. From a psychological perspective, seniors can sometimes experience loneliness and the loss of a sense of purpose once they are retired and their family members have become independent. Clearly, this can lead to depression, and … [Read more...] about Estate Planning: Pets Must Be Provided For Too
Estate Planning
The “Three R's” Of Estate Planning
We have all heard of the "Three R's" as they apply to education, but there are another set of R's that are relevant to the topic of estate planning. And unlike reading, writing, and arithmetic, these three actually all do begin with the letter R.Recognition The first step along a path is to recognize the fact that you need to get on the path in the first place. Many people procrastinate when it comes to estate planning, feeling as though it is something that you can always think … [Read more...] about The “Three R's” Of Estate Planning
Elder Law Attorneys Light The Way
It is not uncommon for people to recognize the fact that they should have an estate plan in place but simply drag their feet because they don't know where to begin. This is understandable, because estate planning can indeed be a daunting task for the uninitiated. For this reason the intelligent course of action is to work with an elder law attorney from the outset who has the experience that it takes to set you on the appropriate course given the specifics of your situation. One … [Read more...] about Elder Law Attorneys Light The Way
The “Zeroed Out” GRAT
When you think about it from a purely innocent and objective standpoint, it would seem as though estate planning is the easiest thing in the world. All you have to do is take assets that belonged to you and have them transferred to someone else after you pass away. How hard can this be? The reality is that it may not be that difficult to make this happen from a legal perspective, but the problem lies in the expenses that can be incurred while doing so. Between the estate tax … [Read more...] about The “Zeroed Out” GRAT
Estate Planning Attorney A Must For Blended Families
Estate planning can be rather complex for anyone depending on the scope of your assets, the way they are positioned, and the specific nature of your wishes. This is why it is always going to be advisable to retain the services of an estate planning attorney when you are making preparations for the future. To be able to plan effectively you must be aware of all the tools that are available to you and know how and when you should use them. Estate planning attorneys are faced with … [Read more...] about Estate Planning Attorney A Must For Blended Families
The Probate Process, Your Estate, & Your Executor
There are people who are not aware of the fact that your last will is not something that is only going to be shared in private among your family members. When you use a last will as your primary vehicle of asset transfer, your estate must be probated. During this time the probate court will examine the will and attest to its validity. If anybody wanted to step forward and contest your wishes they would present their arguments in front of this court. At the same time, … [Read more...] about The Probate Process, Your Estate, & Your Executor
Succession Planning Strategy For Small Business Partners
The correct approach to estate planning is something that is going to vary on a case by case basis depending on your unique situation, and with this in mind, let's take a look at succession planning for small business partners. If you are a partner in a small business your financial share in the business may represent the largest asset that you have. When you pass away your partners are probably still going to want to remain in business, and it is likely that you feel the same way … [Read more...] about Succession Planning Strategy For Small Business Partners
Are You Too Young For An Estate Plan?
Estate planning is often looked at as something that only "old people" need to be concerned about, but is this perception accurate? The reality is that it is not because people of all ages die every day. Yes, it is true that the average lifespan in the United States right now is 78 years, but that is indeed an average and it is not some type of guarantee. If you were to pass away without an estate plan you clearly will not be around to suffer the consequences. When you … [Read more...] about Are You Too Young For An Estate Plan?
Tax-Free Tuition Gifts & Your Estate Plan
People who are in a position to give life-changing amounts of money to their loved ones after they pass away face a couple of different challenges. For one, there is the matter of the estate tax. At the present time the estate tax exclusion is $5 million and the rate of the tax is 35%, so any portion of your estate that exceeds $5 million will be shaved down by over a third if you don't take action to prevent it. If this wasn't bad enough, the tax relief act that was passed at … [Read more...] about Tax-Free Tuition Gifts & Your Estate Plan
A CRUT May Fit Into Your Estate Plan
People who are getting serious about preparing their assets for eventual distribution to their loved ones upon their passing often times sit back and contemplate their overall legacies. You can go through a period of very profound soul-searching during the latter stages of your life, and you may find that you would like to punctuate your legacy with some charitable giving. There are a number of estate planning vehicles that enable people to satisfy their philanthropic urges, and many times … [Read more...] about A CRUT May Fit Into Your Estate Plan
