If you are concerned about legal matters that impact senior citizens, you would do well to discuss your future with a licensed elder law attorney. You should go forward with a full understanding of these issues, and you should work within a well constructed plan that leads to a comfortable future. An elder law attorney is typically going to have an expanded area of focus. Retirement planning, financial planning, elder law and estate planning are all interconnected. To be … [Read more...] about Do Elder Law Attorneys Practice in Other Areas?
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Can I Provide for My Dog When I Plan My Estate?
If you are a younger dog owner, you may not be too concerned about providing for your canine companion in your estate plan. In truth, you could gain a lot of peace of mind if you do include your pet, because you never know what the future holds. This being stated, pet planning can be very relevant for senior citizens. Imagine the life situation of a senior who has lost a spouse along the way. The children are grown, and retired people don't have daily contact with … [Read more...] about Can I Provide for My Dog When I Plan My Estate?
Inflation Adjustment Applied to Estate Tax Exclusion
You can transfer unlimited assets to your spouse tax-free, but anything that you want to transfer to others is potentially subject to the death tax. The federal estate tax exclusion is the amount that you can transfer tax-free. The exclusion has changed a great deal over the years. Back in 2009, the federal estate tax exclusion was $3.5 million, and the maximum rate was 45 percent. Due to a provision contained within the Bush era tax cuts, the estate tax was repealed for the 2010 … [Read more...] about Inflation Adjustment Applied to Estate Tax Exclusion
Is Incapacity Planning Really Important?
You may hear about incapacity planning and assume that it is something that applies to others. There will never be a time when you will become unable to handle your own affairs, right? Incapacity is something that only happens to other people. If you feel this way, you should understand the facts. Longevity Lifespans are getting longer as medical science improves. In addition to the advances in science, people are becoming more aware of the value of healthy lifestyle … [Read more...] about Is Incapacity Planning Really Important?
Does a Revocable Living Trust Reduce Income Tax Responsibility?
Revocable living trusts are very useful on a number of different levels. However, there is no estate planning device that is an absolute cure-all. With this in mind, let's look at these trusts in detail. Probate Avoidance The biggest benefit that you derive when you create a revocable living trust is the avoidance of the probate process. You probably want your heirs to receive their inheritances in a timely manner. If you use a last will to transfer your personally … [Read more...] about Does a Revocable Living Trust Reduce Income Tax Responsibility?
Free Report: What is a Guardianship in Indiana?
The matter of guardianship is something to take into consideration when you are planning your estate. It can come into play under a couple of different scenarios. Topics covered in this whitepaper include: Minor ChildrenAdult GuardianshipDurable Powers of Attorney Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is a Guardianship in Indiana?
Is There a National Organization of Elder Law Attorneys?
Estate planning attorneys typically focus on elder law as well. You certainly want to make sure that your loved ones receive their inheritances after you pass away, but you should also prepare yourself for the eventualities of aging. There are a number of elder law issues that are being prioritized at the present time. One of them is the matter of long-term care. Living Assistance Most elders will need help with their activities of daily living eventually. Since … [Read more...] about Is There a National Organization of Elder Law Attorneys?
Can I Dissolve My Medicaid Trust?
Before we look at Medicaid trusts, we should explain why Medicaid should matter to you. Most people are aware of the fact that Medicaid is a government health insurance program that is in place to help people who are financially needy. If you have worked throughout your life, you will qualify for Medicare when you reach the age of 65. Medicare also provides health insurance, so you wouldn't need Medicaid if you are enrolled in the Medicare program, right? The answer is that you … [Read more...] about Can I Dissolve My Medicaid Trust?
What is the Uniform Probate Code?
There are laws in place that are used to sort things out when someone passes away. They are implemented during the process of probate. Various parties may have an interest in the estate. These would include family members and others who may be receiving inheritances, and those who may think that they should be receiving inheritances. Creditors would also have an interest in the estate, including the tax man. Because of these various interests, estate supervision is … [Read more...] about What is the Uniform Probate Code?
Take Action During National Estate Planning Awareness Week
When organizations conduct surveys that measure the estate planning preparedness of American adults, the results are disheartening. Everyone is going to pass away, but perhaps surprisingly, most people do not plan ahead for something that is definitely going to happen. People often procrastinate because of a lack of awareness. They don't understand why planning is important, and they assume that things will just naturally fall into place. In reality, things don't work that … [Read more...] about Take Action During National Estate Planning Awareness Week
