One of the foundational elements to consider when you are taking stock of your legacy would be the vehicle or vehicles of asset transfer that you intend to utilize. There are many choices, but the most common one is the last will. These documents are pretty well understood as a way to state your final wishes in a manner that may seem rather simple and straightforward. However, last wills are not as elementary as you might think. There are websites out there claiming that anyone … [Read more...] about Our Report on Wills Now Available for Download
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Engage Elder Law Attorney Before Signing Nursing Home Agreements
Sometimes you hear about a court case that has profound elder law significance, and we recently came across a 2011 decision that is quite instructive to those who are preparing to enter into nursing home agreements. The case that we are referring to is the matter of Cook Willow Health Center v. Judy Andrien. Ms. Andrien went about the task of having her mother admitted into Cook Willow Health Center, which is a nursing home. When she was filling out the paperwork she entered into an … [Read more...] about Engage Elder Law Attorney Before Signing Nursing Home Agreements
Including Your Grandchildren in Your Estate Plan
Grandparents who want to provide for their grandchildren have a number of options when they are engaged in the process of estate planning. First off we would like to look at the matter of education. Few things are more valuable than a good education, and college tuition is extremely expensive these days. Providing a free education to your grandchildren would certainly be a fine way to extend a hand. The fact is that there can be tax advantages that go along with paying college … [Read more...] about Including Your Grandchildren in Your Estate Plan
Make Necessary Estate Plan Adjustments When Remarrying
Estate planning is an ongoing, dynamic process. As relevant life events take place your existing estate plan must be updated. If you go even a single day without a properly constructed estate plan you are taking a significant risk. And, you will not be around to suffer the consequences. It would be your family members who would pay the price. Getting remarried is one of these life-changing events that can trigger the need for some estate plan adjustments. One thing … [Read more...] about Make Necessary Estate Plan Adjustments When Remarrying
Making Provisions for a Family Member With Special Needs
When you discuss the details of your family dynamic with your estate planning attorney, he or she will be able to make the appropriate recommendations. There is no one set course of action, and it is important to make informed decisions when you are arranging for future asset transfers. If you were to take matters into your own hands and use some type of do-it-yourself legal document to state your final wishes, you may take steps that have unintentional consequences. With this in … [Read more...] about Making Provisions for a Family Member With Special Needs
Charitable Remainder Unitrusts: A Brief Overview
If you want to set up an ongoing income stream for yourself while you simultaneously take steps to provide for your favorite charity, you may want to consider creating a charitable remainder unitrust. With these trusts, you establish a term during which you will receive annual annuity payments that must equal at least 5% and not more than 50% of the fair market value of the trust. When you are establishing the trust you name a charitable beneficiary who would benefit from the trust after … [Read more...] about Charitable Remainder Unitrusts: A Brief Overview
Who Will Administer Your Estate?
You have to consider the matter of estate administration when you are planning your estate. Letting your family know where your estate planning documents are located is fine, but what do they do next? Making your wishes as stated in writing become a reality is going to take the efforts of individuals with certain types of expertise. If you are using a revocable living trust to arrange for the distribution of your resources to your heirs after your passing, you would do well to … [Read more...] about Who Will Administer Your Estate?
Minimal Social Security COLA Announced
Retirement planning involves having an understanding of the Social Security program. When you do examine the details you find that your benefit alone is probably not going to provide you with the income that you need to truly enjoy your retirement. In fact, you may not be able to retire at all if Social Security is your only source of income. If you are in fact living on a fixed income you are faced with challenges because the prices of things steadily rise while your income … [Read more...] about Minimal Social Security COLA Announced
Unmarried, Childless People Need an Estate Plan Too
Estate planning is something that is relevant to all self-supporting adults. While it is true that married couples who have children may be more concerned about the future than single individuals, unmarried people should take estate planning seriously as well. Some single people feel as though they have less to be concerned about because no one is relying on them. But at the same time, single individuals are going to age like anyone else and they are going to accumulate personal … [Read more...] about Unmarried, Childless People Need an Estate Plan Too
The Limitations of Living Trusts
Living trusts are often utilized by people who would like to arrange for the eventual transfer of assets to their loved ones outside of the probate process. When you use a last will to direct the transfer of your assets after your passing the estate must be probated. During this process the probate court supervises the administration of the estate. The heirs to the estate will not receive their inheritances until this process has run its course. Depending on the specifics of the case … [Read more...] about The Limitations of Living Trusts
