Estate planning attorneys typically utilize multiple variations of the same types of legal instruments. This can sometimes lead to confusion among people who are trying to understand what estate planning is all about. Some of these terms are rather wordy and complex, but even some of the simpler ones can be a bit misleading because of the way that they overlap. With this in mind we would like to clear up some popular misconceptions about three very commonly used estate planning … [Read more...] about Last Wills, Living Wills, & Living Trusts
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Probate: Why Do Some People Avoid It?
As you look into the topic of estate planning you will invariably see mention of probate avoidance strategies. Many newcomers to the subject don't even know what probate is, much less why they should try to avoid it, so we will provide a basic definition and take a look at the three most common reasons why people do indeed choose to avoid probate. Probate is the legal process of estate administration, and during this interim the probate or surrogate court attests to the validity of the … [Read more...] about Probate: Why Do Some People Avoid It?
Have You Considered Long-Term Care Costs?
Elder law attorneys must pay close attention to all of the issues of the day that impact senior citizens, and one of the most challenging among them is the matter of long-term care and the expenses involved. The United States Department of Health and Human Services estimates that approximately 7 out of every 10 people who reach the age of 65 will need some form of long-term care at some point in their lives, and this includes in-home care. So those who want to say "this will never … [Read more...] about Have You Considered Long-Term Care Costs?
Getting The Most Out Of Social Security
Most people who are planning for their retirement years are going to be building around Social Security as a centerpiece. But even if your resources would allow you to enjoy retirement to the fullest if you did not receive Social Security, since you did make contributions into the program it is only natural that you would expect something in return. One could simply invest his or her Social Security benefits and add the earnings to the estate that family members will draw from in the … [Read more...] about Getting The Most Out Of Social Security
Pour-Over Wills & Your Estate
When the layperson hears the term "estate planning" the thing that usually comes to mind is the last will, and this is of course one way to pass along your assets to your loved ones after you die. However, many people prefer to use a trust such as a revocable living trust once they pay a visit to an estate planning attorney and hear about all the options that are available to them. For the majority of individuals the primary reason why a trust may be preferable to a last will is because the … [Read more...] about Pour-Over Wills & Your Estate
Writing Your Memoirs Can Enhance Your Legacy
If you think about the storyline behind the movie It's A Wonderful Life, there's a lot there to mull over, but one thing that stands out is the way that the life of a single individual has so much impact on the world within which he or she lives. Each person has walked a specific path and touched others along the way, and all of these "movies" would have a lot of worthwhile insight to offer if you could tap into the life story of each individual. This is something to consider when … [Read more...] about Writing Your Memoirs Can Enhance Your Legacy
For Unmarried Couples Estate Planning Is Especially Important
One of the questions that people often have about estate planning involves what would happen to their assets if they passed away without having executed their last will or some other vehicle of asset transfer. There is a common misconception that has made the rounds suggesting that the state will absorb your assets if you were to die intestate or without a will. As estate planning attorneys we certainly want people to take the time to formulate a well-thought-out, comprehensive estate … [Read more...] about For Unmarried Couples Estate Planning Is Especially Important
Asset Protection Should Be Considered
As you reach the latter stages of your life the practical implications of your estate plan become all the more apparent to you. Earlier on you may have perceived of your estate plan as being a precaution to have in place to protect your family should the unthinkable take place. But as you get into your twilight years you generally come to peace with your own mortality and recognize just how important it is to transfer your assets to your loved ones in the appropriate manner so that they … [Read more...] about Asset Protection Should Be Considered
Gifts & Medicaid Eligibility
The costs associated with long-term care are extremely high and rising, and this is something you really have to take into consideration when you are planning for the future. In 2010, it cost nearly $40,000 to spend a year in an assisted-living facility on average in the United States, and the charge for a single room in a nursing home averaged over $83,500. The average stay for someone who resides in a nursing home is about 2-1/2 years. These numbers are clearly … [Read more...] about Gifts & Medicaid Eligibility
Social Security, Medicare Face Strain
If you have followed the news over the last several months it's no secret that there are a lot of concerns about the federal budget deficit. Since the political climate in Washington shifted after the midterm elections there is more serious resolve about slashing federal spending. And when you look for the most significant outlays of money you can't help but notice that a large portion of the federal budget is consumed by entitlement programs for senior citizens. According to the … [Read more...] about Social Security, Medicare Face Strain
