The fact is that most people don't pass away when they are in good health, right? So when you are planning your estate, you invariably find yourself rewinding a bit to the days, weeks, and months prior to the reading of your will. This leads to the question of how long you should expect to live. If you examine the statistics you will find that the group of Americans deemed the "oldest old," which is a term that refers to those who have reached the age of 85 and above, are the … [Read more...] about Advance Directives Advised For Same Sex Couples
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Inheritance Planning: Pave The Way With Educational Gifts
When you are engaged in the process of estate planning, a large portion of the endeavor involves properly positioning your assets. You want to make sure that you have the available liquidity that you need to address any and all contingencies that may come your way, protect your assets in general, and ready them for efficient distribution to your heirs free of any undue erosion. But in addition to this financial planning there is also a human side. The planning is a two way street … [Read more...] about Inheritance Planning: Pave The Way With Educational Gifts
Long Term Care Assistance For Veterans
When you practice in the field of elder law, part of your responsibility is to keep your finger on the pulse of all of the relevant trends as they are unfolding. As estate planning professionals that action word, "planning," requires the use of long term projections. You cannot know with full certainty what the costs will be for essential services in the future. In addition, you have no way of knowing what the state of the economy will be like in twenty years, how the tax laws … [Read more...] about Long Term Care Assistance For Veterans
Remarrying? Pre-Nup, QTIP May Be The Answer
When you consider the institution of marriage as it stands in the United States in the 21st century, it is in a very real sense something different from what it once was. Of course you can't paint with a broad brush because each person has a unique perspective, but the statistics would indicate that marriage is no longer something that is permanent in the minds many people. Statistics on the subject vary, but somewhere in the neighborhood of between 40% to 50% of marriages end in … [Read more...] about Remarrying? Pre-Nup, QTIP May Be The Answer
Long Term Care Costs: Planning Required
Estate planning is usually seen as something that involves the distribution of your assets after your death, and rightly so. But the totality of the matter blends into the period of your life that precedes your passing. Why is this? To put it bluntly, if you don't have anything left when you die any planning that you may have done regarding inheritances is not going to have a whole lot of value. Obviously there are those who have sufficient assets to easily handle any and … [Read more...] about Long Term Care Costs: Planning Required
Five Wishes & Estate Planning
We never know when our time on earth will come to an end due to illness or accident, and being prepared for such an event is obviously a good idea. For those who want to be prepared in an effort to take the burden off family members in stressful emotional times, or for those who are either aging or seriously ill, the Five Wishes advance directive is an excellent option. The Five Wishes document is a living will that allows you to communicate with your family and friends about the type … [Read more...] about Five Wishes & Estate Planning
Avoid Asset Erosion With Generation Skipping Trusts
In estate planning circles you hear a lot of talk about "avoiding the estate tax" and "gaining estate tax efficiency." There are those patriotic Americans who may question this mentality, feeling as though they are more than willing to assume their fair share of the tax burden. This is an admirable stance, but the operable term here is "fair share." Let's explain by way of a very simple example. Let's say you start to put away a portion of your paycheck when you are in your … [Read more...] about Avoid Asset Erosion With Generation Skipping Trusts
Incentive Trusts: Subtle Guidance
When you are planning your estate, part of the process involves positioning your assets optimally for protection and tax efficiency. This is the hard financial side of the endeavor, but there is a human side as well. You may be in a position to bequeath large sums of money to the people that you love the most, and on the surface this can seem like the easiest thing in the world. Nobody wants to pass away, but when your time has come it is nice to know that you are in a … [Read more...] about Incentive Trusts: Subtle Guidance
3 Revocable Living Trust Benefits
A Revocable Living Trust is a commonly used estate planning tool. It works in conjunction with ancillary documents such as a Pour-Over-Will, Financial Powers of Attorney, Medical Powers of Attorney, the Living Will, HIPAA Releases, and Organ Donation forms. “Revocable” means that the Trust can be revoked or amended at any time. “Living” means that you create the Trust while you are alive. And, a “Trust” is a type of contract. Here is a summary of Revocable Living Trust … [Read more...] about 3 Revocable Living Trust Benefits
When to Update your Will
When creating a Will, it is not a once and done activity. Estate planning, which includes creating a Will, is a process. It is wise to consult with your estate planning attorney every three to five years to update your plan to reflect changes in your life, goals, and assets; changes in the law; and changes in your estate planning attorney’s experience. When creating a Will keep in mind that you should contact your estate planning attorney immediately (don’t wait for the three … [Read more...] about When to Update your Will
