People are living longer, which means more may face mentally debilitating diseases such as Alzheimer’s or other long term illnesses. These people may no longer be able to make their own medical decisions. So, how are decisions made? If there are no disability planning documents, a court will name a guardian to make all decisions for that person. Having someone else make all of your decisions may seem scary. If so, you should use a Living Will along with other disability planning … [Read more...] about When to Use a Living Will
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Three Things a Revocable Living Trust Can’t Do
While a Revocable Living Trust is a great estate planning method for avoiding probate and for preparing for potential mental incapacity, there are some things it just can’t do. Here are three examples: Protect Assets from Creditors. If someone wins a lawsuit against you that entitles them to money damages, they become what’s called a “judgment creditor.” A judgment creditor can levy on your property in order to collect the amount owed, and a Revocable Living Trust does not shield your … [Read more...] about Three Things a Revocable Living Trust Can’t Do
Young Families Need an Estate Planning Lawyer Too
If you were asked to visualize the typical estate planning client sitting in the lawyer’s office, who would you see? The stereotypes might include a fifty-something successful entrepreneur, sixty or seventy year-old retired grandparents, or even an eighty-plus year-old widow all planning how to handle the estate they will eventually be leaving behind. Yet young people, especially those with children, need to have an estate plan in place to protect their family in case one or both parents … [Read more...] about Young Families Need an Estate Planning Lawyer Too
Estate Planning and the Procrastinator
Making a will and estate planning are not the most pleasant topics to lots of people because they just don’t want to think about the prospect of their own demise. In spite of repeated requests from a spouse or children, these individuals continue to procrastinate about estate planning and this can be a costly mistake. Successful people who have a sizable estate that they will leave behind have worked long and hard for their assets yet, without proper estate planning, these hard-earned assets can … [Read more...] about Estate Planning and the Procrastinator
When Do You Need a Medicaid Attorney?
The terms Medicare and Medicaid are confusing because the names are similar but the federal programs are set up for different purposes. Medicare is the federal healthcare insurance plan that covers senior citizens age 65 and over as well as younger people who qualify for Social Security disability payments. Medicare is partially funded by required payroll deductions from all employed persons and the remainder of the costs are paid from the federal budget. Medicaid, on the other hand, helps to … [Read more...] about When Do You Need a Medicaid Attorney?
Women and Long Term Care
Many women that are now retired or will retire soon are not prepared, especially when it comes to paying for any long-term care that they might need. Studies have shown that one of the main reasons why a lot of women are not prepared for retirement is the belief system they were exposed to early in life. In one study about half of the women surveyed were brought up to believe that a man would care for their financial needs throughout their lives, but only about 3% of women now believe this. … [Read more...] about Women and Long Term Care
Pets and Estate Plans
If you have pets, you likely consider them part of your family. You may be concerned about what will happen to your pets when you die. Some people have actually provided an inheritance for their pets, but there are some complications with this. Legally you cannot leave money to a pet. What you can do is leave your pets to someone, along with money to take care of those pets. If you’re considering this option, you may want to put together a detailed plan for the care of your pet; such plans … [Read more...] about Pets and Estate Plans
Common Probate Questions
Typically, estate probate cases are a straightforward procedure, especially when an experienced attorney handles the probate. It does get more complicated if a beneficiary contests the Will. Although the legal aspects of probate are not complicated, probate can be an emotionally taxing and lengthy process your loved ones must endure during an already difficult time in their lives. Some of the most common questions people ask include: Q. How long do probate proceedings take? A. … [Read more...] about Common Probate Questions
Estate Tax Return In The Offing
In 2010 we had a one year respite from the estate tax, and most people view any tax relief as a positive. However, there is an intrinsic inequity existent in a temporary repeal that makes a relative few immune to a tax the rest of us must address. A good case in point involves the former owner of the fabled New York Yankees, the mercurial George Steinbrenner who died in July of 2010. Forbes magazine estimated the overall worth of his estate at $1.1 billion. The estate tax exclusion amount in … [Read more...] about Estate Tax Return In The Offing
What Are Pay On Death Accounts?
You hear a lot of legal and financial terms when you start planning your estate that you may not be familiar with, and they come with an alphabet soup of acronyms attached to them that can make deciphering the jargon all the more difficult. One of these is the POD account, and when it is being used in an estate planning context the acronym POD stands for "pay on death." You may alternately see the initials TOD, and these stand for "transfer on death," but they both refer to the same types of … [Read more...] about What Are Pay On Death Accounts?
