If you put off planning your estate and unexpectedly pass away, your family can be in limbo as a result. This is because of state laws called "intestacy" laws which allow a state to take over a decedent's estate in death. Having an estate plan in place makes it so that each family member receives the monies and estate share that you have left to him or her.
If you ever experience permanent incapacity, such as a coma, then the doctor and hospital will rely on the instructions you have provided in your living will regarding the nature and extent of your care. A durable power of attorney will be used when you cannot provide informed consent.
One of the great benefits of getting advice from an estate planning attorney is that there may be ways to begin passing on a portion of your estate to your heirs now while you can still see them put it to good use. If you’re interested in exploring these options, we’re always here for you.
A durable power of attorney is a legal document that designates the person(s) you select who will act on your behalf. A durable power of attorney for assets designates who may make decisions and act on your behalf for financial, property, and estate planning issues.
Estate planning and elder law require a complementary approach. Elder law focuses on the individual and issues like Medicaid, nursing home placement, and end-of-life concerns, while estate planning addresses financial issues like wills, trusts, living wills, and more.
Have you been hesitant to put together a will or living trust because you aren’t sure exactly what kind of paperwork is necessary? Remember, working with an estate planning attorney will take all the guesswork out of the process.
What is in an Estate Plan? An estate plan contains documents that have directions regarding certain decisions like the distribution of your property in the event of your death or the event of your incapacity.
Planning out your estate ahead of time yields many benefits. Not only do you get to name the people your assets will be handed down to, but you have the satisfaction of knowing that your financial affairs are in order.
It is your decision who you should name as your executor or trustee. You could name your spouse or domestic partner, or even choose an adult child, another relative, or a family friend. Your executor or trustee does not need any special training, but it’s important that he or she is responsible and trustworthy, because he or she will have to ensure that your written instructions are followed.
A major problem you can run into by preparing your will on your own is that it may be more easily contested. We can help you ensure you don't miss any legal requirements or have the will improperly witnessed.
The precursor to the modern system of estate taxes was introduced with the Revenue Act of 1916. The exemption figure was $50,000 - which would figure out to more than $11 million today - with tax rates that started at 1 percent and maxed out at 10 percent.
Over time, you may have promised jewelry and other property to specific relatives. It’s possible that your executor will discover all of that information, but the only way to be sure your final wishes are followed is to include them in your will.
The liabilities that reduce your estate include: taxes you owe, outstanding debts, and the cost of settling your estate.
No matter how old you are, it is never too soon to plan your estate. In fact, the "sooner is better than later" aphorism holds true. Designing an estate plan now while you are healthy is best, as unexpected emergency health issues can make the decision making process more difficult.
If you and your spouse separate or file for divorce, it’s critical that you contact your estate planning lawyer as soon as possible. Chances are, adjustments will need to be made in terms of beneficiaries and power of attorney.
In America's earliest years, estate taxes were used to finance war efforts. The Stamp Act of 1797 included a stamp on wills in probate, and the money helped to pay for hostilities with France. In 1862, a federal inheritance tax was used to finance the Civil War.
We recognize that many college graduates feel they owe much of their success in life to their alma mater. If you want to ensure that your financial support for your college doesn’t end with your death, we can help you explore adding a provision for them into your estate plan.
There are many situations in which a significant change in your life requires changes to your current will or a completely new will. For example, if you move in with a new partner you may want that person to inherit the bulk of your property. That won’t happen unless the request is reflected in your will.
Minor children are the most vulnerable when a parent dies, especially if there is no estate plan in place. An estate attorney can help you to avoid any unnecessary added hardships that may result from your passing away by helping you to assign a guardian who will fairly and legally oversee your estate and corresponding assets.
Unfortunately, not every family gets along or continues to do so after a funeral. Putting your wishes in a legal document now will help to curb any potential fighting between family members.
If your estate goes through probate, this is simply the legal process by which your property and assets are transferred to others. This process varies by state and occurs when you pass away without a will in force.
When considering your estate plan, take note of your investments, real estate, retirement, savings, insurance policies and business interests. Ask yourself who you want to handle your medical decisions and money if you’re unable to do so for yourself.