Once your estate plan is established, it should periodically be updated to reflect life changes like birth, death, marriage, divorce, etc. Some experts recommend you update your plan every 3 to 5 years.
Using a trust is one way to avoid family arguments in the future, like if two siblings are fighting who will control dad’s financial choices and who will take care of his medical decisions. A trust encourages a smooth process and no court battles.
It’s important to remember that you don’t only have to leave assets in your estate to your immediate family or friends. If there’s a particular charity you’d like to include, we can help you allocate everything from cash payments to property.
Unfortunately, some senior citizens may not be able to qualify for the skilled nursing home care they need because they lack the savings to afford it, yet have too many assets to qualify for assistance. Let’s talk about how restructuring their estate may be able to help them get the care they need.
You and your spouse have probably spoken in depth about issues such as cremation or burial and end-of-life medical treatment. It’s a smart idea, however, to recognize that it’s impossible to know who will live longest. Experts recommend that everyone has a will that includes directions for end-of-life care.
Estate planning is not as challenging as some imagine. It’s simply a consideration with a professional who can tell you the long term repercussions of the choices you’ve made in your investments and how it will affect the probate process after you’re gone.
Did you know that you can be the trustee of your own trust? Most people choose to do this when they set up a living trust, as long as they're able to manage their own affairs. You will still have access to your assets and be able to manage them as you wish.
The purpose of a last will and testament is to capture your desires regarding how you’d like things to be handled in the event something happens to you. For example, for people with minor children, it’s common to identify a potential guardian in the will.
Have you ever heard of the Smithsonian Institution in Washington, D.C.? It was established in the will of James Smithson, a British scientist, who wanted to increase knowledge among all people. Did you know that Smithson had never previously even visited America?
When you're talking to your attorney about setting up a trust, one of the decisions you'll have to make is whether you want the trust to be revocable or irrevocable. A revocable trust is flexible and can be changed, but there may be situations where you want an irrevocable (or unchangeable) trust.
Think estate planning is only for the elderly? This isn't true. Because there's no way to know when you will pass away, people of any age should have a plan in place to make sure their loved ones are taken care of after their death.
Why would you need an estate plan? An estate plan will specify how your estate will be managed in the event you become disabled or in the event of your death. It will help you manage your assets, which includes your home, your investments, your business, your life insurance, and your employee benefits.
What is a health care proxy? Sometimes called a health care agent or medical power of attorney, the health care proxy designates the person(s) you wish to make medical decisions on your behalf if you’re incapacitated.
The government has placed all the tax burden of gift-giving on the donor. If you receive a gift, there is no requirement that you report the amount of the gift, or its value, on your tax return.
Do you have specific wishes concerning your end-of-life medical care? A living will makes it clear to your loved ones and doctors, for example, whether you want all reasonable medical means used to keep you alive as long as possible.
A will is one of the documents included in estate planning, and distributes your property exactly the way you wish upon your death. A will also transfers property you hold in your name to the person or organization you want to have it.
Did you know that if you pay the medical bills for someone and send the payments directly to the healthcare provider there is no gift tax – no matter the total cost of the payments? Finding ways to lower the potential taxes on your estate is a big element of estate planning.
If you become incapacitated or disabled in the future, an estate plan can make all the difference. This allows you to write specific instructions concerning the management of your estate and designate someone you trust to handle your affairs.
A good attorney is essential when it comes to estate planning. Not only can they help you make decisions that are best for your individual situation, but they can help you navigate the ever-changing federal and state laws governing estates as well.
What is a beneficiary designation? It’s a legal document that designates by name the person or entity who is entitled to receive the monetary benefits associated with contracts such as annuities, life insurance policies, or retirement accounts.
Did you know that the contents of your will may become part of the public record? When you want to keep the details of your estate private, we may need to set up a trust for your estate instead of a will.
One way to minimize the amount of taxes you may have to pay when you die is to make donations. An estate planning attorney can explain that there is a limit on a single yearly gift to a person or corporation.