August is national make a will month, which means now is the perfect time for you to take the necessary steps to draft your will. The American College of Trust and Estate Counsel recently developed a new webpage with tips and information about wills and what steps you should take to prepare your own.
On the webpage you can learn about:
What a will is and why you need one
The essential documents needed to get your affairs in order
How to choose your executor and trustee
5 reasons to update your estate plan
Digital asset management in life and death
The webpage is a great resource to learn more about estate planning and the proper steps and documents that are necessary to ensure you have a solid plan for your family in the event of your death.
https://www.actec.org/estate-planning/what-you-should-know-about-writing-a-will/?utm_source=Informz&utm_medium=Email&utm_campaign=ACTEC&_zs=XKpAX&_zl=9r4D2
ACTEC.ORG
What You Should Know About Writing a Will | The American College of Trust and Estate Counsel
For those who haven't heard yet... Medicaid rules in NY are changing drastically. Among other things, after October 1st, uncompensated transfers (i.e. transfers to trusts or gifts to children) will be penalized for up to 2.5 years. This means that if one transfers a home to a Trust in November and then applies for Medicaid, he will be ineligible for up to 2.5 years.
As a result, if you or your parents are over 65 and may need home care services soon, it may make sense to transfer assets before October 1, 2020. As always, feel free to reach out if you want to discuss in details.
FORBES.COM
The Pros And Cons Of Electronic Wills
https://www.forbes.com/sites/josephcoughlin/2019/10/29/these-are-retirement-numbers-every-couple-should-plan-on-but-dont/#4e1c50ce186d
How long do you plan to live with your spouse after retirement? Will you have anything to talk about?
FORBES.COM
These Are Retirement Numbers All Couples Should Plan On, But Don’t
https://sverdlovlaw.com/lawyer/2019/11/05/Retirement-Benefits/Social-Security-changes-coming-in-2020_bl38952.htm
SVERDLOVLAW.COM
Social Security changes coming in 2020 | Katya Sverdlov Blog
https://sverdlovlaw.com/lawyer/2019/10/30/Incapacity-Planning/What-is-a-healthcare-proxy_bl38603.htm
https://www.bloomberg.com/news/articles/2020-10-09/election-news-richest-u-s-families-seek-tax-savings-before-possible-biden-win?utm_source=facebook&utm_medium=news_tab&utm_content=algorithm&sref=GqdZXtHj
BLOOMBERG.COM
Rich Americans Are Protecting Their Fortunes From a Possible Biden Win
There is less than 3 months left in the year. And it may be a last opportunity for people to save money for their family on estate taxes!
https://www.kiplinger.com/retirement/estate-planning/601464/with-estate-taxes-on-sale-now-you-snooze-you-lose
KIPLINGER.COM
With Estate Taxes on Sale Now, You Snooze, You Lose! | Kiplinger
No legal document can be as comprehensive as a Letter of Instruction to care for your loved one.
https://www.linkedin.com/pulse/put-pen-paper-how-letter-instruction-can-benefit-family-steven-basche
#estateplanning
LINKEDIN.COM
Put pen to paper: How a letter of instruction can benefit family harmony
https://www.wsj.com/articles/covid-spurs-families-to-shun-nursing-homes-a-shift-that-appears-long-lasting-11608565170
In the wake of the pandemic, Americans are having to take extra, and often new steps to take care of their elderly. These new family decisions include avoiding nursing homes and other rehabilitation homes for the elderly, leaving Americans to care for their loved ones in their own homes.
#elderplanning #nursinghome
WSJ.COM
Covid Spurs Families to Shun Nursing Homes, a Shift That Appears Long Lasting
https://medium.com/better-humans/how-to-help-your-loved-ones-in-the-event-of-your-death-58dc27d98972
While everyone needs to have some legal documents in place, there are multiple non-material things to consider. What will happen with your computer and your files? Your photographs? Your books? Who will be notified?
#planning
MEDIUM.COM
How to Help Your Loved Ones in the Event of Your Death
Please watch my new video about a Power of Attorney
YOUTUBE.COM
Why Do You Need a Power of Attorney?
https://finance-yahoo-com.cdn.ampproject.org/c/s/finance.yahoo.com/amphtml/news/talk-parents-estate-plan-without-130000288.html
Most people don't know how to approach talking to their parents about their planning. This article may help to start the conversation.
#estateplanning #family
FINANCE-YAHOO-COM.CDN.AMPPROJECT.ORG
How To Talk to Your Parents About Their Estate Plan (Without Making It Awkward)
https://www.kiplinger.com/retirement/retirement-planning/601958/does-your-retirement-plan-guard-against-the-survivor-trap
When thinking of retirement, do not forget to plan for a scenario where one spouse lives alone for a long time.
#estateplanning
KIPLINGER.COM
Does Your Retirement Plan Guard Against the ‘Survivor Trap’? | Kiplinger
Take a look at our new revamped website. And if you have children - make sure to set up a trust for them.
https://www.leavinglovinglegacy.com/2021/02/why-every-parent-needs-a-trust-for-their-child/
#estateplanning #family #willsandtrusts #beneficiaries
LEAVINGLOVINGLEGACY.COM
Why Every Parent Needs a Trust For Their Child
#5 in this article is a perfect list of documents that everyone should have put together, just in case a child or a family member has to step in and take care of things later.
https://www.kiplinger.com/retirement/estate-planning/602219/estate-planning-checklist-5-tasks-to-do-now-while-youre-still
#estateplanning #family #assets #willsandtrusts #beneficiaries
KIPLINGER.COM
Estate Planning Checklist: 5 Tasks to Do Now, While You’re Still Well | Kiplinger
Description:
https://www.kiplinger.com/retirement/estate-planning/601622/once-you-create-a-living-trust-dont-forget-to-fund-it
#EstatePlanning #willsandtrusts
KIPLINGER.COM
Once You Create a Living Trust, Don’t Forget to Fund It | Kiplinger
https://www.forbes.com/sites/ashleaebeling/2021/01/15/state-death-tax-changes-loom-where-not-to-die-in-2021/?sh=3908363f44cd
FORBES.COM
State Death Tax Hikes Loom: Where Not To Die In 2021
https://www.kiplinger.com/retirement/estate-planning/601354/guidance-on-choosing-the-right-trustee-or-trustees-for-your
#estateplanning
KIPLINGER.COM
Guidance on Choosing the Right Trustee (or Trustees) for Your Estate | Kiplinger
Description: Seven immediate actions to take when your loved one passes away: How to close accounts, notify key authorities, access death benefits, and begin the administration process.
https://sverdlovlaw.com/lawyer/2021/01/27/General-Life/Seven-Immediate-Actions-to-Take-When-Your-Loved-One-Passes-Away--How-to-close-accounts,-notify-key-authorities,-access-death-benefits,-and-begin-the-administration-process_bl41444.htm
