FREE ACCESS TO OUR ESTATE PLANNING ARTICLES ARCHIVEDuffy Law Office publishes important estate planning and related articles on a regular basis. If you would like free instant access to our archive, please click on the link below. |
Browse Our Estate Planning Articles
When Father Time Catches Up With Our Parents
We all expect it to happen eventually. Our parents getting older. Not just older chronologically, but physically and mentally older as well. When these turn of events happen, there may also come a time when your parents will need more care than you can provide on your own. They may eventually need in-home care, or an assisted living facility, or even a nursing home. Are you prepared? In this article you will find out the steps you should take to secure your parents future, as well as your own. Also discussed is your ability to help them plan now for these eventual needs and help them prepare for this next stage in life when the time comes.
MOREPreserving Grandma's Legacy
You find your grandma's estate planning documents when you're helping her organize her attic. The documents were dated two decades ago, just before grandpa died. After grandma dies, the assets will have to be split among her three kids. However, since the estate plan was drafted, the family's circumstances have changed considerably and things aren't quite that simple anymore. Leaving her assets outright to her 3 children would mean that their inheritance would be lost to creditors and medical expenses. This article discusses the importance of having an up-to-date estate plan to preserve your legacy and family history as well as having a conversation with family members about their own planning.
Preserving Your Independence
As we get older, it often seems that time accelerates. Where does all the time go? Aging is a normal part of life. Unfortunately, as we age later in life we are no longer as able-bodied as when we were younger. What would happen if your health took a turn for the worst? This article discusses planning for the future using a Medicaid Income Only Trust. This type of trust can help preserve your financial independence, but there are certain guidelines that must be followed. Plan to protect your independence, see a qualified estate planning and elder law attorney today and discuss your options.
Living Trusts Enhance Privacy Protection
One of our primal fears is the fear of not having privacy and the protections which privacy provides. Today, anyone can find a great deal of information about you by doing simple online searches. This article discusses the privacy advantages of having a Revocable Living Trust, there are more than you may know. A qualified estate planning attorney can help you create a trust to protect your privacy and provide peace of mind both during life and after your death.
4 Deaths, 3 Estate Planning Mistakes
What would you want to leave behind for your family when you pass away? If the answer is not a contentious mess, then planning is required. Unfortunately, only 44% of Americans have a simple Will, much less a well-coordinated estate plan. In this story there are 4 deaths with 4 different outcomes. Each had the best of intentions but only one provided for their loved ones after their passing. A qualified estate planning attorney, one who focuses his or her practice in estate planning, can help you craft a well-coordinated estate plan that will provide for your loved ones who were left behind and avoid the 3 mistakes made by these families.
When a Loved One Passes
A death in the family can be especially traumatic and it is easy to overlook important items. It is often helpful to have a checklist with the various steps that need to be completed, so that in the panic and grief of the moment, nothing is forgotten. In this article you will find a short list of important action items and tips to help guide you when there has been a loss in the family. Keep this list handy so that you will not forget any major items. Don't go through this alone, a qualified estate planning attorney can help guide you through the often-difficult process after the death of someone close to you.
Passport. Hotel Reservations. Living Trust?
When the inhabitants of Gilligan's Island went out for their three-hour tour, chances are they were not prepared for what was about to befall them. If they had never been rescued would their families be stuck in probate court attempting to divide their property even today? This article discusses the steps you need to take before you leave for vacation. The steps include a General Durable Power of Attorney and Revocable Living Trust, among others. Once these important measures are put in place, you will be able to relax and enjoy your vacation, worry-free!
Don't Trust Your Legacy to Just Anyone
When we plan our estates, we must take into account the potential life changes that may arise for our surviving family members and ensure that we provide inheritance protection from the many real world dangers that may come up in today's times. However, not all estate plans are created equal. The knowledge and experience of the attorney you retain could make a significant difference in the lives of your surviving family members. Learn what to look for in the attorney you work with and the importance of including divorce, remarriage and lawsuit protection in your estate plan.
What Do Estate Planning and Shoes have in Common?
Surprisingly, estate planning and shoes share many similarities. However, selecting and implementing an estate plan is a bit more complex than choosing a pair of shoes. This article discusses the many similarities between shoes and estate planning, while providing a list and explanation of the various important components in a complete and integrated estate plan
Estate Planning: It's Not Just About the Documents
An estate plan passes your assets to whom you want and in the manner you want after your death. However, some of your assets may not be controlled by your Will or Living Trust. This article discusses the various problems that can result when a thorough review of assets and ownership titles doesnt happen and how working with an experienced estate planning attorney can ensure that you avoid any planning pitfalls.
Scams, Swindles, and Fraud, Oh my!
With more and more financial swindles making the news, it is not unreasonable to be worried about where you are investing. But scams are not limited to the investment field. There are plenty of scams to go around, even in estate planning. Seeking the counsel of a qualified estate planning attorney can help ensure you will not be the victim of an estate planning scam. This article explains what to look for in a qualified estate planning attorney.
Trustee: an Honor and a Responsibility
Being named a Successor Trustee in your loved one's Trust is both an honor and a responsibility. It is the Successor Trustee's responsibility to administer the Trust and make many important decisions. In this article, we learn that some of those decisions may seem deceptively simple, however, the consequences of any hasty decisions could cause increased taxes and lost opportunities. Learn why it is important to consult a qualified estate planning attorney in order to prevent costly errors.
Real Security
During these unsettling times everyone is searching for ways to feel more secure. This article provides details on how different components of a complete estate plan can provide real security for you and your loved ones, while building a solid foundation that can bring peace of mind during these unsettling times and in the future.
New Year Brings Resolutions... and More
The coming of the New Year presents an opportunity to reflect on the past year, and reorganize our priorities and goals. One important resolution is protecting our assets and our families through estate planning. The process to achieve this goal is discussed in this article.
Planning Opportunities in a Down Market
Every dark cloud has a silver lining, including uncertain economic times. This article examines unique estate planning opportunities that are available during a down economy. Tax savings by converting an IRA to a Roth IRA at a lower value, and transferring shares in a family business at diminished asset values are two strategies reviewed.
Planning to Benefit Non-Traditional Beneficiaries
Traditional estate planning strategies are not always available to people who have non-traditional beneficiaries, but here is a strategy that can only be used for non-traditional beneficiaries. These beneficiaries include unmarried domestic partners, same-sex married couples, nephews and nieces, and friends. This article examines the use of a Grantor Retained Interest Trust (GRIT), which is not available for traditional "members of the family", as a strategy to help plan for non-traditional beneficiaries.
A Trust Can Help Protect You from a Financial Crisis
This article examines how a trust can help expand the protection on your financial accounts, including those at banks, savings and loans, credit unions, and brokerages.
Everyone Needs a Periodic Checkup
This article examines how legal and life changes may make it a good idea to consult with your estate planning attorney to ensure that your estate plan continues to achieve your financial and estate planning goals.
The Silver Lining in Tough Economic Times
This article examines the current difficult economic times and how one estate planning strategy works better now than in better economic times.
Split Things Fairly - Not Exactly
This article examines the difficulty of giving an asset that makes up the bulk of the estate to one beneficiary, while treating the other beneficiaries fairly.
What's in a Word?
The article examines how George Carlin's comedy shows that the use of words can be important. The article looks at why that is also true in estate planning.
Dividing Up the Pie
The article looks at FLPs, an advanced estate planning strategy. The article explains how FLPs can minimize estate taxation and maximize asset protection.
Joint Tenancy - Joint Problems
Joint tenancy avoids probate and seems like a simple solution. Howver, adding a joint tenant adds all sorts of unforeseen problems.
The Top 10 Things to Know About Estate Planning
Many people are often confused by Estate Planning. Here is a list of the top things to know about Estate Planning.
Preparing for the Unthinkable
This article recites statistics regarding unexpected tragedies in the United States including heart attack, stroke, and auto accidents. It calls on the reader to establish a Legacy Wealth Plan to be prepared.
IRS Clamps Down on Wesley Snipes and Other Tax Protesters
This article highlights the recent trial of Wesley Snipes on criminal tax protester charges and transitions into a discussion of the fraudulent promotion of trusts, such as "pure trusts," "constitutional trusts" and "common law trusts" as a purported means of avoid income taxation. The article concludes by recommending that the consumer consult with a knowledgeable estate planning attorney for the preparation of their trust and estate plan.
A Plan by Design or by Telephone?
The article looks at the game of "Telephone" and how transmitting your legacy in this manner is likely to result in error.
Death and Tragedy
The article looks at the tragedy of family disputes and how to avoid them.
Charitable Giving and the Holiday Spirit
The article examines various aspects of gifting such as the annual exclusion of $12,000 per person, as well as various charitable strategies.
Special Needs Trusts and Autism
Autism is on the rise. You want to leave assets to your child without jeopardizing the availability of public benefits. A Special Needs Trust can help. This article explains how.
Legacy Planning: A Holistic Approach
This article looks at the latest developments in estate planning: "Legacy Planning." Legacy Planning focuses on the values and guidance to be relayed to future generations, not just wealth. The article discusses The Family Wealth Trust and its two subtrusts, the Family Access Trust and the Family Sentry Trust and how they can protect the beneficiaries from divorce and creditors.
To My Dog, Lucky, I Leave $10,000
The article examines the use of "pet trusts" and a few examples of how pets were provided for in the past.
Gifting to Children
This article examines gifting strategies for transfers in trust to minors. Specifically, it looks at Crummey trusts and 2503(c) trusts and the advantages and disadvantages of each.
Your Most Important Choice
The article discusses the importance of selecting appropriate agents and guardians. It specifically examines the different roles and focuses on guardians. It looks at a case in which the guardian nominated was not chosen by the court.
New Flexibilities for Partners, Children, and Others
The article examines the new "non-spousal rollover" provisions of the Pension Protection Act of 2006.
Do You Want Your Spouse to Lose Your Biggest Asset?
The article examines how beneficiary designations must be coordinated in order to have an effective estate plan. It looks at the story of a woman who forgot to change her beneficiary designations. As a result her husband of 20 years did not get her retirement plan proceeds.
Smart People Do Estate Planning
The article examines the statistics of who does estate planning. It shows that people who are more educated are more likely to do estate planning. It recites reasons that you want to plan. Basically, the article is a call to action to the reader to take control of his or her life by planning.
Planning With Retirement Assets
The article looks at retirement planning and looks at a few strategies such as ROTH conversion, paying the tax, giving to charity, etc.
My Attorney Does Not Practice Law Anymore: Now What?
The article instructs the reader what to do when their attorney does not practice anymore. It suggests finding a new attorney right away. It stresses finding someone with whom they feel comfortable and who gets lots of Continuing Legal Education.
Dealing with Aging Parents
The article examines how the parents took care of the kids and how the kids then take care of the parents. It looks at the need to plan in advance for wealthy parents (estate tax reduction), not so wealthy parents (Medicaid planning), and any parents (powers of attorney, etc.).
SHARE
PRINT
