Estate Planning Articles
Some of these articles have been written by our law firm and other articles are written by the American Academy of Estate Planning Attorneys and compliments of our law firm. Any feedback or questions about the articles can be addressed by contacting our office.
Loaning Family Money – What You Need To Know
Loaning Family Money – What You Need To Know Loaning Family Money – What You Need To Know Written By: The American Academy of Estate Planning Attorneys People lend money to family members for a variety of reasons.
Estate Planning When You’re Child Free
Estate Planning When You’re Child Free
Compliments of Our Law Firm,
Written By: The American Academy of Estate Planning Attorneys
Between 1980 and 2010, the number of women over the age of 40 who opted to forego motherhood doubled from 10 percent to 20 percent. That trend is expected to continue. The reasons for remaining childless are as varied as the men and women who have chosen to skip parenthood. Many are involved in their careers, others may have married and divorced early on and have no desire for domestic life and others say they worry about the future and what it might look like twenty years from now. Still, there are long-term planning objectives that are as important for childless men and women as they are for parents. Estate planning as a whole should remain a priority.
Estate planning is far more than creating a will; it’s about ensuring your financial bases are covered through every aspect of life. Not only that, but there are healthcare considerations, taxes, insurance, creditors, and other legal considerations.
Don’t underestimate the importance of powers of attorney. Who do you trust to make medical decisions if you are unable to speak for yourself? Who pays your bills if you’re in the hospital? Who ensures the mortgage is paid and the utilities are covered? A financial power of attorney as well as a healthcare proxy are vital.
- Bought a home?
- Saved for retirement?
- Invested in stocks?
- Opened your own business?
- Maybe you’ve won the lottery?
These are all assets that are part of your overall estate plan and unless you want the state to determine what happens to those assets, it’s important to cover those bases with properly prepared legal documents.
Your nieces and nephews could benefit from your years of hard work. A trust is a great way to help them as they begin their lives. Whether you set money aside for college or a down payment on their first home, you could make a difference in their lives as they transition into adulthood.
Speaking of making a difference, don’t overlook the importance of charitable giving. This is a great way to give back to your community and regardless of which charity benefits from your generosity, you can be sure you’re leaving the legacy you envision.
Don’t forget to set up a pet trust, if appropriate. These are simple documents that allow you to express your wishes for your furry family members while also financially providing for their care. We love our dogs and cats and we want to be sure they’re cared for and loved if we are unable to do so or are no longer here.
Many Americans may choose to remain childfree, but that makes the need for a strong financial and estate plan all the more important. A qualified estate planning attorney can assist you with putting your legacy in place. Contact our offices today to schedule a consultation.
Taking Care of Your Spouse After You Are Gone
It is not uncommon that a loved one is being cared for by a spouse close in age, so it is important to ensure they will continue receiving care even after their spouse is gone. An estate planning attorney can advise and assist with taking the necessary step to secure the future of your loved ones, especially those in need of special care and assistance.
Family Feud – Don’t Let This Be Your Legacy
New Year’s is a time for resolutions. This year, resolve to keep harmony in your family both now and in the years to come. Proper estate planning helps to ensure your family’s peace of mind.
How Likely Is That To Happen?
Don’t leave your future, your children’s, or your estate’s future up to chance. Learn about the odds of incapacitation and death, and how a comprehensive estate plan can tip the balance in your favor.
Passing Down the Family Farm or Ranch
Your farm or ranch has been in your family for generations. Are there obstacles which may prevent a smooth transition of values and assets to the next generation? If so, how can an effective estate plan can help you overcome those obstacles?
Owning Overseas Property Increases the Need for Estate Planning
Like many Americans you may own property outside of the United States. Whether you inherited an ancestral family home, purchased a vacation retreat, or are currently living in a home you own oversee, owning property in another country makes estate planning a bit more complicated and increases the importance of having a well-thought-out estate plan in place.
A Nursing Home’s Take on the Need for Medicaid Planning
Nursing homes have historically resisted the concept of Medicaid planning based on the assumption that patients who engaged in Medicaid planning were trying to avoid paying their bills. In recent years, many nursing homes have started to rethink that position as they realize that Medicaid planning is often in their best interest as well as the patient’s.
Medicaid Gifts to Children
Do the Medicaid gifting rules and asset transfer penalties have you confused? If so, you are not alone! Unfortunately, failing to understand the rules and penalties could result in your ineligibility for benefits right when you need them the most. The answers to several common questions may help you gain a better understanding of Medicaid’s rules and penalties.
A Funeral Plan is Not Always the Best Medicaid “Spend-Down” Solution
Although purchasing a pre-paid funeral and burial plan may be a good estate planning decision, it may not provide the Medicaid “spend-down” benefits many applicants think it will. Understanding when a funeral plan is exempt, and when it is not, is crucial for a senior who is trying to “spend-down” for purposes of Medicaid eligibility.