When you put off estate planning for a number of years, and you finally decide to roll up your sleeves and get started, you may have no idea where to begin. Everyone has heard of a last will, but is that the right choice, and do you need anything else? Many people have these questions. Let's look at some steps that you may want to consider when you start to devise your estate plan. Create an Inheritance List You should create an inheritance list so that you know exactly who you want to …
Understanding Home Ownership and Medicaid Regulations
If you have reached this website as a responsible person concerned about your legacy, you may wonder why you are looking at a blog post that will address Medicaid regulations. As a person with resources who will qualify for Medicare as a senior citizen, Medicaid regulations may not seem relevant. On the surface, this makes sense. Medicare is in place to provide health care insurance for senior citizens, and clearly, elders are usually going to face medical issues at some point in time. You …
Our Forbes Article Explains Special Needs Planning
We are very proactive about the dissemination of useful information about estate planning topics that many people overlook. Far too many people act without full knowledge of all the facts, and they often make assumptions that yield negative consequences. You will find a steady stream of information published right here on our firm's law, and we have also compiled a comprehensive library of in-depth special reports that you can access through this website free of charge. Another channel …
Will My Estate Definitely Be Subject to the Probate Process?
The probate process is a piece to the puzzle that you should understand when you are contemplating your legacy. This process can come into play when an estate is being administered, but every asset transfer is not subject to the probate process. If you die while you are in direct, sole personal possession of property, it would become probate property. This would be true if you had a last will to direct its distribution, and it would also be true if you had no estate planning documents at …
Isn’t a Living Trust Just a Glorified Last Will?
Sometimes people adopt a particular perspective without knowing all the facts. This can enter the realm of estate planning when it comes to living trusts. You could assume that a living trust does the exact same thing as a last will. Why should you create a trust when a simple will can do the trick? In reality, this is a shortsighted viewpoint, because there are a number of different reasons why a trust could be a better choice. Let's look at some of them. Efficient Asset …
Can I Establish a Trust for the Benefit of My Dog?
The process of estate planning can have many different twists and turns. As you grow older and your life changes, your estate planning objectives can change as well. There can be variables that enter the picture that were not a factor when you were younger. Along these lines, consider the dynamic that you may experience when you are an elder with regard to contact with others. It is not a very pleasant scenario to think about, but many elders do experience loneliness to one degree or another. …
Estate Planning: The Consequences of Inaction
There are far too many people who fail to understand the importance of estate planning. If you go through life without making any plans for something that will definitely happen, negative consequences can result, and your family members will pay the price. Let's look at some of the negative consequences that can come about due to estate planning inaction. Inappropriate Asset Distributions If you do not have an estate plan in place, the state would use intestate succession laws to distribute …
What Is End of Life Planning?
You make preparations for events that will take place after you pass away when you plan your estate, and this is self-evident. At the same time, end of life planning is also an important part of the process. After your active retirement years are behind you, there are certain eventualities that you may face when you enter the latter stages of your life. One of them is possible incapacity. People often become unable to communicate due to medical conditions, and this is one form of …
Elder Financial Abuse Study Is Turning Heads
If you discuss the eventualities of aging with a licensed elder law attorney, you may find out about some possibilities that are quite disconcerting. No one is especially anxious to confront these types of things, but at the same time, sticking your head in the sand can make you vulnerable in the long run. One of these elder law issues is the matter of elder financial abuse. This problem started to come to light a number of years ago, and research has been done that sheds some light on the …
Business Formation and Asset Protection
There are different legal structures that can be used for asset protection if you are a business owner. Asset protection is going to be particularly important to people who are pursuing certain business interests. Landlords would be at or near the top of this list. When you rent out property, people who are occupying or visiting the property could become injured, and this is an inherent risk that all landlords face. If the rental property is in your direct personal possession and intermingled …
Is Probate Really a Problem?
The legal process of probate takes place under the supervision of the Surrogate's Court in the state of New York. If you die while you are in sole and direct personal possession of property, it would become probate property after you pass away. This would be true if you had no estate planning documents at all, and it would also be true if you had a last will in place at the time of your passing. Though there are some procedural tasks that must be completed during the probate process, it …
Tax-Free Giving Provides Estate Tax Efficiency
People who are exposed to death taxes must implement estate tax efficiency strategies. This tax does not apply on asset transfers between spouses who are American citizens, but it is potentially applicable on asset transfers to others. There is a federal estate tax exclusion that defines the amount that can be transferred before the estate tax would be applied. During the current calendar year, the federal estate tax exclusion is $5.43 million, but there are annual adjustments to account for …
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