When you are planning your estate you should think long and hard about the way that you will be transferring assets to each person on your inheritance list. It is not necessarily a matter of handing out pieces of a pie through the terms of a last will. With the above in mind, let's look at people with disabilities, government benefits, and supplemental needs trusts. Need-Based Benefits People with disabilities often qualify for need-based benefits like Medicaid and Supplemental Security …
How Do You Find the Right Elder Law Attorney?
Before we get into the question that serves as the title of this post, we should explain a few things about elder law in general. Elder law is the area of the legal field that is dedicated to the interests of senior citizens. When you are younger you may not understand why you would need legal advice with regard to the eventualities of aging, but there are some serious issues to consider. One of these is the matter of long-term care. Before you look into all of the facts, you may feel rather …
Will I Still Have Control of My Property if I Establish a Revocable Living Trust?
People sometimes do not consider the possibility of creating a living trust because they harbor certain misconceptions. One of these misconceptions is the notion that you surrender all control of property that you convey into a revocable living trust. This is simply not the case. When you create a revocable living trust, you are not surrendering control of the assets while you are living. A trust consists of the grantor, which is the person who creates the trust; a trustee who administers the …
New York State Estate Tax Exclusion Has Increased
There is a federal estate tax that high net worth Americans must contend with, and the amount of the exclusion stands at $5.34 million in 2014. There was a base of $5 million put in place for the 2011 calendar year, and there have been annual adjustments to account for inflation ever since. Next year you might see a somewhat higher figure when another inflation adjustment is added. Some of the states also levy state-level estate taxes. This is commonly done in the Northeast. We practice law in …
April Is Dedicated to Promoting Autism Awareness
People who have special needs often times rely on government benefits to pay for very expensive care and treatment. Medicaid is the source, and many of these individuals also receive Supplemental Security Income from the government. With the above in mind we would like to take a look at the impact of autism from an estate planning perspective because April is dedicated to promoting autism awareness. A lifetime of care for someone with autism can cost millions of dollars. Because of this …
Fact vs. Fiction in Creating a Will
Creating a will is the cornerstone of estate planning. It handles several critical aspects of your estate, and we address several areas of misinformation regarding drafting a will. Fiction: If you do not have a will, the state will take your property. Fact: If you die without a will, which is called dying intestate, your property is distributed according to the state’s laws of intestacy. This gives your property to your heirs based on the closest living relative. The ‘matrix’ of …
Four Reasons to Use A Special Needs Trusts
A special needs trust, also known as a supplemental needs trust, is an estate planning tool used to allow assets to be held in trust for the benefit of a physically or mentally challenged individual, or a person with a chronic or acquired illness. This type of trust allows you to provide a resource to pay for any needs over and above the basic benefits that may be provided by the government. There are four reasons to consider working with a trust attorney to establish a special needs trust for …
Three Reasons You Need a Pour-over Will with a Trust
If you are using a Living Trust as a will substitute, you will still need an estate planning tool known as a pour-over will. Why? 1. A pour-over will names a Guardian to minor children. Naming a Guardian to your children is one of the primary reasons parents draft a will, and this task cannot be handled by creating a trust. 2. A pour-over will names an Executor to the estate. A pour-over will names an Executor and at least one backup Executor, should the primary …
Four Essential Estate Planning Documents
When developing an estate plan, it's important that you create the proper kinds of legal documents so that all of your concerns, be they financial or personal, are met to your satisfaction. A good estate plan consists of different key types of documents, each of which addresses a specific topic. It's always best to create these documents as soon as possible and after consulting with a qualified estate planning attorney. 1. Living Trust: A living trust is a kind of legal entity to …
Estate Planning: Communication Is Key
Estate planning is undertaken for the benefit of the family members that you will be leaving behind, and they are all unique individuals who do not share identical perspectives. This is something to keep in mind when you're planning your estate because you certainly do not want an acrimonious dynamic to exist among your loved ones after you pass away. The best way to avoid this is through open and honest communication. If you simply leave behind written instructions you may not cover every …
Estate Planning Myths Debunked
Working with information that is inaccurate can yield some bad results, and this is certainly true when it comes to the matter of estate planning. There are some popular misconceptions out there and if you buy into them your family members could pay the consequences. Let's examine a few of these misguided notions in an effort to set the record straight. A lot of people who do not have an estate plan in place say that the reason for this is because of the fact that they don't feel as though …
Seeking Information? Download Your Free Estate Planning Report
It can be difficult to find reliable information about estate planning on the Internet. This is true in general, but it is especially challenging to find a lot of good, sound information all in one place. We recognized this fact and decided to put together a comprehensive estate planning report that will provide readers with a basic understanding of what goes into an estate plan why it is important to have one in place. If you would like to download this valuable estate planning report …
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