Share Your Estate Plans With Your Family
With a comprehensive estate plan, you can ensure a successful transfer of wealth to your loved ones. However, many of us often overlook the crucial part of communicating our estate plan to family and heirs. Even with a thorough and up-to-date estate plan, your family may experience emotional or financial turmoil despite your best efforts. […]
Penalties and Gifts Associated with Medicaid
Low-income seniors with limited assets and income can obtain healthcare and long-term care through Medicaid, a federal/state program. Many seniors believe their only option to qualify for the program is to “spend down” their assets. While this is true in some cases, proactive Medicaid planning can protect a substantial portion of your assets if done […]
Avoiding Probate Litigation
It is common for disputes over guardianships and conservatorships, wills and trusts, and family real estate to arise as part of probate litigation. The most successful approach to mitigating or avoiding probate litigation risk is careful planning. Comprehensive estate plans that are routinely updated, careful consideration and documentation of gifts, and protective measures in the […]
Should Inheritances for Children be Equal?
Children should be divided assets equally in many situations. Yet, in some families, each child receiving the same inheritance can be inappropriate, deplete the estate’s assets due to ensuing litigation, or cause other family issues after you are gone. While the answers depend on your family circumstances and concerns, be aware of several known scenarios to […]
Estate Planning with Life Insurance
A grieving loved one should not inherit assets only to discover that they cannot be accessed for cash expenditures they will be responsible for after you die. Most retirees’ assets are in homeownership and retirement accounts, requiring a sale to get cash. Life insurance can provide the liquidity needed when managing and distributing your estate […]
Building Your Estate Plan to Eliminate Conflict
Children, including minors and adults, may disagree about family circumstances, especially when it comes to inheriting your estate. Relationships can change and intensify when you die, with underlying issues that bubble to the surface, creating tensions over your estate and possibly tearing your family apart. Even if your children get along well, distribution of your assets […]
Estate Planning and Elder Law
Although elder law and estate planning are often used interchangeably, there are significant differences between them. To prepare for successful aging and preserve a family legacy, it is important to learn and apply strategies from both types of law practice. Estate planning lets families: Name guardians for minor children Manage and protect valuable assets Distribute […]
Trusts and the Role of the Trustee
It is likely that you have questions regarding how you want your assets distributed and who should have that responsibility, regardless of where you are in the estate planning process. A trust can be a great tool in your estate planning tool kit. A properly created trust can give you and your family more options […]
A Guide to the Probate Process
The loss of a close relative is one of life’s most emotionally stressful events, in addition to dealing with the deceased’s estate. This part can be especially overwhelming. The process of proving to a probate court that the deceased’s last will and testament is valid and then administering their estate can be confusing and intimidating. […]
The Estate Planning Process with Your Spouse or Partner
You should discuss your estate planning with your spouse or life partner carefully. Before meeting with an estate planning attorney, it is best to discuss your ideas to present a united goal. This conversation can be challenging if you and your loved one have different points of view about your future and the legacy you will […]