RESOLUTION: Get That Estate Plan Done!
The first new year’s resolution you need to keep is to visit your friendly elder-law attorney, who can guide you through the estate planning process. Unfortunately, we are still at the mercy of this pandemic. It is extremely important to have your papers prepared in advance in case you become ill to the point where […]
Incorporating Cryptocurrency into Your Estate Plan
As digital assets become more prevalent, traditional estate planning elements become obsolete. Cryptoassets, including cryptocurrencies like Bitcoin and non-currency blockchain tokens, may comprise a significant individual wealth. In estate planning, addressing complex challenges such as securing, transferring, protecting, and ultimately gifting crypto-asset wealth is critical. Estate planning may seem incompatible with decentralized cryptocurrency systems. Joel […]
The Process of Amending a Widow’s or Widower’s Estate Plan
The loss of a spouse is a difficult experience emotionally, spiritually, and financially. An estate plan and tax planning are usually handled by one spouse, and a widow(er) may find herself in a complicated financial position with more questions than answers. It is a mistake to think that a complete estate plan needs no further […]
Irrevocably Disinheriting a Child
When it comes to inheriting property or money, most parents treat their children equally. However, sometimes parents choose not to leave anything to their children, and the reasons for doing so may vary. Parents might not feel the need to leave anything to a child who is more financially successful than others. Another reason may […]
Fiduciary Responsibility
You may be asked to be power of attorney for a family member or friend. Your person may be planning for when they might become unable to take care of their affairs. For example, they might become disabled or incapacitated, and they would need a trusted person to step in and manage for them. This […]
Estate Planning Changes Under the Build Back Better Act
As the House Ways and Means Committee approves the tax provisions of President Biden’s Build Back Better Act (BBBA), the bill has made a significant first step towards passage. At the moment, the legislative proposal may limit the ability of high-net-worth individuals to shield assets from tax consequences in their estate planning strategies. Before the […]
Sandwich Generation is On the Rise, Here Are Some Tips
Those who provide care for their parents while simultaneously caring for children are part of the sandwich generation. Generations are part of the expression; however, they do not refer to people born at a specific time. Most of these “sandwich” caregivers are between thirty and forty years old and they balance providing for their families […]
Avoid Estate Planning Mistakes by Using a Combination of Professionals
If you work with the right team to create your estate plan, you can receive the best legal advice and documentation to protect your legacy. Besides an estate planning attorney, who often specializes in elder law, you will likely need the services of a certified public accountant (CPA) and possibly even an insurance specialist. Estates […]
Avoid Turning a Family Dispute into a Legal Dispute
When family problems about end-of-life care for a parent and inheritance reach the status of a legal filing and court case, they can have serious repercussions because of drama, cost, lost time, and broken relationships. It is possible to move beyond the possibility of this happening and create or amend your estate plan to mitigate […]
Elderly Estate Planning
According to a 2021 study by Caring.com and YouGov, the percentage of Americans age fifty-five and older who have created a will has decreased from sixty percent to forty-four percent. In comparison to the pre-pandemic years, younger adults are now sixty-three percent more likely to have a will than before the epidemic. While seniors and […]