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The estate planning process allows you to take control over what will happen to your assets after you die, including high-value assets like your home and investments. You might find, however, that simply using a last will and testament is not going to be enough to help you accomplish your estate planning goals. Using aRead more

If you have a high-value estate, one of the main considerations of your estate planning might be what you can do to reduce your potential estate tax liability. Trusts can be used in certain ways to help you reduce taxes, but not all trusts will have tax-reducing benefits. Here is a quick overview of aRead more

An irrevocable trust is a specific category of trust with terms that cannot be changed or modified in any way without the express permission of the grantor’s beneficiaries. By placing assets into the trust, the grantor officially transfers ownership of those assets to the trust. Depending on what you are trying to accomplish, an irrevocableRead more

We are now in the depth of winter, all while a global pandemic continues to affect everyday life here in the United States. As such, people are spending a significant amount of time at home. Now is a perfect time for you to review your estate plan if you have not taken a look atRead more

The best New Year’s resolution for 2021 is one that will benefit and protect your family and loved ones. If you have not done it yet, make 2021 the year that you review your estate plan. Being prepared for the unexpected can help everyone during a time of stress and emotion. The below checklist canRead more

The federal estate tax is a type of tax that applies only to large, valuable estates. It is levied when those estates’ assets pass from a decedent to their heirs and beneficiaries. There is a federal estate tax that applies to all estates of a certain value (see below), and some states also implement theirRead more

A will is a highly beneficial estate planning tool—the vast majority of estate plans will include a will. However, a will alone is not enough for you to take care of all of your affairs and guarantee all of your wishes are followed. Here are a few reasons why you’ll need more than a willRead more

Conservatorship is the process where a person is appointed by the probate court to handle another person’s finances. The court may take such action for the individual’s own protection and welfare if they are unable to manage their property, finances, or business affairs. When planning your estate, it is in your best interest to avoidRead more

The use of prenuptial (prenup) agreements in a marriage can have a bit of overlap with your estate planning. There are laws in every state that protect a surviving spouse’s property rights. These laws were originally enacted to prevent a spouse who did not earn any money from being left without any right to propertyRead more

A special needs trust is an estate planning tool geared toward a person with special needs. It may be used protect and manage an inheritance for a child with special needs. It may be used when a person needs assets managed on their behalf in such a way that it does not compromise their accessRead more

Also known as a revocable trust, a living trust is a highly beneficial estate planning tool and useful in a wide variety of situations – but trusts do not come without drawbacks. While the pros typically outweigh the cons, it is important for you to consider circumstances in which some of those drawbacks do notRead more

After you and your attorney have completed drafting your estate planning documents, it is important you store them properly. Your documents should be safe and also accessible by all the necessary people. Here are a few things you should do (or not do) with those documents when you have them in your possession. DO: Store estateRead more

It is natural for people to feel a greater sense of urgency as their parents advance in their senior years. The amount of time left to spend with them begins to feel as though it is constantly evaporating. Every new illness or medical issue starts to feel more and more serious. This is why itRead more

A Durable Power of Attorney is a legal document that allows you to choose an agent (or “attorney-in-fact”) who can act for you in certain financial matters. It is an important tool to add to your estate plan, regardless of your wealth and financial status. As with any other estate planning document, durable power ofRead more

Business Estate Plan One of the main purposes of estate planning is to help people avoid the probate process, which can be drawn out, expensive and potentially include challenges to the validity of a will. This is particularly important for business owners, who will inherently have more complex estates and will want to be ableRead more

The SECURE Act (Setting Every Community Up for Retirement Enhancement) was signed into law by President Trump and went into effect on January 1, 2020. The legislation included some significant changes including distribution rules for inherited retirements plans. Inherited Retirement Accounts Maximum Ten Year Withdrawal An important item to note is that the SECURE ActRead more

For some individuals, Medicaid will cover nursing home costs or expenses for an assisted living facility – both considered types of long-term care. You must meet financial and medical eligibility requirements. Generally speaking, financial eligibility imposes a limit on both assets and income. Types of Long-Term Services Covered by Medicaid Nursing Home Costs For individualsRead more

If you have residences in two states, you may wonder how this affects your estate planning. This is an especially common circumstance for retirees who have a seasonal home. Legally, you do not need to create a separate estate planning document for each state in which you reside. However, there are situations in which doingRead more

Simple Estate Planning for Students It is back-to-school season and many students have moved to college campuses for the very first time. For parents, having a child reaching legal adulthood, leaving home for the first time, and spending extended amounts of time away can be a bit of a shock. In the era of COVID-19,Read more

Have you decided to create or update your estate plan during the coronavirus pandemic? You are not alone—many Americans are taking steps to protect themselves and their assets through estate planning during these uncertain times. Estate Planning Checklist Here is a quick checklist of important elements to include in your estate plan. Living Trust ARead more

In 2017, the Tax Cuts and Jobs Act doubled the exemption limit for the federal estate or gift tax to $11.4 million per person. That exemption limit is slated to increase with inflation every year until 2026, when it will revert back to the previous levels. However, that law did not affect state-level estate taxes.Read more

For many years, medical professionals have encouraged patients to develop advance healthcare directives and set up healthcare proxy documents. With the spread of COVID-19, these recommendations more imperative than ever before. What is a Healthcare Proxy? You can establish legal documents allowing another person to serve as your healthcare proxy. Your chosen proxy then hasRead more

The spread of the COVID-19 pandemic has resulted in many people giving greater thought to estate planning. But even when we are not living in a global pandemic situation, it is important to have your affairs in order, no matter how old or healthy you are. If you have a home or other assets youRead more

Wills and trusts are two types of estate planning tools that are used to transfer assets to heirs upon the death of the creator. How the asset transfer occurs, and the level of protections available to those assets, are different between wills and a trust. Here is a quick overview of some of the mostRead more

Designating one or more beneficiaries for your retirement and investment accounts, insurance policies, and bank accounts is an important part of your estate plan. Beneficiary designations are not done with your attorney. It is your responsibility to specify the beneficiaries when you create an account or new policy, and you have the option to changeRead more

The COVID-19 pandemic has presented a few good reasons for many people to review their estate plans, or to begin the process of planning their estate for the first time. Living trusts are always a useful estate planning tool, but especially so in the midst of a global pandemic. What is a Living Trust? ARead more

Estate planning is not just about protecting your financial assets and leaving behind your possessions to your heirs. It is also about making important healthcare decisions that may protect you as you age or become ill. For many people, the prospect of discussing their end-of-life care preferences is not particularly enticing. It is unpleasant toRead more

If you are preparing to create an estate plan for the first time, it’s important to include all of the most essential estate planning documents and directives in your plan. Your attorney will guide you carefully through the process to ensure you address all of your wishes. But you may want to  learn about theRead more

Conservatorship is a legal process where the Probate and Family Court grants authority to an individual to oversee the financial affairs of another. For example, this could benefit an elderly parent suffering from dementia, a minor, or a person who is mentally incompetent or disabled. The COVID-19 pandemic has caused courts throughout the nation toRead more

The COVID-19 pandemic has resulted in many people more carefully considering their own mortality and the need to develop an estate plan. According to December 2019 study by Caring.com, only 48% of people age 55 or older have a will or estate planning documents. For those between ages 35 and 54, only 27% have estateRead more