It is said that a little bit of information is a dangerous thing, and this certainly enters the picture when it comes to the process of estate planning. You may hear bits and pieces from others who do not have an understanding of the total picture, and if you take their advice, you and/or your family may pay a price later on.In this blog post, we will take a look at some of these ill-conceived notions so you can be prepared to steer clear of “simple solutions” that may not be so simple at … [Read more...]
What Does the Probate Court Do?
If you start to look into estate planning for the first time, you will invariably hear the term “probate” mentioned quite often. In this post, we will provide some information about the probate court so that you can go forward with a basic understanding of its functions.GuardianshipWhen you think about the concept of guardianship as it applies to estate planning, minor children may come to your mind. This is definitely one type of guardianship, and the probate court has jurisdiction over … [Read more...]
Estate Planning: The Time Is Now
We all know that passing away is one of the two certainties of life, but in spite of this, the majority of American adults are not properly prepared from an estate planning perspective.A lot of people fail to act because they really don’t know why estate planning is important. Let’s look at three things that you should know about the process, and when you digest this information, you will understand why estate planning is essential.Things Do Not Automatically Fall in PlaceYou may assume … [Read more...]
The Anatomy of a Basic Estate Plan
Estate planning attorneys emphasize the importance of personalized attention, because each family is different. There is no one set estate plan that is right for everyone, and this is why you should discuss your unique situation with a licensed lawyer from our firm.The above being stated, there is a basic framework that is applicable to everyone, and we will take a look at it here.Asset Transfer MethodClearly, the facilitation of postmortem asset transfers is at the core of the estate … [Read more...]
LGBTQ Planning: Edith Windsor Changed the Playing Field
Our firm is very receptive to the needs of members of the LGBTQ community, and estate planning has traditionally been especially important to committed gay couples. This was before same-sex marriages were recognized by the federal government. At that time, legal steps were necessary to protect rights that should have been inherent.For example, if you were to die without any estate planning documents at all, the probate court would step in to provide clarity. A personal representative would … [Read more...]
Many Reasons to Plan
Whether or not we plan to do so, each of us will face death eventually. However, by planning, we can make our passing easier and better in many ways for those we leave behind. This is the first of a series on the ways we can ease the transition through planning. This first article focuses on privacy. The next article will focus on how you leave assets to your loved ones.Let’s look at two people who die in the same car accident. It’s a tragedy for both of them and their families. But, the … [Read more...]
Clarity is Key to Planning
When problems arise in an estate plan, often the source is a lack of clarity.Tom Petty died in 2017 and left a fortune estimated by Newsweek to be around $38 million. Petty did some things right, but he could have done better.What did Tom Petty do right? First, he planned. Most people just let nature take its course and fail to plan. There’s an old adage: when you fail to plan, you are planning to fail. That’s usually as true in estate planning as with most things. Each state has a … [Read more...]
Incapacity Planning Can Prevent a Guardianship
As estate planning and elder law attorneys, we focus on the eventualities of aging. Unfortunately, they are not always the most pleasant things in the world to consider, but they are facts of life, nonetheless. If you take the right steps, you can make a difficult situation as manageable as possible.With this in mind, we will look at the importance of incapacity planning in this blog post.Incapacity Among EldersWe have all heard of Alzheimer’s disease, but many people are surprised when … [Read more...]
What is a GST Trust?
What if you could give your children assets in a trust and they could use them and yet they’d avoid estate taxation at their deaths? That’s what a “Generation-Skipping Transfer” Trust, or “GST” trust does. It is a trust which is designed to avoid estate taxation at the death of the beneficiary.How “GST”s WorkDuring the life of the beneficiaries, the assets in the trust are used for their health, education, maintenance, and support. After the beneficiary’s death, the assets go to his … [Read more...]
Estate Planning: Cover All of Your Bases
We have the opportunity to provide our clients with peace of mind, and this is a very gratifying part of our job. There are a number of different estate planning and elder law concerns that people typically have, and we help them craft plans that address them appropriately. In this blog post, we will look at some of the different matters that our clients care about and share the solutions that are typically utilized.Nursing Home Asset ProtectionThis sounds like an instance in overstating the … [Read more...]
