First, we should explain why you may want to use a living trust. If you have a will, or think you should use a will, you may be surprised when you learn more.A revocable living trust is a very useful alternative to a last will, and the avoidance of probate is a major benefit. Why is this something that you may want to avoid? The answer is that it comes with a number of drawbacks that negatively impact the inheritors.When a will is used, it must be admitted to probate, and the heirs do … [Read more...] about Who Should Act as Your Trustee?
The Basics: “HIPAA” Powers
This is the third in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. The second article examined the Healthcare Power of Attorney and Advance Directive. This third article in the series focuses on a “HIPAA” Authorization. These three documents are the keystone in even the most basic estate plan.Earlier in the series, we saw that a Power of Attorney is a document by which you appoint someone as your “Agent” to act on your … [Read more...] about The Basics: “HIPAA” Powers
The Basics: Powers of Attorney for Healthcare
This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. The third article in the series will focus on a “HIPAA” Authorization. These three documents are the keystone in even the most basic estate plan.As outlined in the first article in the series, a Power of Attorney is a document by which you appoint someone as your “Agent” to … [Read more...] about The Basics: Powers of Attorney for Healthcare
The Basics: Financial Power of Attorney
This is the first in a three-part series of articles on Powers of Attorney. This first article examines the Financial Power of Attorney. The second article will address the Healthcare Powers of Attorney. The third article in the series will focus on a “HIPAA” Authorization. These three documents are the keystone in even the most basic estate plan.First, what’s a Power of Attorney? It’s a document by which you appoint someone as your “Agent” to act on your behalf. If that Agent is unwilling or … [Read more...] about The Basics: Financial Power of Attorney
Five Things You Should Know About Probate
Probate can be succinctly described as the legal process of estate administration. If you use a last will to state your final wishes, the executor who you name in the will would admit the document to probate. The court would provide supervision during the administration process.In this post, we are going to share five important facts that you should know about probate. This knowledge will help you make more informed estate planning decisions.It Serves a PurposeThe probate process exists … [Read more...] about Five Things You Should Know About Probate
Election Could Impact the Estate Tax
There is a presidential election looming over the horizon, and some changes are possible. As estate planning attorneys, we follow these events with interest, because a shift in the political winds can impact the federal estate tax and other relevant laws.Federal Estate Tax ExclusionMost people do not pay the federal estate tax because there is a credit or exclusion that is rather high. Prior to the 2016 presidential election, the exclusion was in the $5 million range. At the end of 2017, a … [Read more...] about Election Could Impact the Estate Tax
Don’t Let the State Plan Your Estate
Most people know that it is important to put an estate plan in place, but many of these folks procrastinate. They feel as though it is something that they can address later on, but unfortunately, in far too many cases, they never get around to it.If you were to die without any estate planning documents, the result would be the condition of intestacy. Under these circumstances, the probate court would supervise the administration of the intestate estate. A personal representative would be … [Read more...] about Don’t Let the State Plan Your Estate
Answers to Common Questions About Trusts
A lot of people harbor misconceptions about trusts, and as a result, they make uninformed decisions on their own. In this post, we will provide some insight in question and answer format.Aren’t trusts only for very wealthy people?There is a federal estate tax in the United States that can be applied on the portion of an estate that exceeds $11.58 million. Clearly, given the size of the exclusion, this tax impacts a very small percentage of Americans.Individuals who are exposed to the tax … [Read more...] about Answers to Common Questions About Trusts
Incapacity Planning for Young Adults
People often think of estate planning as being something that is all about financial matters. It is true that you have to facilitate postmortem asset transfers, but what about the period of time that will precede your passing?An incapacity component should be embedded within every estate plan. This is usually discussed as it applies to the eventualities that await senior citizens. Many elders become unable to make sound decisions due to incapacity triggered by dementia or for some other … [Read more...] about Incapacity Planning for Young Adults
Four Reasons to Avoid Probate
If you were to state your final wishes regarding the desired transfer of your estate, you would name an executor to act as the estate administrator. This individual or entity would not be allowed to proceed individually without any court supervision.The will would be admitted to probate, and the probate judge would preside over the proceedings. Though it does serve a purpose in a general sense, it is not really positive for the heirs to an estate.Probate can be avoided through the … [Read more...] about Four Reasons to Avoid Probate
