Beneficiary designations and other non-probate transfers are an often-overlooked part of estate planning. They are overlooked by clients and sometimes even by professionals.When planning what would happen to your assets at death, most of us think, “Oh, that’s simple, I need to do a Will to take care of that!” But, that’s just part of the process. You almost certainly have assets that are controlled by beneficiary designations or other non-probate transfers.Let’s look at an example. Mary … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
Trusts 101
You have a number of different legal devices at your disposal when you are engaged in your estate planning efforts. Trusts can satisfy many different respective underlying objectives, and you should understand all the facts so that you can protect your resources and provide for each person whom you love in the ideal manner.A major distinction between classes of trusts is the power of revocation. There are some trusts that you can revoke, and there are irrevocable trusts. Let's look at some … [Read more...] about Trusts 101
How Will You Age in Place and Be Able to Die at Home?
More and more Americans are dying at home rather than in hospitals. According to the New England Journal of Medicine, in 2017 29.8% of deaths by natural causes occurred in hospitals while 30.7% occurred at home. The percentage of people dying in hospitals has been declining for several decades. While in 1912 two-thirds of people died at home, this evened out in the 1950s. By the 1970s, at least two-thirds of people died in hospitals. Since the 1970s, the trend has reversed. Now, more people are … [Read more...] about How Will You Age in Place and Be Able to Die at Home?
Tax Planning for 2020
As 2019 draws to a close and a new decade dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than other years. This was a relatively quiet year for changes. Still, even in a quiet year, some things change due to inflation increases, etc.Estate Tax PlanningApplicable Exclusion rises from $11.4 million in 2019 to $11.58 million in 2020.GST Exemption rises from $11.4 million in 2019 to $11.58 million in 2020.Annual Exclusion for present interest gifts … [Read more...] about Tax Planning for 2020
The Questions of Estate Planning, Part 2
Estate Planning is often misunderstood. Some people think it only involves preparing a simple Will. Some think it only involves preparing a Will or a Trust. How hard could that be? But it entails so much more than that. It involves coordinating all the various aspects of a person’s assets so they achieve the goals of the person. Typically, this involves a Will and / or a Trust. But it also involves coordinating beneficiary designations on life insurance, IRAs, retirement plans, etc. It also … [Read more...] about The Questions of Estate Planning, Part 2
The Questions of Estate Planning, Part 4: Where
Estate Planning is often misunderstood. Questions often arise regarding “where.”First, where should you go to do your Estate Planning? The answer is simple, an attorney who focuses his practice in Estate Planning (or the related areas of Elder Law and Taxation). Estate Planning is far too intricate to rely on a general practitioner. You certainly don’t want to rely on an attorney who does multiple practice areas like patent law, corporate law, and personal injury law.Next, Estate … [Read more...] about The Questions of Estate Planning, Part 4: Where
The Questions of Estate Planning, Part 3: When
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated solutions for those with substantial means and complex needs. But, perhaps most importantly, Estate Planning also appoints those … [Read more...] about The Questions of Estate Planning, Part 3: When
The Questions of Estate Planning, Part I: Who
Estate Planning considers many factors. But when most people think of Estate Planning, they just think it answers the question of who gets what. Certainly, it should answer that question. But it is so much more. This is the first in a series of articles on the Questions of Estate Planning.While Estate Planning is about more than just who gets what, it does include that question. If your plan did not include directions as to who should get what, you would have died “intestate.” In other … [Read more...] about The Questions of Estate Planning, Part I: Who
Important Social Security Facts and Figures
The attorneys at our firm counsel clients who have concerns about all the different stages of aging, and the active retirement years will come first. If you have questions about investments or individual retirement accounts, we would be glad to provide you with answers and help you map out a financial plan that leads to a bright future.Social Security will definitely be part of the foundation of your retirement plan unless you are extremely wealthy. This being stated, you have to fully … [Read more...] about Important Social Security Facts and Figures
Estate Planning: Simple Solutions Often Go Awry
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...] about Estate Planning: Simple Solutions Often Go Awry
