One of the major reasons why you should seek out personalized attention from a licensed estate planning attorney is because there are some minute details that you may not consider. Some of them are going to be naturally relevant to you, and others could be if you are aware of the possibilities. We will provide some clarity in this post.Latter Life Decision-MakingPeople naturally think about the events that will take place after they pass away when they are involved in their getting their … [Read more...] about Three Estate Plan Components You May Overlook
Estate Planning
Who Should Act as Your Trustee?
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
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
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
Avoiding Family Chaos in the Coronavirus Age
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world.The coronavirus has infected over four million people around the world, including over a million in the United States. It has killed over 80,000 … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
