Estate planning is a process that allows you to state how you want your personal and financial assets to be distributed at your death and plan for incapacity. By being proactive, you have control instead of other people or legal rules making those decisions. As you begin (or update) your own estate planning, here are…
Google words like “wills,” “trusts,” “power of attorney,” and other estate planning terms and you will find links to websites offering free or low-cost forms available for download. These sites tell you that you can DIY your own estate planning documents; why hire an attorney when you can prepare your own documents and save money?…
The goal of long-term care planning is to ensure individuals can get the proper care and support they need when they need it. While long-term care can involve various services, given in different settings, the associated costs are often a significant financial burden on families. As a result, the best time to think about your…
The start of a new year is a good time to look back at what personal and financial changes have occurred over the last year and how they may impact your estate plan. Even if you don’t have to worry about an estate tax, you still should review your estate plan to ensure you are…
When was the last time you checked your IRA accounts to see who you named as beneficiary? Certain types of accounts and insurance policies, which provide for a beneficiary designation, such as 401(k) plans, IRA accounts, life insurance policies and bank and brokerage accounts are not generally part of your probate estate when you die….
No one wants to think about what would happen if they or a family member suddenly became ill or was seriously injured. Unfortunately, when we don’t plan for such possibilities, it can cost us in terms of loss of control over medical decisions, added stress and significant financial and legal problems. There are 3 important…
As we all know from the recent articles and news reports, the new Tax Cuts and Jobs Act of 2017 has many aspects. Although the new law did not repeal Federal estate and gift taxes, it has temporarily doubled the exemption amount applicable to each person. But be warned, the disparity between the Federal estate…
Like it or not, Donald Trump is the President of the United States. The landscape for estate planning, and specifically, estate tax planning, may greatly change under a Trump administration. Regardless of whether Trump’s proposals are passed in 2017, it’s a good time to review your estate plan and understand how it could be impacted…
