You may hear about different ways that assets can be transferred after you pass away. If you do not know much about the intricacies of estate planning, they can sound like great ideas. That being said, you should really know the facts so that you can make truly informed decisions. Some of the so-called “simple solutions” are not that simple in the long run. Joint Tenancy With Right of Survivorship If you own a home, you can add a co-owner to the title or deed of the property. This … [Read more...] about Asset Transfers: When Simplicity Gets Complicated
What Is the Most Essential Estate Planning Document?
We often get questions about the most important estate planning document. Because so many people have made no preparations at all, they want to know where to begin. They figure that they should start with the piece that is absolutely essential and go from there. In a way, this makes sense, but there is no single answer that is right for everyone because primary estate planning objectives vary from person to person. What is most important for one individual may not be to the next … [Read more...] about What Is the Most Essential Estate Planning Document?
Trusts Are Often Misunderstood
A lot of people are under the impression that a last will is the preferred estate planning document. They shy away from trusts for a couple of different unfounded reasons. One of them is the idea that a will is the right choice if you are not extremely wealthy. The second one is a fear of permanently losing control of assets that are conveyed into a trust. Let’s clear up these misconceptions. Essentially, there are two different classes of trusts: revocable trusts and irrevocable trusts. … [Read more...] about Trusts Are Often Misunderstood
Look-Back Added to Veterans Pension Rules
As elder law attorneys, we educate people about the benefits that may be available to them. With this in mind, there is one way that veterans can get a boost during their senior years in addition to the retirement pension that longtime veterans receive after at least 20 years of service. Before we look at the benefit in question, we should briefly touch upon the way that the retirement pension can pave the way toward a comfortable period of rest and relaxation. Clearly, if you join up … [Read more...] about Look-Back Added to Veterans Pension Rules
Effective Planning Can Safeguard Your Legacy
If you fully understand the value of estate planning, you are probably gratified by the thought that you will be able to leave behind some resources for your loved ones to draw from after you are gone. Many people feel this way, but you should be aware of a certain unpleasant reality so you can take the right steps to preserve your legacy. Latter Life Expenses When you reach the age of 65, you will qualify for Medicare under existing laws. This government health insurance program for senior … [Read more...] about Effective Planning Can Safeguard Your Legacy
Estate Administration 101
Estate planning is sometimes viewed as an exercise in document creation. You simply express your wishes in writing and that’s the end of the story. It is certainly important to create a will or a trust to serve as the centerpiece of your estate plan with regard to leaving behind instructions. At the same time, you should be well aware of the estate administration tasks that must be completed after you are gone to bring your wishes to fruition. The Role of the Executor If you use a will as … [Read more...] about Estate Administration 101
What’s the Difference Between SSI and SSDI?
As elder law and estate planning attorneys, we often have to explain details about government benefit programs to our clients. There are some programs that serve related purposes that have similar sounding names so there can be some confusion. This is certainly true of Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). Need-Based Benefit Supplemental Security Income is a program that provides monthly income to qualified people with disabilities who have very … [Read more...] about What’s the Difference Between SSI and SSDI?
Can You Change a Living Trust?
One of the most commonly held misconceptions within the realm of estate planning is the idea that you lose all control of assets that you convey into a living trust. For this reason, many people don’t even consider the possibility. They are not prepared to make a decision that is etched in stone. This sentiment is understandable, but in reality, the most widely utilized trust in the field of estate planning is the revocable living trust. With a revocable trust, you can act as the trustee and … [Read more...] about Can You Change a Living Trust?
Don’t Let the State Plan Your Estate
A lot of people procrastinate when it comes to estate planning because they assume that they can take action very late in their lives when the end is relatively near. They know that it is possible that they will die without ever getting to it, but they are not too concerned. These folks are under the impression that the state will take care of everything. It is true that the state would get involved under these circumstances. If you were to die without executing any estate planning documents … [Read more...] about Don’t Let the State Plan Your Estate
Understanding the Federal Gift Tax
Do you know that there is a gift tax in the United States? Before you start to get worried about all the gifts that you have received over your lifetime without paying any taxes, it is unlikely that you violated any laws. We have a federal estate tax, but most people do not have to pay it because there is a large exclusion. This is the amount that can be transferred before the tax applies. At the time of this writing in 2019, the exclusion is $11.4 million. Each year there are adjustments … [Read more...] about Understanding the Federal Gift Tax
