When you start to explore your options with regard to estate planning devices, you may come to the conclusion that a living trust is the ideal centerpiece. There are a number of different benefits if you go this direction, and one of them is the avoidance of probate. If you use a will to state your final wishes, the executor would admit the will to probate, and the court would determine its validity. Going forward, the executor would handle the estate administration tasks under the … [Read more...] about Who Will Administer Your Living Trust?
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Responses to Out-of-the-Ordinary Inheritance Planning Scenarios
One of the reasons why it is important to discuss your unique inheritance planning needs with a licensed attorney is because there are different approaches you can take. The ideal course of action for one family may not be appropriate for the next, and a legal professional can guide you in the right direction. With this in mind, we will look at some estate planning solutions that can be implemented when certain circumstances exist. Preservation of Government Benefits Most Americans with … [Read more...] about Responses to Out-of-the-Ordinary Inheritance Planning Scenarios
Five Things You Need to Know About Probate
If you use a will to state your final wishes, your executor would submit it to probate. This is a legal process that takes place under the supervision of a court. To plan your estate effectively, you have to understand this process, and we provide five key facts in this post. It serves a purpose. When you poke around on the Internet looking into the process of probate, you will find negative statements made about it. We will cover the drawbacks in some of the other sections, but it does serve … [Read more...] about Five Things You Need to Know About Probate
Don’t Oversimplify the Planning Process
There is an expression that is often used about a little knowledge being a dangerous thing. This applies to the estate planning process, like many other things. People often hear about so-called “simple solutions” that sound great on the surface. However, when you know all the facts, you often see gaping holes in many of these notions. In this post, we will look at a few of them so that you understand the limitations and potential drawbacks. Joint Tenancy With Right of Survivorship Some … [Read more...] about Don’t Oversimplify the Planning Process
Digital Estate Planning 101
Back in the day, all property and records related to monetary assets were tangible. From an estate administration perspective, trustees and executors would handle hard copies of everything, and property of value would be physical. Now, the playing field has changed since we spend so much of our lives in a virtual space. This shift has added a new facet to the estate planning process. With this in mind, let’s look at some of the steps that you can take when you are planning your estate to … [Read more...] about Digital Estate Planning 101
Estate Planning Is a Must in the COVID-19 Era
Most American adults do not have any estate planning documents in place, and this is true even for those who are 50 years of age and older. The popular website Caring.com conducted a survey that compared the estate planning preparedness of American adults in 2019 and 2020. This year, they have found that 47.9 percent of people who are 55 years of age and older have estate plans. Last year, the number was 60 percent, so we are trending in the wrong direction. Young adults are much less … [Read more...] about Estate Planning Is a Must in the COVID-19 Era
Charlotte Long-Term Care Costs Are on the Rise
As elder law attorneys, we focus on legal and financial issues that are of interest to senior citizens. There are a number of them on the table at the present time, and the matter of long-term care is at the top of the list. If you are assuming that you will always be able to get by, even if you need some help from family members, you should understand the facts. Longevity statistics can help you understand the risks, even though they are not very pleasant to contemplate. Once you reach … [Read more...] about Charlotte Long-Term Care Costs Are on the Rise
Adult Guardianship Can Be Avoided
Estate planning is often thought of as a monetary endeavor, and this is a large part of the equation. At the same time, a comprehensive plan will take the eventualities of aging into consideration. With this in mind, we will look at the value of incapacity planning in this post. Understanding Alzheimer’s Disease We all know that Alzheimer’s disease can strike senior citizens. But when you look at the facts, the numbers are rather surprising--and not in a good way. More than 10 percent of … [Read more...] about Adult Guardianship Can Be Avoided
Requirement Minimum Distribution Waivers under the CARES Act
With all the talk about direct payments from the federal government and SBA loans created by the CARES Act, some very important news about Required Minimum Distributions (RMDs) has been largely overlooked. In response to the stock market drop due to the economic harm and uncertainty caused by the current coronavirus, Congress has made moves to waive RMDs for 2020 and permit some early withdrawals from retirement plans. First, the most relevant change for many of our clients is in … [Read more...] about Requirement Minimum Distribution Waivers under the CARES Act
Medicaid Rules for Home Ownership
Before we share some specific information about Medicaid and your home, we have to set the stage with some necessary background information. You earn retirement credits when you make payroll or self-employment tax contributions. Most people easily accumulate the maximum four credits each year. After you have at least 40 credits, you will qualify for Medicare coverage when you reach the age of 65. This will safety net will serve as a foundation, but you have to understand the limitations of … [Read more...] about Medicaid Rules for Home Ownership
