Sometimes impressions about certain subjects are passed down over the years, and the information that you get is outdated. With this in mind, we are going to provide five estate planning tips for the modern family in this entry. 1. You are not too young to put a plan in place. Surveys show that the vast majority of adults do not have estate plans, and this even applies to people in their 50s. Life expectancy in the United States is about 78 years overall, and it reaches into the mid-80s once … [Read more...] about Five Estate Planning Tips for the Modern Family
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Address Estate Administration Details
Unfortunately, most people do not have estate plans, and many who do have taken minimal precautions. The same folks say that they would do anything for their families, but somehow they have a blind spot when it comes to this subject. This is a very important responsibility, and it should be taken seriously. It doesn’t take an enormous amount of time, effort, or money to work with an estate planning lawyer to develop a solid plan. In addition to the use of a will or trust to facilitate … [Read more...] about Address Estate Administration Details
These Five Documents Should Be Part of Your Estate Plan
Estate planning attorneys always emphasize the fact that there is no one-size-fits-all estate plan that is right for everyone. There are different ways that assets can be transferred so you should explore your options and make fully informed decisions. That being said, there is a basic structure that applies to everyone, and we will look at the five documents everyone must have in this post. Asset Transfer Vehicle The first necessity is an assets transfer vehicle. A will is one possibility, … [Read more...] about These Five Documents Should Be Part of Your Estate Plan
Five Reasons to Consult With an Elder Law Attorney
When you hear the term “elder law attorney,” on the surface, it can be a head scratcher. Why would elders need a special type of lawyer? This is a good question, but there are some issues seniors face that have legal ramifications, and we will look at five of them in this post. Update Your Estate Plan Your existing estate plan will be based on the way that your life was at the time it was created. Over the years, many things can change, and your existing plan may not reflect the current … [Read more...] about Five Reasons to Consult With an Elder Law Attorney
Should I Have Long-Term Care Insurance?
As elder law attorneys, we help clients that are concerned about legal and financial matters that are relevant to senior citizens. Without question, the most pressing situation is the matter of long-term care and the costs that go along with it. We are going to look at the pros and cons of long-term care insurance here, but before we get to that point, we will share some necessary background information. Don’t Be Overconfident A lot of people do not give long-term care a second thought … [Read more...] about Should I Have Long-Term Care Insurance?
Has the Gift Tax Exclusion Been Increased for 2021?
In this post, we are going to look at the annual gift tax exclusion, which can be increased at the beginning of a year when the IRS deems it necessary. Before we focus on that subject, we will review the 2021 estate tax parameters, because the gift tax and the estate tax go hand in hand. 2021 Estate Tax Exclusion Increase The estate tax carries a robust 40 percent rate so it can have a significant impact on your legacy. Fortunately, a very small percentage of families have to pay the tax … [Read more...] about Has the Gift Tax Exclusion Been Increased for 2021?
Six Things to Know About a Simple Will
The simple will is the most commonly used estate planning document because most people do not consider the value of trusts. In this post, we will share five things that you should know about simple wills so you can go forward with a more thorough understanding of the pros and cons. Witnesses Are Required We practice in North Carolina, South Carolina, and Kentucky, and there is a minor difference with regard to the witnessing requirement. In Kentucky, you must sign your will in front of two … [Read more...] about Six Things to Know About a Simple Will
Resolve to Review Your Estate Plan in 2021
We are turning the page on the most unusual year that most of us have ever experienced, and the best thing many can say about it is good riddance. Fortunately, the future looks considerably brighter as we turn the page and welcome the new year. During this transition from one year to the next, people make resolutions of various different kinds. As an estate planning firm, we encourage you to work with us to review your existing plan because revisions may be necessary if it was established … [Read more...] about Resolve to Review Your Estate Plan in 2021
Nursing Home Cost Increases Exceeded Inflation Rate in 2020
Elder law attorneys focus on legal and financial matters that impact senior citizens, and living assistance is at the top of the list. The majority of elders will need help with their activities of daily living, and just over one third of seniors will eventually require nursing home care. A lot of people are not overly concerned about long-term care costs because they know that they will qualify for Medicare when they reach the age of 65. This coverage will definitely provide a solid … [Read more...] about Nursing Home Cost Increases Exceeded Inflation Rate in 2020
Step-Up in Basis Could Be Eliminated
There can always be legislative changes that impact estate planning matters so we keep our finger on the pulse of these issues. This dynamic is especially relevant when there is a transition from one party to the other in the White House. With this in mind, we are going to explain a potential change to the capital gains tax structure, and we will look at another tax issue that is looming over the horizon. Inherited Appreciated Assets Let’s say that your grandfather bought a thousand shares … [Read more...] about Step-Up in Basis Could Be Eliminated
