Creating your estate plan doesn’t just include making sure your assets go to the right people. It also includes deciding how you want other affairs to be handled after your death. Organ donation is one of the issues to consider when creating your plan. We’ve outlined information below to help you explore your options. If you have any questions, or if you’d like to include your organ donation wishes in your plan, meet with a qualified estate planning attorney. Organ donation is a great way … [Read more...] about Including Organ Donation Instruction in Your Estate Plan
Do you have a plan in place to deal with the high costs of any future nursing home care? If not, then you need to discover how a Medicaid lawyer can help you protect yourself and your interests. We often hear about how important it is to prepare for the future. Whether it is business planning, legacy planning, or retirement plans, experts continually remind us that it’s vital to be prepared for uncertainty. With more than half of us expected to one day require long-term care in a nursing home or … [Read more...] about What if I Can’t Afford Nursing Home Care?
RMDs are an important concept when it comes not only to retirement planning but to estate planning as well. RMD stands for required minimum distribution -- the IRS requires you to take out a portion of your retirement account each year and pay tax on it. If you don’t take it out, you get hit with a penalty. When do you have to take an RMD? It depends on the retirement account and plan – many types of plans, such as a 401K, require that distributions begin April 1 following the year that you … [Read more...] about Required Minimum Distributions and What they Mean to Retirement Plans
Sometimes, our clients aren’t sure that they should be in an estate planning attorney’s office. They are unsure what an estate planning attorney really does and think estate planning is just for people named Gates, Kennedy, and Rockefeller. In truth, absolutely everyone needs a strong, comprehensive, individualized, up-to-date estate plan. Bottom line: An estate planning attorney helps people protect themselves, their family, and their assets. They help people just like you carry out their … [Read more...] about What Does an Estate Planning Attorney Do?
A trust is a powerful estate planning tool, and there is more than one way to create a trust, including… Totten Trusts When you wish to create a simplistic trust with a relatively small amount of cash, some people choose to create a Totten Trust, which is also referred to as a Payable on Death, or POD, account. A Totten Trust is a relatively simple arrangement since there is no detailed trust agreement, but rather a simple form provided by many financial institutions that allows you to name a … [Read more...] about Three Ways To Create a Trust
As you create your estate plan, you will be forced to make decisions about how to distribute your assets after your death. Many individuals have trouble deciding how to do this. It can be especially difficult trying to decide if you want to leave unequal shares to your children. Take a look at the information below to help make this important decision. If you have any questions about choosing how to divide your assets when creating your estate plan, meet with an estate planning attorney. If … [Read more...] about Is it Okay to Leave Unequal Inheritances in My Estate Plan?
When a loved one dies, you will likely feel overwhelmed, sad, and stressed. You may feel angry and scared as well. All of these emotions are completely natural. Your mind will likely start spinning and you wonder what you should do next. The smallest task may seem insurmountable. Know that you will get through it and that there is no emergency, meaning that you don’t have to get everything done right away. Also, important to remember is that there are many people who will help you. Who to … [Read more...] about Who to Call When a Loved One Dies
Your estate planning attorney may ask you whether any of your children are adopted. This may seem like an odd question, among many odd questions, but the question is important. Your estate planning attorney is trying to determine whether your child has been legally adopted or is a step-child or other important child in your life. If your child has been legally adopted, he is treated the same as your biological children under the law. In other words, there is no legal difference between … [Read more...] about Why Does My Estate Planning Attorney Want to Know Whether My Children are Adopted?
Estate planning may seem difficult or complicated if you haven’t done it before. But, estate planning attorneys are specially trained to gently walk you through the estate planning process, helping you to set goals and make important choices. Here are the first 4 steps in estate planning: 1. Hire an estate planning attorney. This is no time to be messing around with Legal Zoom and the like. Estate planning is a complicated area of law and making a mistake or missing an opportunity could … [Read more...] about The First 4 Steps of Estate Planning
If you’re like most people, you’ve heard the term “estate administration,” but may not be familiar with the term “trust settlement.” Trust settlement is similar to estate administration, but not the same. Both terms refer to wrapping things up after a death. Here is some information to help you understand trust settlement. Who’s in charge of trust settlement? The trusted family member, friend, or professional that you named as trustee of your trust is in charge and holds legal title to … [Read more...] about What is Trust Settlement?