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...]
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...]
Five Reasons to Consult With an Estate Planning Lawyer
Estate planning is one of the basic responsibilities of adulthood, but studies that are conducted show that most people are unprepared for an event that is an absolute inevitability. There are some good reasons why you should consult with an estate planning lawyer if you have been ignoring the matter, and we will look at five of them here. Prevent Intestacy A lot of people are not too concerned about inheritance planning because they assume that the government will step in to take care of … [Read more...]
Estate Planning and Pet Ownership for Lonely Seniors
Elder law and estate planning attorneys help people prepare for their senior years as they take steps to leave suitable legacies for their loved ones if it is at all possible. Loneliness can certainly be a challenge for elders that lose their spouses, and there is no one easy answer that is right for everyone. Some seniors have family members, friends, and neighbors that try to fill the gaps, but people live busy lives, and it can be hard for them to carve out sufficient time. In other cases, … [Read more...]
Aretha Franklin Estate Matter Takes a Surprising Turn
In life in general, when you hear about mistakes that have been made by others, you learn valuable lessons about “what not to do.” Within the realm of estate planning, there are a number of constructive tales that revolve around estate planning errors that were made by rich, famous people. This type of situation has unfolded since the death of the legendary “Queen of Soul,” Aretha Franklin. She passed away as a result of pancreatic cancer in August of 2018 at the age of 76. It has been … [Read more...]
Joint Bank Accounts: Worth the Gamble?
You can cross your fingers and hope for the best while taking some estate planning steps that are questionable. But you have to ask yourself if it is really worth the gamble -- one of the these questionable steps is joint bank accounts with children. It took a lot of time and effort to accumulate the resources that comprise your estate and you would probably do well to make a small investment into a properly constructed estate plan rather than seeking out do-it-yourself alternatives. There … [Read more...]
Living Trust Questions Answered
A lot of people who have not probed into the subject of a living trust reduce the process of estate planning to the creation of a last will. In fact, there are other asset transfer vehicles that can be preferable when certain circumstances exist. Plus, a well-constructed estate plan will address end-of-life issues. The estate planning device that is the best choice for many people is the revocable living trust. In this post, we will provide an overview in the form of a hypothetical question … [Read more...]
Estate Planning for Young Families
They say that the only two certainties in life are death and taxes, and most people are fully prepared when April 15th rolls around. However, when it comes to the other one, statistics tell a surprising tale. The majority of American adults have no estate planning documents in place, and as you might imagine, a small percentage of younger people have executed estate plans. For a single young adult with no children and limited resources, this is somewhat understandable. However, someone in … [Read more...]
A Spendthrift Trust Can Provide a Solution
You are not alone if you are a financially successful person with a spendthrift in the family, and this can present a significant estate planning challenge. On the one hand, the person in question has often come to you for financial assistance. You are always willing to help, but you will not be around forever. If you leave a direct inheritance to this family member who is not good with money, the family member may burn through it very quickly. Going forward, there would be nowhere to turn … [Read more...]
What Is a Stretch IRA?
There are some helpful strategies you can choose during the estate planning process that many people never think about. This is one of the major reasons why you should develop a relationship with a licensed attorney that can explain your options to you. Personalized attention is key, and that’s exactly what you get when you work with our firm. With that in mind, we will look at the stretch IRA, an opportunity you may be able to take advantage of if you have an individual retirement account … [Read more...]
