Why You Should Include Estate Planning in the Preparation You may have been running around for weeks, getting your college student ready to go off to school. It's exhilarating, and your heart likely is bursting at the seams. You're probably prouder than words can express, but you're also a little...
While the term fiduciary is a legal term with a rich history, it generally means someone who is legally obligated to act in another person's best interest. Trustees, executors, and agents are examples of fiduciaries. When you select people to fill these roles in your estate plan, you are picking ...
Whatever the time of year, it is always good for members of the military and their loved ones to create or revisit their estate plan. Military families face unique estate planning considerations that others do not, especially when a family member is deployed overseas or receives a temporary duty ...
You have just received your orders, and you will be deployed shortly. No matter how soon you are leaving, there is still time to ensure that your affairs are in order. Review or prepare a Family Care Plan. Regardless of the branch of the military in which you are serving, you may be requi...
How to Minimize the (Voluntary) Federal Estate Tax with Portability Most people may be surprised to learn that the federal estate tax is considered by some to be voluntary. Estate planning attorneys used to say, “You only pay if you do not plan.” The relatively recent introduction of portability ...
Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight. If you are concerned about challenges to your estate pl...
You may think that if you die while you are married, everything you own will automatically go to your spouse and children. But you are actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as dying intestate. In that case, the spe...
Steps to Protect Against the Financial Abuse of Senior Adults As people get older, they often need to rely on others for various kinds of help and are more likely to suffer from Alzheimer's disease or other forms of dementia. Consequently, as people age, they are more vulnerable to being financi...
In many families, everyone gets along, happily gathering for the holidays, sharing laughs, telling stories, and enjoying each other's company. Then, the matriarch or patriarch dies. Suddenly, years of pent-up resentment and hurt feelings surface, and the once-happy family is now embroiled in liti...
How to Pass Your Stories and Values to Future Generations Money and property may be the most discussed types of wealth that a person owns, but the riches of their experience and wisdom can mean even more to loved ones down the line. Reinforcement of family traditions can be built into your estate...
The population of seniors over 65 is expected to increase exponentially over the next decade. A study by the Office of Policy Development and Research exposed the country's unpreparedness for housing the aged population. America has three major housing issues for seniors: affordability, physical ...
For high-net-worth families, many legal strategies are employed to preserve wealth and minimize taxes. However, tax laws continually change and can impact new and existing estate plans. For example, the SECURE and SECURE 2.0 Act presents some challenges and opportunities in high-net-worth estate ...
There is a growing trend toward Americans aging in place when it comes to housing arrangements for the elderly. Nearly all older adults prefer to age in the comfort of their long-time homes and familiar community surroundings. Aging in place often means living alone. Pew Research findings show th...
A probate court validates a will and ensures an executor manages the decedent's assets and debts in accordance with the law and the decedent's wishes. To begin probate, a personal representative or executor must file with the county court where the decedent lived, even if there is a property for ...
Among aging Americans, continuing care retirement communities (CCRCs) or life plan communities have become increasingly popular. These senior living communities offer the array of care options necessary for aging adults to move through the stages of independent, assisted living, memory care, and ...
In estate planning, special needs children require special consideration. You'll need to assess how your child will be able to function in the world as they age. There are many questions to answer, including: What is the child's long-term prognosis What type of care is anticipated to meet th...
There is a common acronym in healthcare called LASA, which stands for "look-alike-sound-alike" and refers to medications. Healthcare workers may recognize the acronym LASA, which stands for "look-alike-sound-alike" and is usually used to refer to medications. Both Medicare and Medicaid were start...
Adults rarely create wills, let alone estate plans that address their online profiles. As your online presence grows professionally and personally, taking charge of your digital assets and plans for them after you die becomes important. Some social media companies like Facebook, Instagram, and Tw...
Travel by people with disabilities is commonly referred to as “accessible travel†and “disabled travelâ€. There is a lot to consider when traveling with a disability. Proper research, planning, and preparation are crucial. In the past, traveling as a disabled person seemed like an overwhelmi...
It may be necessary for you to act as a power of attorney for a family member or a friend. Your person may be planning for when they might become unable to take care of their affairs. For example, they might become disabled or incapacitated, and they would need a trusted person to step in and man...
The Medicaid agency reviews a beneficiary's eligibility for continued Medicaid coverage as part of a Medicaid redetermination process. Typically, this process occurs annually. However, during the pandemic, the federal government enacted the Families First Coronavirus Response Act (FFCRA), requir...
How would you make decisions regarding your healthcare if you were seriously ill or injured? You don't have to be old to become incapacitated. A living will, a component of an advance health care directive, can outline your wishes so that your loved ones can make informed decisions about your car...
Choosing an agent to make decisions on your behalf is the purpose of a power of attorney. They could be related to personal finances, business operations, or medical needs and used for a single immediate purpose or an ongoing situation. This may sound pretty straightforward. When you are looking ...
Often, families who care for a loved one with special needs or a disability create and fund special needs trusts. It can provide peace of mind to improve a family member's future quality of life without jeopardizing their eligibility for government benefits. However, families must also consider t...
You can ensure your loved ones are cared for after your death by creating an estate plan. It requires organization and strategy and begins with five key legal documents that can address many areas of estate planning concerns. Proper estate planning can provide tax savings and asset protection so ...