Category: Elder Law
“As if losing a loved one weren’t hard enough, you might also have to add ‘death tax’ on the property that you receive from the estate—depending on where you live—in addition to all the other costs of death.” Let’s start with defining “inheritance tax.” The answer depends on the laws of each state, so you’ll […]
“Obviously, the first step is to work with your doctor to slow the progression. However, there are legal steps you need to take as quickly as possible.” A diagnosis of Alzheimer’s or any serious progressive disease takes some time to absorb. However, during the days and weeks after the diagnosis, it is important to take […]
“Everything each spouse earns during their marriage is community property. Fortunately, a gift or inheritance is separate property. However, that’s only half the battle.” Families with concerns about the durability of a child’s marriage are right to be concerned about protecting their children’s assets. For one family, where a mother wishes to give away all […]
“Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.” An irrevocable trust is mainly used for tax planning, says a recent article from Think Advisor titled “10 Facts to Know About Irrevocable Trusts“. Its key purpose is […]
“Choosing when to file for benefits is a critical decision that will affect your monthly retirement income for the rest of your life.” When it comes to planning for retirement finances, one of the most important decisions concerns when to claim Social Security benefits. There’s no one-size-fits-all answer to the ideal time, but there are […]
“Many people plan their estates diligently, with input from legal, tax and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth.” Estate planning for any sized estate is an important responsibility to loved ones. Done correctly, it can help families flourish over generations, control […]
Simply put, probate is a legal process for settling debts and distributing assets after a person passes away. There are many myths and misconceptions about the probate process, the most common of which we will dispel here. If the Decedent Had a Will, His or Her Estate Won’t Have to Go Through Probate While a […]
“Holiday season is often a time when out-of-town children visit their parents for the first time in a while and notice that one of their parents has declined since they last saw them.” Covid-19 has made travelling more difficult, so holiday visits this year may not be the same triggering event they were in the […]
“A comfortable, secure retirement is one of the biggest financial goals you can strive for. Therefore, as you’re saving and investing in pursuit of it, it’s crucial to separate fact from fiction—otherwise, your plan could go off track.” While you’re busy planning to retire, chances are good you’ll run into more than a few retirement […]
“Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.” Trusts are used to solve problems in estate planning, giving great flexibility in how assets are divided after […]
