Mortality is a subject that people generally try to avoid, and it may not seem very relevant to you when you are still young or relatively young. At the same time, people of all ages contract catastrophic illnesses every day, and there are thousands of accidents. Sometimes a highly publicized event will serve as an eye-opener, and the tragic Kobe Bryant helicopter crash would fit into this category. The people that passed away were young and healthy, so it really demonstrated the way … [Read more...] about Pandemic Illustrates the Importance of Advance Planning
In our last post, we looked at three different reasons why you may want to use a trust instead of a will. We promised a second installment, and this is the conclusion of the two part series. Streamlined and Efficient Estate Administration A lot of people assume that the estate administration process is very simple and straightforward if you use a will as your primary vehicle of asset transfer. In reality, there are some rather burdensome steps that must be taken before the assets can be … [Read more...] about When Is a Trust Better Than a Will (Part 2)?
Contrary to popular belief, a will is not a one-size-fits-all estate planning solution. There are many different scenarios that would call for the use of a trust. We are going to look at three of them in this post, and our follow-up entry will add to the list. Nursing Home Asset Protection Most seniors will qualify for Medicare when they reach the age of 65. This program will provide a strong health insurance safety net, but there are out-of-pocket expenses, including premiums, deductibles, … [Read more...] about When a Trust Is Better Than a Will (Part 1)
Our Elder Law and Estate Planning attorneys are deeply committed to the well-being of our clients and their families. Estate planning can be confusing and overwhelming, not to mention there are many different types of trusts that exist. There are reasons why you may want to use one trust rather than another trust. Each situation is different, and this is why personalized attention is so very important. This is exactly what you will get when you choose our firm as your estate planning … [Read more...] about A Look at Two Commonly Used Trusts
If you take the right steps in advance to feather your nest, you can put your working years behind you at some point and enjoy your golden years to the fullest. For many people, an individual retirement account will be part of the plan. This will provide an underpinning that you can draw from when you are a senior citizen, but what happens if you don’t need the money? At some point, you may recognize that you will be in this position. The account will then be part of your estate plan. With … [Read more...] about Key Facts About IRAs and Estate Planning
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...] about The Little Things May be the Most Important