When it comes to estate planning, wills, and trusts have specific and quite different benefits. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should complement the other. As a standalone, it is not accurate to say one is […]
A proper estate plan can mitigate unwanted risks by anticipating what might occur and preventing problems before they arise, which can reduce the complexity, length, and expense of probate. Sound estate planning can make the probate process run efficiently and smoothly, protecting your estate’s value and legacy, and preserving your family’s well-being. Probate includes: Avoiding […]
A power of attorney is an essential tool in planning for the possibility of becoming incapacitated and needing someone to manage your affairs on your behalf. These legal documents can grant broad authority to one or more power of attorney agents to transact business or make medical decisions based on your behalf. The Different Forms […]
A spouse or long-term partner’s loss makes it difficult to think beyond just your grief. However, it is crucial to understand there are important and timely decisions you need to make regarding your finances and personal estate plan. In truth, estate planning is perpetual as it accounts for changes in marriages, deaths, divorces, and births […]
People with disabilities can save money tax-free through special needs trusts (SNT) and Achieving a Better Life Experience accounts (ABLE). Both options provide a mechanism for saving money and protecting resources that ensures the person with a disability (PWD) continues their eligibility for public benefits programs. Accumulating resources for the benefit of a PWD without […]
A lack of a plan leaves your family’s financial legacy to the court’s administration of your state’s intestacy laws. Dying without an estate plan or a basic will creates confusion, work, and heartache for your family at a time when they should be mourning your loss. Aside from not having an estate plan, failing to […]
Trusts set up for loved ones with disabilities are typically supervised by the grantor (the individual who creates and funds the trust). However, it is crucial to choose a successor trustee who will continue properly managing the SNT to benefit the individual with special needs. When selecting a reliable, honest, and capable successor trustee, there […]
Many families struggle with sibling rivalry. Depending on your particular family members and the dynamic between them, old rivalries from the past can become more significant when a parent passes. Adult children who are emotionally upset and in the unfamiliar territory of an inheritance process can invent new problems or magnify existing ones. Protecting Family […]
More than 6 million Americans suffer from dementia and anxiety associated with Alzheimer’s Disease (AD). It is hard to exaggerate the emotional and financial toll on families afflicted with the disease. People are desperate for therapies to improve the patient’s quality of life and slow the progression. Like all neurological diseases marked by neurodegeneration, the […]
We live in a dangerous world. It is a big responsibility to care for another person, and even when things are going well, it can be stressful. A crisis, such as illness, trauma, natural disaster, or any other unexpected adverse event, will make that stress skyrocket. Thinking and adapting are hard when stressed, so disaster […]
There is a situation few of us care to think about when we are considering transferring our property to our children. What should happen to our property if our children die before us? I read that when making a will, I could leave my property to my children “per stripes.” Why is the law talking […]
While elder law and estate planning are often used interchangeably, there are important differences between the two. While some overlap exists between them, learning and implementing strategies from both law practice types is crucial to prepare for successful aging and preserve a family legacy. Estate planning lets families: Younger people tend to focus on asset […]