Author Archives: Site Administrator
Just What Does an Executor Do?
Spending the least amount of time possible contemplating your death is what most people try to do. However, one part of the estate planning process needs time and reflection: deciding who should serve in important roles, including executor. Whatever the size of your estate, the people you name have jobs that will impact your… Read More »
Can a Charity Be a Beneficiary of an Estate?
The interest in charitable giving increased in 2020 for two reasons. One was a dramatic increase in need as a result of the COVID pandemic, reports The Tax Advisor’s article “Charitable income tax deductions for trusts and estates.” The other was more pragmatic from a tax planning perspective. The CARES Act increased the amounts… Read More »
What’s Happening to the Estate Tax?
Proposals now being considered by President Biden may expand the number of Americans who will need to pay the federal estate tax in one of two ways: raising rates and lowering qualifying thresholds on estates and increasing the liability for inheriting and selling assets. It is likely that these changes will raise revenues from… Read More »
Trusts can Work for ‘Regular’ People
A trust fund is an estate planning tool that can be used by anyone who wishes to pass their property to individuals, family members or nonprofits. They are used by wealthy people because they solve a number of wealth transfer problems and are equally applicable to people who aren’t mega-rich, explains this recent article… Read More »
Remind Me Why I Need a Will
There are a number of reasons to draft a will as soon as possible. If you die without a will (intestate), you leave decisions up to your state of residence according to its probate and intestacy laws. Without a will, you have no say as to who receives your assets or properties. Not having… Read More »
The Difference between Power of Attorney and Guardianship for Elderly Parents
The primary difference between guardianship and a power of attorney is in the level of decision-making power, although there are many intricacies specific to each appointment, explains Presswire’s recent article entitled “Power of Attorney and Guardianship of an Elderly Parent.” The interactions with adult protective services, the probate court, elder law attorneys and healthcare… Read More »
How to Be an Effective Advocate for Elderly Parents
Family caregivers must also understand their loved one’s wishes for care and quality of life. They must also be sure those wishes are respected. Further, it means helping them manage financial and legal matters, and making sure they receive appropriate services and treatments when they need them. AARP’s recent article entitled “How to Be… Read More »
Does a Trust Have to Be Funded to Be Valid?
Thinking you have divided assets equally between children by creating a trust that names all as equal heirs, while placing only one child’s name on other assets is not an equally divided estate plan. Instead, as described in the article “Estate Planning: Fund the trust” from nwi.com, this arrangement is likely to lead to… Read More »
How to Tell If Mom or Dad Need Caregiving Help
A 2016 AARP article entitled, “5 Signs Your Loved One May Need Caregiving Support, ” provides some great tips on what to look for when determining if an elderly loved one needs caregiving. Fall hazards. Does your parent have stairs without railings or poor lighting and other clutter that’s caused a fall? You need… Read More »
Protect Your Estate from Nursing Home Costs
Nursing home care is expensive, costing between $12, 000 to $20, 000 per month, so most seniors should do all they can to prepare for this possibility. According to a recent article from the Times Herald-Record, “Elder Law Power of Attorney can save assets that would go to nursing home costs, ” this is… Read More »