Even though probate has a bad reputation, thoughtful estate planning can help you minimize or avoid it. In reality, most heirs will have to navigate the probate process to some degree after losing a loved one. Understanding what probate is…
As a result of current inflationary pressures, many US seniors are experiencing financial insecurity. Aside from cutting back on unnecessary expenses, many retirees or near retirement individuals should look to existing government programs to possibly qualify to receive assistance and…
It is imperative that every American has an estate plan in place if they wish to protect themselves and their loved ones. Making sound decisions regarding finances and healthcare can become challenging as you age due to diminished mental capacity…
In the wake of the COVID-19 pandemic, more Americans are becoming aware of the importance of having a will, a living trust, and a living will. Still, this knowledge is not translating into estate planning action. No matter your age…
Adapting your estate plan to complex and ever-changing federal estate tax law, gifts, and GST exemptions may require an annual review and update. Since 2018, federal tax assessment on estates above $11.7 million, indexed for inflation every year, will default…
You should incorporate Power of Attorney (POA) documents into your estate planning process. All states recognize powers of attorney, but rules and requirements will differ from state to state. The document gives one or more individuals the legal authority to…
Almost all older adults recognize the importance of estate planning. Yet, nearly half of Americans age 55 or more do not have a will, and even fewer have designated powers of attorney, a living will, or health care directives. These…
You likely have a beneficiary since these are common designations in retirement accounts, wills, and trusts. A beneficiary is an individual (or legal entity) to receive the proceeds from a financial product or vehicle when the owner passes away. What…
Planning an estate requires thoughtful discussion and careful consideration with your spouse or life partner. Before meeting with an estate planning attorney, it is best to discuss your ideas to present a united goal. This conversation can be challenging if…