Elder Law & Estate Planning

The Advantage of Using Life Insurance as an Estate Planning Tool

Obtaining life insurance is a necessary way to ensure that expenses are covered after the death of a loved one. This is certainly a benefit of any life insurance policy. Another benefit, not often considered, is the benefit to your estate plan.

Elder Law & Estate Planning

Gifting Programs Can Help With Asset Protection

The federal gift tax exemption is currently $1 million — meaning you can gift up to $1 million cumulatively over the course of your lifetime without incurring any gift tax. There is not marriage penalty; married couples can give up to $1 million per spouse. A gift made under $13,000 in 2009 will not count…

Elder Law & Estate Planning

Reevaluate your investment strategy according to your goals

An estate plan should be reviewed regularly to make sure it still conforms to your wishes and current economic conditions. During a turbulent economy, such as the one we are experiencing now, it is particularly important to review your investment strategy. The direction you take your retirement saving plan will depend on your risk tolerance…

Elder Law & Estate Planning

Wills are necessary for people of all ages and all estates of all sizes

One common mistake in estate planning is not getting around to writing a Will at all. Many people sincerely intend to create a will, but most do not actually follow through with their intentions. Excuses for not drafting a will usually involve waiting for a certain event, such as the purchase of a house, the sale of a business, the birth of a child or a marriage. The thought usually goes something along the lines of, “I will make a will once…X happens.”

Elder Law & Estate Planning

Estate Planning Helps Unmarried Couples Enhance Legal Rights

Unmarried couples that have been together for many years, or even decades, may give little thought to inheritance issues. However, in the absence of a Will, the state will decide upon the distribution of assets, and the state is under no legal obligation to consider a non-spousal partner or his or her children. Unmarried couples should at a minimum draft a will and establish beneficiaries for their assets.

Special Needs Planning

Quick Supportive Housing Checklist for Adults with Special Needs

An important consideration for parents of a maturing special needs child is housing. Families will need to do significant research into their options to make sure their child is properly cared for when he or she can no longer live at home. If the child will require a group home or some other form or…

Elder Law & Estate Planning

What You Should Know When Considering a Reverse Mortgage

Reverse mortgages are available to homeowners at least 62 years of age or older. A reverse mortgage is one of several options available to older homeowners that allows them to take advantage of any equity that has accrued in their homes. In a reverse mortgage, the homeowner receives income from the home’s equity tax free without having to take on a new monthly payment. The payments work in reverse, with the homeowner receiving monthly payments from the bank.

Elder Law & Estate Planning

Trusts do Not Automatically Protect from Estate Taxes or Creditors

While a Living Trust is a valuable estate planning tool that can protect beneficiaries from the hassle and expense of probate, it does not automatically protect assets from estate taxes or creditors. Currently, the Federal estate tax exemption is set at $3.5 million, meaning that only assets above that amount will be subject to Federal…

Elder Law & Estate Planning

Focus on the benefit of estate planning for your family

Estate planning is often thought about only in terms of numbers, property, assets and finances. While estate planning does involve all of these things, the primary focus of a good estate plan is how people will benefit from it through your efforts and legacy. Estate planning is about maximizing the benefits of your work while…

Special Needs Planning

Your Special Needs Trust can be used to set a precedent for future trustees

One of the most effective ways to prepare for the future of your child with special needs is to establish a Special Needs Trust tailored to the individual needs of your loved. Special Needs Trusts, also known as Supplemental Needs Trusts, are usually set up as inter vivos trusts for the benefit of one child. The Trust is created separately from a family’s estate for tax purposes and is managed by a trustee.