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14 Essential Questions to Ask Aging Parents This Holiday

05 Dec, 2023
About 45 percent of adults say they plan to travel for the holidays, per The Vacationer .

Estate Planning for Surviving Spouses

12 Sep, 2023
After losing a spouse or longtime partner, it’s difficult to look past your grief. However, it’s crucial to understand the important and timely decisions you must make regarding your finances and personal estate plan.

What Is a Gun Trust?

08 Aug, 2023
If you own a firearm of monetary or sentimental value, you may wonder how to transfer ownership to your loved ones after you die. In addition to creating a will, you may want to make special arrangements for your weapon.

Inherited Retirement Accounts: Minimizing Tax Consequences

01 Aug, 2023
Generally speaking, beneficiaries of retirement plan accounts and Individual Retirement Accounts are subject to required minimum distribution ( RMD ) rules. Most people who inherit this type of retirement account now must withdraw all the funds from that account within 10 years. Exceptions to this include the following:

A Look at Legal Trends in Estate Planning

31 Jul, 2023
In response to upcoming federal and state law changes, estate planning is becoming more dynamic than ever. These laws affect estate planning tax, trust, and charitable strategies, and the higher your net worth, the more critical it is to re-evaluate your plan.

Independent Living with Home Sharing is Preferable for Baby Boomers

24 Jul, 2023
As the baby boomer generation ages alone, fewer and fewer family caregivers are available to assist them. The ratio of caregivers to care recipients has fallen and is projected to continue for the next forty years. According to the Pew Research Center, 20 percent of baby boomers are childless. That number is double the previous generation. Additionally, over 40 percent of boomers don't have a spouse or partner and have children living more than 500 miles away .

Trusts for Grantor-Retained Income

17 Jul, 2023
It is common for people to seek wealth transfer and estate planning strategies that not only preserve their assets but also benefit them financially during their lifetimes. One such strategy is the grantor-retained income trust (GRIT).

It Is Important to Take Care of Caregivers as Well

10 Jul, 2023
During Jeanette's mother's hospitalization, Jeanette's father begged her to take care of her mother if he ever became unable. Of course, Jeanette said, "Yes." Years later, Jeanette's father passed. Her mother's hearing and eyesight failed, she could no longer drive, and she had fallen several times. Jeanette remembered the promise to her father.

A Guide to ABLE Accounts for People with Disabilities

03 Jul, 2023
The Achieving a Better Life Experience (ABLE) Act was passed by Congress in 2014. This created tax-advantaged accounts for people with disabilities. Funds can grow tax-free if used for qualifying expenses. Before the ABLE Act, if a person with disabilities had more than $2,000 in their name, they would lose Medicaid or Supplemental Security Income (SSI) benefits. ABLE accounts allow people with disabilities to have more than $2000 in assets without losing valuable financial support.

Ensure That Your Estate Plan Is Handled by a Team of Professionals

26 Jun, 2023
It is important to assemble the right team of professionals to create your estate plan to ensure your legacy is protected for your heirs. Aside from an estate planning attorney, who often specializes in elder law, you may need the services of a certified public accountant ( CPA ) and possibly even an insurance specialist. Some estates may be large enough even to require valuation experts and trust services. Your elder law estate planning attorney understands the array of qualified information needed to create a sound estate plan.
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