As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified Estate Planning practitioner can provide guidance to address the issues unique to the solo senior. Read on to learn more. … [Read more...] about Planning for the “Silver Tsunami”
Open Communication Avoids Disputes
Few people like surprises so to avoid them have open communication to avoid disputes. In order to minimize the surprise that some of your family members might feel when they sit down to read your Will or trust, consider including relatives in the planning process. If you think that the inclusion of family members will hinder the actual planning process, instead, at a minimum, discuss the decisions you make in your Will or trust with your loved ones. Prior to your death, it is … [Read more...] about Open Communication Avoids Disputes
The Inflation Reduction Act
President Biden scored a win on some issues, but a loss on others when he signed the Inflation Reduction Act into law. The legislation left the estate and gift tax alone and made modest changes to the income tax. The Act will have a significant impact on those on Medicare because of the cap on out-of-pocket prescription drug costs and insulin. Read on to learn more. … [Read more...] about The Inflation Reduction Act
What’s Estate Planning Got to do with Interest Rates – Part II
As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part II
What’s Estate Planning Got to do with Interest Rates – Part I
Interest rates were at historic lows for many years. Those rates have begun to rise in recent months and may continue to do so. Practitioners need to monitor interest rates in order to advise clients regarding the most effective Estate Planning strategies in any environment. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part I
Estate Planning is Organizing Your Life
Estate Planning is organizing your life to achieve your goals, both now and after you are gone. This includes: Organizing your assets to minimize the impact of disabilityAvoiding probateMinimizing income taxationProtecting your assets from creditorsEnsuring your children’s futuresInstilling your values in your descendants It has often been said that he who fails to plan, plans to fail. It is true in Estate Planning as in any other endeavor. Without planning, you will leave those you love … [Read more...] about Estate Planning is Organizing Your Life
Are You Concerned About Estate Planning Mistakes?
Estate planning mistakes are not uncommon - especially if you are considering everything that's involved in the process. You create an estate plan with the best intentions, but that doesn’t mean you’ll always find yourself on the right track. It’s easy to make mistakes along the way, and if you do it can harm both you and your loved ones. Before we discuss some of the most common mistakes, it’s important to understand what estate planning entails. There’s more to it than what to do with … [Read more...] about Are You Concerned About Estate Planning Mistakes?
Do You Know Why You Need an Estate Plan?
"Why you need an estate plan?" This is a common question that we get asked a lot. Below, we talk about everything you need to know about why you need an estate plan. It’s easy to continually put estate planning on the back burner. That’s especially true if you’re young and healthy. While you may be able to get away with it, it’s a risk you shouldn’t be willing to take. Here are some of the issues that can arise if you don’t have an estate plan: Your assets may not end up … [Read more...] about Do You Know Why You Need an Estate Plan?
Understanding Undue Influence – Part II
Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions for the slighted beneficiaries. These questions usually revolve around methods to have the plan overturned. Most states give clients tools to protect their carefully crafted plans, even after their death. Read on to learn more. … [Read more...] about Understanding Undue Influence – Part II
Understanding Undue Influence – Part I
Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions. Most of the time, clients have consulted with a competent attorney regarding their reasons for structuring the plan the way that they have. Sometimes, other factors are at play and the plan doesn’t represent the testator’s true wishes, but rather, another individual’s testamentary desire. That’s undue influence and there are ways to guard against it. Read on to learn more. … [Read more...] about Understanding Undue Influence – Part I
