There is an answer to this problem. We recommend that young adults execute general durable powers of attorney, advanced medical directives and HIPAA releases, so that their parents have the power to act as surrogate decision makers while their children are off at college.
The power of attorney would allow a parent, acting as an agent, to assist his/her child with bill-paying to make sure that tuition is paid or that scholarship forms are appropriately filled out. It would allow the parent, as agent, to access the child’s bank and credit card accounts to help him/ her better manage money. Being an adult does not automatically confer wisdom about handling money and maintaining a budget. Being an involved parent, on the other hand, does allow you to guide and instruct your child and, if necessary, to jump in before a little problem becomes a huge problem. If you do not have access to your child’s accounts and financial information, you may not be able to assist your child when they hit that first, inevitable, bump in the financial road. Imagine your frustration at calling the bursar’s office to check on their receipt of an important check only to be told that they cannot tell you anything and you have to round-up your child to get the information or worse, get the child to appear at the bursar’s office to ask the question himself. Even the most responsible ones will be hard to find as they experience the freedom of college living.
An advance medical directive and accompanying HIPAA release is an important part of the equation as well. While many think of an advance directive as being limited to end-of-life decisions, this is only one part of a well-drafted advance directive. In the case of young adults, it serves a vital function of appointing an agent to make health care decisions for them if they cannot do so themselves. The HIPAA release authorizes a doctor to communicate with a parent about the child’s medical condition so that, even if the child is not wholly unable to make a decision, it allows a faraway parent the ability to participate with the doctor and the child in making important decisions. If the child cannot make his/her own decisions, either because the child has been seriously injured in an accident or has psychiatric or dependency issues, most parents and children would want the parents to be informed of the situation and to be involved in the decision-making process. Nothing could be scarier than calling a hospital only to be told that privacy laws prevent the doctor from speaking to you about your child.
By executing these documents on attaining the age of eighteen, young adults and their parents can feel secure in the knowledge that the safety net on which they have all relied since birth will remain in place until such time as the children are really ready to be totally on their own. The vast majority of children will likely leave these documents in place until they are ready to do some estate planning on their own. And that is not a bad thing. Come see the attorneys at the Hook Law Center – we can help you with all life’s transitions from the birth of a new baby to the baby leaving the nest, from marriage to divorce, from planning for retirement and long-term care to the death of a loved one. We’ve got you covered.
Ask Kit Kat – Westminster Dog Show
Hook Law Center: Kit Kat, what was new at the Westminster Dog Kennel Club Show that was held on February 13-14, 2017?
Kit Kat: Well, a couple of things were new this year. In my opinion, the biggest news was that cats were included for the first time this year. The cats weren’t actually in the show, but they were part of a ‘Meet the Breeds’ event which took place on February 11, 2017 before the actual dog show. At this event, dogs and cats were featured in booths in which the owner could have them displayed with information about the animal—where they originated from, etc. Booths could be decorated any way the owner chose. It made for an interesting event with both cats and dogs dressed up in all their finery!
Also, new to the Westminster Dog Show were 3 new breeds. This helped expand the number of participants to nearly 3,000 dogs. Wow! Can you imagine that many dogs in one place? Anyway, the 3 new breeds were: the American Hairless Rerrier, the Pumi, and the Sloughi. Can’t tell you much about 2 of the breeds, but the Pumi looks to me like a miniature poodle with a squarer face. Actually, Wikipedia defines it as a herding terrier from Hungary of small/medium size. It definitely is a good-looking dog, who I am sure will increase in popularity due to its compactness and personality.
So, kudos to the Westminster Dog Kennel Club! They are showing an inclusiveness which animal lovers can’t help but enjoy! (http://www.usatoday.com/story/news/nation-now/2017/02/01/ westminster-dog-show-going-cats/97329506/)
Distribution of This Newsletter
Hook Law Center encourages you to share this newsletter with anyone who is interested in issues pertaining to the elderly, the disabled and their advocates. The information in this newsletter may be copied and distributed, without charge and without permission, but with appropriate citation to Hook Law Center, P.C. If you are interested in a free subscription to the Hook Law Center News, then please telephone us at 757-399-7506, e-mail us at mail@hooklawcenter.com or fax us at 757-397-1267.The post Issues to Consider when Your Child Goes off to College first appeared on SEONewsWire.net.]]>
With Republicans soon to control the White House and Congress, we are dealing with a political circumstance not seen since 1928. The world (and the Republican Party) were much different then, and therefore it is difficult to anticipate how exactly this degree of control will be used. From an estate planning perspective, there are several policy proposals that have been discussed for many years that may have a chance of being implemented. Of primary importance to estate planners is the possibility of repealing the estate tax and its lesser-known sibling, the generation-skipping transfer tax. While most individuals lose little sleep over the estate and generation-skipping transfer tax (because they only impact those with estates exceeding $5.4 million dollars), the changes introduced may include the elimination (or reduction) in stepped-up basis at death, which will impact many more individuals.
So what is the “step-up” in basis at death? Under current law, appreciated assets held at death are “stepped-up” to their fair market value when received by beneficiary. For example, if Grandma paid $1 for stock in 1960 that is worth $100 at her death and leaves that stock to Grandchild, then Grandchild has $100 in basis in that same stock. So if Grandchild sells the stock for $100, no taxes are owed. This is contrasted with Grandma having to pay tax on a $99 gain if she sold the stock and gave the proceeds to Grandson or Grandchild having only $1 in basis if Grandma gifted the stock to Grandchild preceding her death (the latter treatment is known as “carry-over” basis). Essentially, the investment gain passes tax-free at death.
The basis “step-up” at death has two important features. First, it essentially “forgives” poor tax recordkeeping by Grandma. So, if Grandma did not remember whether she purchased the stock for $1 or $50, it does not matter because Grandchild’s basis is determined at Grandma’s death. Second, this treatment provides an incentive for Grandma to keep significantly appreciated assets (that is assets that are worth significantly more now than when purchased) until death, while using assets that are less appreciated for her regular needs. Discussing whether that is desirable is beyond the scope of this article. However, if the step-up in basis is reduced or eliminated, it will impact what assets Grandma draws on for retirement expenses, how Grandma chooses to invest her assets, and what tax records Grandma must retain in order to minimize taxes. It is unclear how such a change would be implemented, but the general thought is that basis “step up” may be kept in place for “smaller” estates, but as no legislation has been specifically proposed, this remains undetermined. You can prepare for this change by obtaining basis information on your assets, if you have neglected to retain it. The tax proposals before Congress should be discussed with your estate planning attorney to determine if your plan needs to be revised.
While the above tax changes are speculative, there is a newly implemented law in Virginia that impacts the estate plans of married individuals or those contemplating marriage. Virginia lawmakers changed the “elective share” rules, effective January 1, 2017. Now many of our readers are wondering, “What is an ‘Elective Share?’” In short an elective share is an amount a surviving spouse may, by statute, elect to take instead of the amount left under their deceased spouse’s estate plan. This prevents a spouse from being disinherited. The “share” is calculated from the “augmented estate” of the deceased spouse,
The “augmented estate” is essentially a statutorily defined pool of assets that can be used to satisfy the elective share. The old definition of ”augmented estate” did a poor job of reaching assets outside of probate (not under court supervision), which made it difficult for the surviving spouse to have their elective share claim satisfied, which in turn lead to disputes and litigation. The new law provides clarity with regard to non-probate transfers, trusts, and other modern estate planning tools. This means that it is much easier to determine what pool the elective share is being calculated from and how the assets in that pool are valued. Importantly, this also gives estate planners clear guidance on how trusts and other documents need to be drafted in order to have assets count towards an elective share claim. .
In addition to clearing up what is included in the augmented estate, the new statute also changes how the elective share is calculated. Under the former law, the elective share was either one half or one third of the augmented estate. Furthermore, the old law did not distinguish between marriages of 30 days or 30 years in determining the size of the elective share. In contrast, the new law increases the amount of the elective share based on the length of marriage, up to half of the “augmented estate.” For some, this change may mean that you could claim more under an elective share if your spouse passes; for others, your claim could be significantly less.
As Elder Law attorneys, we try to plan around statutory rules as much as possible. Statutes change and are determined by the legislature, not our clients. Accordingly, we use tools such as premarital agreements, trusts, waivers, among others to help our clients ensure that their assets pass in the manner they choose, not the legislators in Richmond. If you are concerned that the provisions you have made for your spouse are inadequate, or if you are contemplating a new marriage, you should meet with one of our attorneys to discuss your plan.
Ask Kit Kat – Therapy Cats
Hook Law Center: Kit Kat, what can you tell us about using cats for therapy with dementia patients?
Kit Kat: Well, this is not quite as it looks at first glance. We all know cats are wonderful creatures. However, what are being used for dementia patients and those with Alzheimer’s are actually robotic cats. They look, feel, and in many ways act like real cats. The people they interact with who have the aforementioned conditions don’t seem to realize they’re not completely real. And I guess that’s a good thing. No litter and no food to keep up with—it’s a win-win situation for staff and patients.
One of the places these therapy cats have been used is at the Memory Care unit of the Hebrew Home at Riverdale in the Bronx. The robotic cats come in the three colors: orange tabby, creamy white, and silver with white paws. They are made by Hasbro, the toymaker, and are called Joy for All Companion Pets. Each costs $99, not a bad price when you consider that they can blink their eyes when stroked on their heads and can roll on their backs. Residents at the Hebrew Home really enjoy them. More than that, the cats seem to have a calming effect. Sometimes when a resident is agitated over something, instead of perhaps giving them a tranquilizer as may have been done in the past, they are given a cat to interact with. Immediately, they calm down, as was the case with one resident who was in a panic over not being able to find her long-deceased parents. This woman now has her own personal robotic cat.
Kingsway Arms Nursing Center in Schenectady, NY has had a similar experience. Renee Markle, recreation director, tells about an anxious resident. ‘We provided her with the cat, and for a good 45 minutes she sat and petted the cat and spoke to it in French, which is her native language. It was a beautiful sight.’ One after another, the residents love interacting with them. Another resident at Hebrew Home, Justina LaCanfora, 97, talks to her robotic cat. ‘You’re my pussycat—do you love me?’ It blinked to answer. ‘See that? Do you love me?’ The cat blinked in response, and she was ecstatic.
Research may not yet have validated the therapeutic cats’ benefits, but staff attest to their efficacy. Hebrew Home started with a few cats, but they are planning on purchasing at least 25 more. It’s a small price to pay for the improved well-being of their residents. (Andy Newman, “Therapy Cats for Dementia Patients, Batteries Included,” The New York Times, NY Region, December 15, 2016)
Distribution of This Newsletter
Hook Law Center encourages you to share this newsletter with anyone who is interested in issues pertaining to the elderly, the disabled and their advocates. The information in this newsletter may be copied and distributed, without charge and without permission, but with appropriate citation to Hook Law Center, P.C. If you are interested in a free subscription to the Hook Law Center News, then please telephone us at 757-399-7506, e-mail us at mail@hooklawcenter.com or fax us at 757-397-1267.The post Do You Need to Revisit Your Estate Plan in 2017? The Answer is Probably “Yes.” first appeared on SEONewsWire.net.]]>
Like all POAs, this legal instrument grants another person, called the “agent,” the authority to make decisions that only you would otherwise be able to make. If you are not immediately reachable during a time-sensitive situation, whether a life-threatening emergency or a more routine matter, the parental POA allows your trusted agent to make decisions for your child on your behalf.
An example of such a situation is a case of a medical emergency, perhaps a broken limb or appendicitis. Another is an activity that requires parental consent, such as a field trip for school or a visit to the go-cart track with friends. In these cases, a parental POA allows your agent to provide consent, preventing delayed medical care or exclusion from activities.
Like any POA, a parental POA is highly customizable in terms of the scope of authority granted and its duration. Sometimes a simple note is sufficient, but this more robust option can give you greater peace of mind and flexibility. If you plan to leave your child in the care of another for any significant length of time, speak with your estate planning attorney about a parental power of attorney.
Contact a divorce attorney and Brandon family law lawyer with the Olivero Law To learn more, visit http://www.brandonlawoffice.com/
The post Why you may need a parental power of attorney first appeared on SEONewsWire.net.]]>Disagreements over trusts and wills between family members tend to be fraught with strong emotions and can quickly escalate. Although a loved one may have left instructions regarding the division of assets upon their death, beneficiaries may question their legitimacy and accuracy. Upon a family member’s death, challenges to a trust or will can be asserted by any interested party — whether it is a spouse, children or other heirs and possible claimants — when there is a perceived unequal division of assets. In such circumstances, a resolution may have to be sought in court.
In this case, much of the dispute concerned what items constituted celebrity memorabilia and what counted as personal keepsakes. Susan Williams was unhappy with trustees claiming many possessions as memorabilia for the estate. She also said she was not receiving enough money from the actor’s estate to maintain their home in Tiburon, California.
Robin Williams’ trust had established guidelines about how his assets were to be distributed among his family members. The actor left the majority of his estate to his three adult children from his first two wives. The children’s attorney said they had been “following both the letter and the spirit of Robin’s instructions” and could not understand why Susan Williams “acted against his wishes by challenging the plans he so carefully made for his estate.”
In the settlement, Susan Williams received just a fraction of the overall estate — enough for the lifetime upkeep of the home. She was also able to keep some sentimental objects such as wedding gifts and clothing. The children received the bulk of the items, including bikes, watches and their father’s Academy Awards statue.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit https://www.gilfix.com/ or call 800.244.9424.
Problems with the Proposed Regulations
The proposed regulations were meant to curb the heavily scrutinized practice of funding assets into an entity and claiming a valuation discount for the interest held in that entity by members of the same family. Allowing aggressive discounting of passive entities creates an opportunity for wealthy individuals to pass on relatively liquid assets (e.g. stock portfolios) at steeply discounted values to avoid estate and gift tax. Obviously, such treatment should be limited to prevent loss of tax revenue where the structure of the entity has no legitimate purpose other than tax avoidance. This goal is accomplished but not reasonably tailored to prevent harsh treatment against legitimate businesses. Treasury drafted the proposed regulations extremely broadly covering both operating and passive businesses. Furthermore, the proposed 2704 Regulations cover more diverse ownership groups than what most would consider a “family business”. However, the current proposed regulations do not except legitimate businesses that have true economic purpose other than tax avoidance. Additionally, the proposed regulations redefine the concept of “Fair Market Value” that has been a fundamental concept of tax law for decades. Because of the broad nature of the regulations, they are akin to amputating a foot because of a wart on a toe. These issues caused significant pushback from commentators and will warrant revision, or wholesale abandonment, of the proposed regulations.
The current transition of presidential administrations places this battle in an interesting political context. Like all other departments, the Treasury will cede control to a new administration next year. Let’s explore the possible fate of the proposed regulations.
The treasury can move forward and implement a final rule with little or no modification. At that point, the rule can be challenged by litigation, overturned by Congress, or revised by later action of the treasury department. Actions against the rule can be pursued pre-emptively in Congress, and there are currently efforts underway to “vote down” the regulations legislatively. If the regulation is passed, both houses of Congress can pass a resolution of disapproval which, upon signature by the president, voids the rule. This congressional process is rarely used and would be unnecessary if a pre-emptive measure were successful. The new president would have the final say on a congressional vote to void the regulations due to the timeframe given for congressional review. A litigation challenge would be undertaken after the rule, which would subject the rule to judicial scrutiny, but could only be brought after the rule becomes final. Finally, the Treasury (under the new administration) has the ability to implement regulations of its own, which would likely walk back any rule that is implemented.
Impact on Family Businesses
Given the above opportunities for challenge, the proposed rule is likely short-lived in its current form. At a minimum, the drafting concerns voiced at the hearing need to be addressed. This presents a planning opportunity. In the near term, the hearing gave some clarification on the currently proposed regulations. In the long term, it looks like there may be a more favorable environment for transitioning ownership in family businesses. Discussing how the proposed rules and the potential changes of the next administration are critical to determining intermediate and long-range succession plans for family businesses. Contact our office to make an appointment with one of our estate planning attorneys to discuss how the current environment impacts your business.
Ask Kit Kat – Pet Sitters
Hook Law Center: Kit Kat, what can you tell us about dogs and how they respond to speech and tone of voice?
Kit Kat: Well, it looks like dogs are amazingly perceptive when it comes to interpreting speech and tone of voice. Researchers at Eotvos Lorand University in Budapest, Hungary have done some pioneering work on this subject. Like people, dogs use the left hemisphere of their brain to interpret meaning, They use the right hemisphere to interpret sound and its emotional content. The study was led by Dr. Attila Andics, and the techniques used were by themselves quite pioneering. The dogs in the study had to be trained to lie perfectly still while a picture of their brain was taken by a MRI machine. This is very remarkable, because other primates like apes cannot be similarly trained. The MRI requires complete stillness, and they cannot manage that.
This is what the researchers discovered. Dogs reacted most strongly when words of praise like ‘good boy’ or ‘well done’ were used. These positive words elicited a lot of activity in their brain’s reward center. When the researchers used less defined language like conjunctions and some adverbs (‘however’ or ‘nevertheless,’ for example), the dogs’ reward center in their brains registered much less brain activity. With the words of praise, it was almost like they were given a delicious treat to eat; it was that reinforcing. So what does this mean? It means humans are not the only creatures who have the ability to understand and react to language. What’s more, other scientists like Dr. Brian Hare of Duke University believe the canine’s ability to do this developed long before humans started to use language. Did this ability aide dogs in the domestication process, as dogs moved from the wild to living with humans? More research will be needed to answer that question.
I suspect many dog owners intuitively have known how smart their dogs are. Now we have confirmation. They really are man’s best friend. (James Gorman, “With Dogs, It’s what You Say—and How You Say It,” The New York Times, Science section, August 29, 2016) (http://nyti.ms/2c40znU)
Distribution of This Newsletter
Hook Law Center encourages you to share this newsletter with anyone who is interested in issues pertaining to the elderly, the disabled and their advocates. The information in this newsletter may be copied and distributed, without charge and without permission, but with appropriate citation to Hook Law Center, P.C. If you are interested in a free subscription to the Hook Law Center News, then please telephone us at 757-399-7506, e-mail us at mail@hooklawcenter.com or fax us at 757-397-1267.The post Problematic Proposed Regulations May Harm Family Businesses If Left Unaddressed first appeared on SEONewsWire.net.]]>
One such estate planning mistake involves disinheriting the child to ensure their eligibility for key government benefits such as Medi-Cal and Supplemental Security Income. A more valuable option is for parents to set up a special needs trust. The trust can hold assets for their child without jeopardizing eligibility for federal programs. Parents can use special needs trusts to provide their child a higher quality of life that goes beyond the basic needs delivered by government benefits.
Procrastinating is another mistake parents might make. Some parents might choose to wait until their child is between the ages of 18 to 21 in order to have a better sense of their long-term prospects, mental capacity and degree of financial independence. However, failure to plan in a timely manner can mean that the special needs child is left without financial security or a guardian in the event the parents become incapacitated. As a result, it is better to engage in special needs planning sooner rather than later.
Choosing a trustee to oversee a special needs trust when parents can no longer do so is an important decision. When the responsibility falls into the wrong hands, the child may see their wishes overlooked and the special needs plan fall apart. Parents must choose someone who is trustworthy, knows the child and who will act in their best interests. They must also be able to follow trust administration rules and manage the resources available to the beneficiary.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact a special needs planning lawyer visit https://www.gilfix.com/ or call 800.244.9424.
The first is helping clients take advantage of “new economy” services. These are online-based businesses that are exploding in popularity. Many are very well suited to seniors and retirees, but awareness of these services among these groups remains low.
We divide new economy businesses into two categories: “getting help” and “providing help.” The first group comprises businesses that help seniors live productive, fulfilling lives even as their mobility may be decreasing. These include home health and safety monitoring services, transportation services and grocery delivery. The second group allows retirees to earn supplemental income by providing services such as rooms for rent, dog-sitting and transportation using their own vehicles.
We also cover in our article the importance of multigenerational estate planning. Some firms, in an effort to stay competitive, resort to churning out as many wills and trusts as possible, as quickly as possible. They may pay little regard to either the big picture that includes older generations’ estate plans, or the critical details that can make or break a plan.
We take the opposite approach. When possible, we consider a client’s estate plan and that of their living parents together as one comprehensive, carefully crafted strategy. This brings families together and allows us to avoid surprises down the road, giving clients greater peace of mind and allowing them to better care for their parents and/or their heirs.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit https://www.gilfix.com/ or call 800.244.9424.
Finding affordable housing can be difficult for people with disabilities, who may have special housing needs or limited funds. However, there are a number of resources available to help:
Center for Independence of the Disabled, New York
The Center for Independence of the Disabled (CID-NY) is a primary resource. In addition to providing individuals with referrals and resources related to affordable and accessible housing, CID-NY can provide assistance with applying for disability related programs. The phone number for the main intake line is 646-442-4186.
The Medicaid Waiver Program provides help for individuals who need managed long-term care to find housing in the community and the home services they need. In addition to housing, the program provides services such as meals and home care. For more information, contact the Regional Resource Development Center at 718-816-3555.
The Home of Your Own Program is a project of the New York Office of People with Developmental Disabilities (OPWDD) to help individuals with developmental disabilities, their families who are income-eligible, and direct support professionals to find a home of their choice. The program and its network of partners provide counseling and resources for home ownership and other independent residential opportunities. Contact OPWDD at 518-473-1973.
New York City tenants with disabilities may qualify for the Disability Rent Increase Exemption (DRIE) program. Eligible people with disabilities living in rent-stabilized, rent-controlled, Mitchell-Lama and other eligible apartments can have their rent frozen and receive an exemption from future rent increases. Their landlords are provided with tax credits to make up the difference.
In New York City, affordable housing lotteries are held for renovated or newly constructed buildings with subsidized apartments. Usually, 2 percent of the units in a development are set aside for people with visual and hearing disabilities, and 5 percent are set aside for people with mobility impairments. Call NYC Housing Preservation and Development (HPD) at 212-863-7990.
Learn more about our services in special needs planning, special education advocacy, estate planning and elder law.
The cost of receiving care has continued to increase significantly each year across all care options, except adult day care. The most expensive long term care option is a private nursing home. Since 2011, the median annual cost for a room has grown by nearly 19 percent to over $92,000.
Americans are also paying more for homemakers or home health aides. Although such in-home services are the most popular care option, nearly one-third of individuals have serious misconceptions about the expenses. Many incorrectly believe such services cost under $417 per month. In reality, the national and state-by-state median rate averages above $3,800 per month.
The annual caregiving survey analyzes state and national care costs. It aims to help Americans become aware of various long term care options and their potential costs. Many people do not understand long term care expenses until they experience them.
“At least 70 percent of Americans over age 65 will need some form of long term care services and support during their lives,” said Genworth President and CEO Tom McInerney. “[There is a] huge disparity between what consumers think costs are and what they actually are.”
As a result, it is important for individuals to have an honest conversation with family members about what type of care they would like to receive when the need arises. Learning about the costs will help Americans plan ahead for future expenses before it is too late.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning attorney visit https://www.gilfix.com/ or call 800.244.9424.
I often describe proper estate planning for business owners as providing “schock absorbers” during a difficult time. Lets face it, the incapacity or death of a business owner impacts many things: the business, the employees, the family of the owner, other businesses that have contracts with the business, among others. Further complicating matters, is that transitions in ownership of the business (even due to death or incapacity) often trigger legal obligations under documents like leases, franchise agreements, loans, shareholder agreements, and more. Failing to address these obligations in the context of an estate plan can have disastrous results.
So what happens if you fail to plan? Well, it is a similar outcome to driving a care without shock absorbers over a rocky road, you may get through but your car will likely be damaged and the wheels may fall off. To be clear damage from an unplanned transition can impact the owner and the owner’s family, the business, or both. Effective planning means that there are “shock absorbers” on all areas that would be impacted by the death or disability of an owner.
Business succession planning at the business level provides for continuity in the business but may not prevent adverse impact against the business owner’s family. For instance, a business that provides a buyout of an owner’s shares may preserve the business, but an undercompensated buyout may leave the owner’s spouse and family in bad shape financially. In reviewing their estate plan a business owner should closely look at what would happen to their ownership interest in the event of incapacity or death.
Even if an attorney represents a business in which you have an ownership interest, properly integrating any business succession plan with your estate plan requires a comprehensive look at your personal needs and estate planning goals. The estate planning and elder law attorneys at Hook Law Center regularly assist business owners in establishing and implementing their personal estate plans so that they are coordinated with the business’ succession plan. If the opportunity to plan has passed then our attorneys also can help coordinate the aftermath so that the shocks to the individual and business are minimized.
Ask Kit Kat – Furless Fashion
Hook Law Center: Kit Kat, what can you tell us about fashion designers and their use of animal fur in their clothing lines?
Kit Kat: Well, there has been a lot of progress in this area. In 2015 the brand Hugo Boss discontinued its use of fur fashions. Now, there is word that Giorgio Armani will follow suit. In 2008 Armani stopped using fur in all its products, except for rabbit. Now that, too, will be eliminated. There had been and is tremendous pressure on fashion designers to use fur in their collections, especially the high end ones. Fur has traditionally meant elegance and wealth. However, thanks to lobbying efforts by the Humane Society of the United States (HSUS) among others, Armani decided the time had come to eliminate fur and stand up for what he believes is right. PJ Smith corporate engagement manager of HSUS says, ‘Having the leadership of somebody like Armani is very important: One of the cruelest form of fashion is unnecessary now, and you have the biggest name in fashion design saying that.’ Impacting their decision, in part, is the realization that fake fur has become so attractive, and is a great alternative to using the hide of helpless animals. It’s a win-win for all those involved.
So kudos to Mr. Armani! He is a cat lover and has two in his family. We continue to hope that other designers will follow his lead. HSUS and the Fur-Free Alliance, a coalition of 40 organizations from 28 countries, will continue to press their case for fur-free fashion the world over. (“Fashion without fur,” All Animals, September/October 2016, p. 32-33)
Distribution of This Newsletter
Hook Law Center encourages you to share this newsletter with anyone who is interested in issues pertaining to the elderly, the disabled and their advocates. The information in this newsletter may be copied and distributed, without charge and without permission, but with appropriate citation to Hook Law Center, P.C. If you are interested in a free subscription to the Hook Law Center News, then please telephone us at 757-399-7506, e-mail us at mail@hooklawcenter.com or fax us at 757-397-1267.The post Planning for Small Business Owners Is Critically Important first appeared on SEONewsWire.net.]]>
The NIIT is applicable to net investment income that high income people earn. It is also applicable to trusts and estates to the degree to which their adjusted gross income (AGI) is greater than the low threshold amount of $12,300 in 2015.
Investment income includes the following:
- taxable interest;
- dividends, both qualified and non-qualified;
- capital gains, both short and long-term, with the exception of those used in an active trade or business;
- rental income;
- royalty income;
- non-qualified annuity income;
- income derived from passive business activities;
- income derived from trading financial instruments or commodities.
Investment income does not include the following:
- wages, self-employment income, or income earned from non-passive business activities;
- tax-exempt interest, an example of which is interest on municipal bonds;
- distributions from IRAs or specific qualified retirement plans;
- proceeds from life insurance;
- alimony;
- Social Security benefits;
- Veterans’ benefits;
- gain on the sale of an active interest in a partnership or S corp.;
- nontaxable gain on the sale of a principal residence.
You can lower or remove NIIT by decreasing your modified adjusted gross income (MAGI) below the threshold or by reducing your NII. Here are some of the strategies you can use:
- contributing the maximum amount to IRAs and qualified retirement plans;
- deferring income with the use of an employer’s nonqualified deferred compensation plan;
- transferring investments into tax-exempt municipal bonds;
- transferring investments into growth stocks that pay few dividends or none at all;
- “harvesting” losses through the sale of securities at a loss and the use of them to counterbalance gains;
- Making investments in life insurance (there is an exemption from NIIT for an accumulation of cash, and proceeds are subject to an exclusion from both MAGI and NII
Be mindful of the fact that mutual funds usually make distributions of capital gains on a yearly basis, close to the end of the calendar year or, in some instances, more frequently than once a year. In order to reduce the effect of the NIIT, it is recommended that you avoid buying fund shares a short time before a fund distributes capital gains.
Upon reviewing your estate plan, it is advisable for you to speak with your attorney about how you can lower or remove your NIIT. This will require a consideration of tax, estate and financial matters.
The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit http://www.hooklawcenter.com/ or call 757-399-7506.
The post How net investment income can affect tax planning first appeared on SEONewsWire.net.]]>Frequently, elders and their family members make decisions about what steps to take after the occurrence of a health emergency, such as when an elderly parent falls, when there are unpaid bills, there is a lapse in housekeeping, or the elderly person’s memory has failed. However, experts admonish against waiting until such an event takes place.
Millions of people, particularly baby boomers and their parents, are wrestling with this problem. In order to make the right decision, some elderly people and their families are seeking the advice of elder care specialists, including financial planners, who can assist them with financial decisions and offer advice regarding the issues of health and aging.
Hook Law Center provides life care planning, including the support, guidance and direction that you need to focus on long-term care. The attorneys at Hook Law Center anticipate the myriad health, safety and quality of life issues that many elders and their families will face. Our seasoned attorneys can work alongside advisors, public benefits specialists and care coordinators to establish a plan for the future.
At Hook Law Center, each life care plan is intended to accomplish three goals, including:
- The provision of care at home or in a facility that will preserve quality of life;
- The identification of public and private sources of financing for long-term care while focusing on issues relevant to cost; and
- Offering peace of mind that you made the right decisions
Life care planning incorporates each aspect of care, including estate planning, qualification for public benefits, and advocacy to make certain that seniors and their families find the appropriate types of services.
The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit http://www.hooklawcenter.com/ or call 757-399-7506.
The post Help may be needed in deciding on senior housing first appeared on SEONewsWire.net.]]>An example that reveals the ability of the net gift to save taxes is as follows. A grantor intends to make a $2 million gift to his son. Having used up his gift and estate tax exemption, he would like to reduce the tax. Applying a gift tax rate of 40 percent, if he were to make an outright gift, he would have to pay $400,000 in tax.
However, if his son agreed to pay the tax, there would be a reduction in the value of the gift, and thus, the gift tax liability. The formula that is used to calculate the tax on a net gift is: gift tax = tentative tax / (tax rate + 1). The tentative tax is the amount that would have been owed if the gift had not been arranged as a net gift. In this scenario, the tentative tax is $800,000. An application of the formula to this example results in a gift tax of ($800,000 / 1.4), or $571,429, which represents an effective rate of approximately 28.6 percent.
In order to make certain that his son receives the entire $2 million gift, the father can use a financed net gift. He lends his son $571,429 to pay the tax bill, which bears interest at the applicable federal rate (AFR), and is evidenced by a promissory note in writing.
What if, in this example, the father gave the son real estate with a fair market value of $2 million and a cost basis of $500,000? If the son pays $571,429 in gift tax, the excess of that amount over the father’s basis ($71,429) is a taxable capital gain to the father. You can avoid paying capital gains tax by engaging in a financed net gift transaction with a grantor trust instead of the beneficiary.
When participating in a net gift transaction, the recipient is required to sign an agreement expressing a promise to pay gift and estate taxes upon receipt of the gift. Prior to signing the contract, the recipient is advised to consult an estate planning attorney.
The attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit http://www.hooklawcenter.com/ or call 757-399-7506.
The post Net gifts can be used to reduce gift tax rate first appeared on SEONewsWire.net.]]>Study co-authors Linda Salisbury and Gergana Nenkov, both marketing professors, wanted to investigate why many individuals do not invest in annuities. Annuities provide a steady stream of income during retirement while individual retirement accounts (IRA) do not.
In one of four related experiments, the researchers asked participants to imagine they were 65 years old and starting retirement. One group was asked if they wanted to put their savings into an IRA, while the second group was asked about an annuity. The participants’ thoughts were analyzed afterwards. The researchers found that only one percent of those examining IRA options had death-related thoughts in comparison to 40 percent of the annuity group participants.
The findings were published online in the Journal of Consumer Psychology. They suggested that in contrast to IRAs, annuities force people to think about their life expectancy in order to calculate their potential payments. As a result, individuals may put off planning for the important life phase of retirement because they are reluctant to decide how long they expect to live.
The researchers suggested financial planners should use simple strategies to help individuals cope with any anxiety that may arise from thinking about death. In addition, viewing estate planning as a tool for helping heirs and family members rather than as a way to prepare for one’s death is likely to make planning for the future seem like less of a daunting prospect.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
In such cases, conservatorship and guardianship are legal tools that can be used to help protect an adult or child’s wellbeing. Both involve court proceedings in which a judge gives an appointed conservator or guardian the responsibility for making various decisions on an incapacitated person’s behalf. Such decisions may be of a legal, medical, financial or personal nature.
In California, guardianship refers only to the court appointment of an individual with the legal authority to represent and manage the affairs of a minor child. Conservatorships are for protecting incapacitated adults and typically involve matters related to health care and estate. Many states use the term “guardianship” instead of “conservatorship” when referring to the same duties for adults. In these states “conservator” refers to someone appointed to only handle finances.
California courts typically establish guardianships if both parents are unable to provide a child with a safe and secure home due to death, mental disability or other circumstances. Such arrangements allow a guardian to make decisions for the child until they are of legal age to care for themselves.
The need for conservatorship may arise if an adult individual experiences an injury, accident or other health event that causes them to become incapacitated. They may also require assistance in various areas of life after becoming mentally incapacitated due to disability or old age.
The process of issuing a conservatorship or guardianship is often difficult, costly and time-consuming. Conservatorship should be viewed as a last resort when a Durable Power of Attorney or Advance Health Care Directive has not been signed. Otherwise, it can impose significant limitations on a person’s ability to maintain their independence and freedom.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
The goal of the awareness campaign is to help the American public learn how to keep their financial and estate plans up to date. Financial Literacy Month was officially designated by a Congressional proclamation. NAEPC is joining with financial professionals, nonprofit organizations and financial services organizations to promote financial literacy. To learn more about the NAEPC Education Foundation and their improving financial awareness campaigns, please visit: http://www.estateplanninganswers.org/national-financial-awareness-campaigns/.
The organizations believe increased awareness is necessary, as evidenced by the following:
- An estimated 120 million Americans lack a proper estate plan, making estate planning a severely overlooked area of financial management.
- Most Americans over 65 depend totally on Social Security, but with increased knowledge and planning, seniors could be more secure.
- Estate planning is important for everyone, not just wealthy people. Issues such as managing assets and bill payments in the event of a disability or disease can be handled carefully with advance planning.
- Most Americans are unable to adequately plan for retirement. With proper knowledge and planning, that can change.
If you have delayed creating or updating your estate plan, now is the time to take action. You will need to gather and organize your financial information, decide on your personal financial goals, and seek out an estate planning attorney to develop your estate plan. An estate plan should be updated at least every three years or whenever there is a change in your situation such as marriage, divorce, births or deaths, or a substantial change in the size of your estate.
Learn more about our services by visiting www.littmankrooks.com or www.elderlawnewyork.com.
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The post April is National Financial Literacy Month first appeared on SEONewsWire.net.]]>
Having a child who has special needs can take its toll on a marriage. If you find yourself facing divorce and have a child or children who have special needs, there are some areas you will need to focus on working out during the divorce, besides the standard divisions of assets.
Articulating what you both think your child’s abilities and needs are
The best place to start is to be clear that you both agree on what the child can and cannot do for themselves and the degree of assistance or care they will need. This will cover the additional help needed at home, school or with counselors.
Choosing who the child will live with
Deciding on who gets custody of the child, and whether it will be sole custody or joint custody, are hard decisions to make even with kids who don’t have special needs. When you factor in the unique needs of a special needs child, this decision becomes even more critical to the well being of the child. it will be important to put your child first when you decide on where he or she will stay. For a child with autism for instance, pulling them out of a familiar environment will make an already difficult situation harder. Try and work it out so that the parent who will be responsible for the child stays on in the family home. Don’t shift neighborhoods if you can avoid it, so they continue going to the same school and are not uprooted from a familiar social circle.
Working out a plan for adulthood
With special needs kids, the need for parental support may last well into their adult years. Provisions must be made for the emotional and financial well being of the child and decisions made on what happens once the child becomes an adult. Insurance plans may also be needed to offer them additional protection in the event of the death of the primary caregiving parent.
Alimony, child support, and public benefits
While working out alimony and child support, keep in mind that your child may need financial support even as an adult, in some cases this is a lifelong need. You will also have costs related to additional care, counseling or special medical treatment. However, you may also be eligible for public benefits.
Estate planning
Work through what happens in the event you or your ex pass away. How will the estate be handled? Will there be someone appointed to oversee managing the estate? Work out these details to ensure you secure future for your child who may need to live off their inheritance from you and your ex. Detail what happens should either of you remarry and have kids.
Wherever possible try and consult with a divorce attorney familiar with special needs cases. They will be able to guide you on the role of Medicaid or SSI, special needs trusts and other benefits that apply to your situation, to ensure the best outcome for you, your spouse and your special needs child.
Gerald A. Maggio is an experienced Orange County divorce and family law attorney and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.
They addressed audiences of more than 100 elder law attorneys from around the country. Each three-hour Immersion Session demonstrated their leadership in the field of elder law. The subject of their presentations was “Advanced Elder Law, Tax and Estate Planning from Start to Finish.”
The session was designed to train and educate participants to more effectively advise their client communities. It taught them to develop sophisticated estate plans to coordinate tax and long-term care objectives along with retirement and financial planning. In addition, building on the Gilfix attorneys’ skills in identifying personality types, attendees learned how to utilize a variety of tools such as spreadsheets, flowcharts, software and written proposals to effectively communicate the plan to the client.
Michael Gilfix and Mark Gilfix engaged summit participants through the use of peer instruction in their sessions. In contrast to traditional lectures, peer instruction is an interactive, student-centric approach to teaching that focuses on the application of learning.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
They addressed audiences of more than 100 elder law attorneys from around the country. Each three-hour Immersion Session demonstrated their leadership in the field of elder law. The subject of their presentations was “Advanced Elder Law, Tax and Estate Planning from Start to Finish.”
The session was designed to train and educate participants to more effectively advise their client communities. It taught them to develop sophisticated estate plans to coordinate tax and long-term care objectives along with retirement and financial planning. In addition, building on the Gilfix attorneys’ skills in identifying personality types, attendees learned how to utilize a variety of tools such as spreadsheets, flowcharts, software and written proposals to effectively communicate the plan to the client.
Michael Gilfix and Mark Gilfix engaged summit participants through the use of peer instruction in their sessions. In contrast to traditional lectures, peer instruction is an interactive, student-centric approach to teaching that focuses on the application of learning.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
They addressed audiences of more than 100 elder law attorneys from around the country. Each three-hour Immersion Session demonstrated their leadership in the field of elder law. The subject of their presentations was “Advanced Elder Law, Tax and Estate Planning from Start to Finish.”
The session was designed to train and educate participants to more effectively advise their client communities. It taught them to develop sophisticated estate plans to coordinate tax and long-term care objectives along with retirement and financial planning. In addition, building on the Gilfix attorneys’ skills in identifying personality types, attendees learned how to utilize a variety of tools such as spreadsheets, flowcharts, software and written proposals to effectively communicate the plan to the client.
Michael Gilfix and Mark Gilfix engaged summit participants through the use of peer instruction in their sessions. In contrast to traditional lectures, peer instruction is an interactive, student-centric approach to teaching that focuses on the application of learning.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
Many patients who visit an emergency room have advance directives in place. However, it has been revealed that a misunderstanding of such documents on the part of health care providers could result in inappropriate care.
According to Dr. Ferdinando Mirarchi, Medical Director at the Department of Emergency Medicine at University of Pittsburgh Hamot, in Erie, Pennsylvania, when patients give their consent to living wills and physician orders for life-sustaining treatment, they think that these documents only apply when there are no other alternatives available to prolong their life. However, they apply at every stage of care and treatment, particularly at the beginning.
As a result of this finding, TRIAD studies were performed that were based on the fact that the forms are not individualized for the patient, they do not contain informed consent by the patient or the dependent, and they are misunderstood as orders to “do not resuscitate” or “do not treat.” It was revealed that there is much confusion throughout the country regarding how to interpret the documents in cases where the patient is critically ill.
In order to clarify the patient’s wishes, Dr. Mirarchi advocates the use of a resuscitation checklist and an advance directive patient safety checklist. Steps should also be taken to individualize care and create a care plan at the bedside. In this way, medical errors will likely be avoided due to a misunderstanding of living will documents.
To speak with an experienced Virginia beach estate planning lawyer, call 757-399-7506 or visit www.hooklawcenter.com.
The post Doctors Say Advance Directives Need Clarity and Specificity first appeared on SEONewsWire.net.]]>By Attorney Elijah Keyes
A father designated his son and daughter as the beneficiaries of his large retirement account. The daughter’s husband was physically abusive and the couple had been considering divorce. The father was adamant that his son-in-law receive nothing from his estate.
After a very healthy life, the daughter was diagnosed with stage four cancer. The father was so distressed about his daughter’s illness that his health failed and he passed away two months later. The daughter, weakened by her illness and her grief following her father’s death, passed away four days later.
The son received 50% of the retirement account. The daughter was supposed to receive the other 50%, but she did not have an opportunity to claim the account before she passed away. She also did not have a chance to name a beneficiary of the retirement account if she should pass away. The retirement account terms and conditions provide if an account owner does not name a beneficiary to receive the retirement account, the spouse becomes the default beneficiary. The daughter’s abusive husband became the beneficiary of his wife’s interest in the retirement account. In an unthinkable but fairly common twist of fate, the abusive son-in-law received 50% of the father’s retirement account!!
An IRA Trust could have completely avoided this situation. The father could have created an IRA Trust and named the Trust as the beneficiary of his retirement accounts. The father would have chosen all future beneficiaries in the Trust, certainly excluding his son-in-law. When the daughter passed away, the funds would not have gone to her abusive husband, but rather to provide college education for our client’s grandchildren.
If you have a retirement account, you need to contact our office to discuss whether an IRA Trust is right for you. The bank has rules defining default beneficiaries if an account beneficiary is not properly named. Don’t let the bank’s plan become your plan.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
By Attorney Elijah Keyes
A father designated his son and daughter as the beneficiaries of his large retirement account. The daughter’s husband was physically abusive and the couple had been considering divorce. The father was adamant that his son-in-law receive nothing from his estate.
After a very healthy life, the daughter was diagnosed with stage four cancer. The father was so distressed about his daughter’s illness that his health failed and he passed away two months later. The daughter, weakened by her illness and her grief following her father’s death, passed away four days later.
The son received 50% of the retirement account. The daughter was supposed to receive the other 50%, but she did not have an opportunity to claim the account before she passed away. She also did not have a chance to name a beneficiary of the retirement account if she should pass away. The retirement account terms and conditions provide if an account owner does not name a beneficiary to receive the retirement account, the spouse becomes the default beneficiary. The daughter’s abusive husband became the beneficiary of his wife’s interest in the retirement account. In an unthinkable but fairly common twist of fate, the abusive son-in-law received 50% of the father’s retirement account!!
An IRA Trust could have completely avoided this situation. The father could have created an IRA Trust and named the Trust as the beneficiary of his retirement accounts. The father would have chosen all future beneficiaries in the Trust, certainly excluding his son-in-law. When the daughter passed away, the funds would not have gone to her abusive husband, but rather to provide college education for our client’s grandchildren.
If you have a retirement account, you need to contact our office to discuss whether an IRA Trust is right for you. The bank has rules defining default beneficiaries if an account beneficiary is not properly named. Don’t let the bank’s plan become your plan.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
Even more real is the danger posed by many caregivers who seek to take financial advantage. Retired emeritus professor John Wilson (not his real name) needed supplemental care in his life care community. He came to rely upon and trust a caregiver who was with him 40 hours per week. His trust was misplaced.
Over the period of two months, she used his credit card, had him sign checks made out to her for thousands of dollars, and forged his signature on other checks to pay for items that she purchased. In a short time, losses exceeded $60,000.
Professor Wilson was fortunate in that his care and finances were being monitored. The caregiver was fired, the agency reimbursed a portion of the funds, and other funds were recovered by other means. All estimates are that millions of dependent older Americans are victimized by this form of financial abuse every year.
To address, to reduce the possibility of financial elder abuse, much greater care must be taken when older Americans identify “attorneys in fact” when they sign Durable Powers of Attorney and when they choose successor trustees for their revocable trusts. Too few understand that individuals given such powers are in a position to misappropriate finances and otherwise take financial advantage. “A great disservice is done by online trust creators, such as LegalZoom,” warns Palo Alto attorney Mark Gerson Gilfix, “because they offer no counseling or effectively conveyed warnings about the need for an extremely conscientious and responsible person to serve in these roles.
Financial elder abuse is a plague that shows no signs of abating. Great care must be taken in choosing private caregivers, in particular, and carefully monitoring the financial affairs of vulnerable elders.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
Even more real is the danger posed by many caregivers who seek to take financial advantage. Retired emeritus professor John Wilson (not his real name) needed supplemental care in his life care community. He came to rely upon and trust a caregiver who was with him 40 hours per week. His trust was misplaced.
Over the period of two months, she used his credit card, had him sign checks made out to her for thousands of dollars, and forged his signature on other checks to pay for items that she purchased. In a short time, losses exceeded $60,000.
Professor Wilson was fortunate in that his care and finances were being monitored. The caregiver was fired, the agency reimbursed a portion of the funds, and other funds were recovered by other means. All estimates are that millions of dependent older Americans are victimized by this form of financial abuse every year.
To address, to reduce the possibility of financial elder abuse, much greater care must be taken when older Americans identify “attorneys in fact” when they sign Durable Powers of Attorney and when they choose successor trustees for their revocable trusts. Too few understand that individuals given such powers are in a position to misappropriate finances and otherwise take financial advantage. “A great disservice is done by online trust creators, such as LegalZoom,” warns Palo Alto attorney Mark Gerson Gilfix, “because they offer no counseling or effectively conveyed warnings about the need for an extremely conscientious and responsible person to serve in these roles.
Financial elder abuse is a plague that shows no signs of abating. Great care must be taken in choosing private caregivers, in particular, and carefully monitoring the financial affairs of vulnerable elders.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
If you have both a 401(k) and a Roth IRA, you may wonder which is the preferable way to add to your retirement savings. As a first consideration, if your employer offers a 401(k) plan, be sure to obtain the entire amount of the company’s matching contributions. Beyond the amount your employer matches, you may want to consider your Roth IRA rather than adding more to your 401(k).
In contrast to a 401(k) plan, a Roth IRA will provide you with much flexibility during your retirement years. While a 401(k) plan consists of pre-tax dollars that grow on a tax-deferred basis, and require you to pay tax upon making withdrawals prior to turning age 71, a Roth IRA is made up of after-tax dollars that grow on a tax deferred basis for the remainder of your and your spouse’s lives; there are also tax benefits for your heirs. You can make withdrawals from the principal without being subjected to penalty or tax.
However, when investing in a Roth IRA, you do not benefit from the immediate tax deduction that you receive when you have a 401(k) plan. But as tax rates increase, your Roth IRA is likely to be more valuable than the 401(k) because it will be unchanged by the rise in taxes.
Once your Roth IRA is fully funded, if you can afford to save more, you could put more in your 401(k), or you could open a taxable brokerage account in which you invest in stocks and stock mutual funds. Following a one-year holding period, these funds are taxed as capital gain, for which the tax rate is likely lower than the ordinary income tax rate to which your 401(k) distributions are subject.
To speak with an experienced Virginia elder law and estate planning attorney, call 757-399-7506 or visit www.hooklawcenter.com.
The post How to Balance Savings Between a 401(k) and Roth IRA first appeared on SEONewsWire.net.]]>A will contains detailed instructions on how a person wants their assets, such as family heirlooms and household items, to be distributed after they pass away. In the absence of a will expressing your wishes, the state will determine how your assets are distributed according to a predetermined formula. While initially less costly than a trust, it is subject to the delay and expense of probate.
However, simply writing a will and consistently updating it is not enough to prevent conflict regarding estate settlements. At the heart of most successful estate plans is a revocable living trust. A revocable trust is essentially a comprehensive method of estate planning and a tool for avoiding probate. Revocable trusts reduce the potential for family infighting about who gets what and keeps matters out of court. As opposed to a will, a revocable trust always remains private.
As the trustee of your own trust, you can decide how your assets should be distributed upon your passing. You can also appoint a trustee to oversee the division of assets based on your wishes if you are unable to do so.
Parents can preserve harmony and minimize the chance of future disputes by communicating their wishes to their children while they are still alive. A revocable living trust will ensure that their estate is treated in a timely and precise manner upon their death. Even families with modest wealth can benefit from smart estate planning for the future.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
A will contains detailed instructions on how a person wants their assets, such as family heirlooms and household items, to be distributed after they pass away. In the absence of a will expressing your wishes, the state will determine how your assets are distributed according to a predetermined formula. While initially less costly than a trust, it is subject to the delay and expense of probate.
However, simply writing a will and consistently updating it is not enough to prevent conflict regarding estate settlements. At the heart of most successful estate plans is a revocable living trust. A revocable trust is essentially a comprehensive method of estate planning and a tool for avoiding probate. Revocable trusts reduce the potential for family infighting about who gets what and keeps matters out of court. As opposed to a will, a revocable trust always remains private.
As the trustee of your own trust, you can decide how your assets should be distributed upon your passing. You can also appoint a trustee to oversee the division of assets based on your wishes if you are unable to do so.
Parents can preserve harmony and minimize the chance of future disputes by communicating their wishes to their children while they are still alive. A revocable living trust will ensure that their estate is treated in a timely and precise manner upon their death. Even families with modest wealth can benefit from smart estate planning for the future.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
by Thomas D. Begley, Jr., Esquire, CELA
A revocable Living Trust is designed to avoid probate on the death of the individual. If the individual owns real estate in more than one state, the real estate can be transferred to a Living Trust to avoid probate in multiple states. Some states have very difficult and expensive probate procedures, and a Living Trust can be used to avoid the process entirely. In these cases, the Will simply leaves everything to the Trust, and the Trust spells out to whom the assets are to be distributed. The Trust can be funded during the individual’s lifetime. A Trustee is appointed to administer the Trust. During the lifetime of the individual establishing the Trust, the individual is his own Trustee. Provision should be made for a Successor Trustee in the event of the disability of the individual establishing the Trust. The Trust can be revocable during the lifetime of the person establishing it. Tax planning can be done in the Trust document. The Trust could be designed to save federal or state estate taxes. The advantages of a Revocable Living Trust are as follows:
- Avoids probate;
- Saves Executor’s commissions;
- Reduces, but does not eliminate, attorney’s fees;
- Often ensures greater privacy;
- Provides disability protection, if the person establishing the Trust becomes disabled; and
- Provides for asset management during disability.
While Living Trusts are often oversold, they do have some benefits and should always be considered where the individual owns out-of-state real estate. Without the Living Trust, the individual would have to probate his Will in the state of residence and again where the out-of-state real estate is located. Care must be taken to be sure that beneficiary designations and the Living Trust work together to achieve the individual’s estate planning goals.
The post WHY A LIVING TRUST? first appeared on SEONewsWire.net.]]>
If
you have both a 401(k) and a Roth IRA, you may wonder which is the
preferable way to add to your retirement savings. As a first
consideration, if your employer offers a 401(k) plan, be sure to
obtain the entire amount of the company’s matching contributions.
Beyond the amount your employer matches, you may want to consider
your Roth IRA rather than adding more to your 401(k).
In
contrast to a 401(k) plan, a Roth IRA will provide you with much
flexibility during your retirement years. While a 401(k) plan
consists of pre-tax dollars that grow on a tax-deferred basis, and
require you to pay tax upon making withdrawals prior to turning age
71, a Roth IRA is made up of after-tax dollars that grow on a tax
deferred basis for the remainder of your and your spouse’s lives;
there are also tax benefits for your heirs. You can make withdrawals
from the principal without being subjected to penalty or tax.
However,
when investing in a Roth IRA, you do not benefit from the immediate
tax deduction that you receive when you have a 401(k) plan. But as
tax rates increase, your Roth IRA is likely to be more valuable than
the 401(k) because it will be unchanged by the rise in taxes.
Once
your Roth IRA is fully funded, if you can afford to save more, you
could put more in your 401(k), or you could open a taxable brokerage
account in which you invest in stocks and stock mutual funds.
Following a one-year holding period, these funds are taxed as capital
gain, for which the tax rate is likely lower than the ordinary income
tax rate to which your 401(k) distributions are subject.
To speak with an experienced Virginia elder law and estate planning attorney, call 757-399-7506 or visit www.hooklawcenter.com.
The post How to Balance Savings Between a 401(k) and Roth IRA first appeared on SEONewsWire.net.]]>About 11% of today’s 40 million Californians are 65 or older. By 2020, that population will be 15%. By 2030, it will be almost 20% and a staggering 22.3% by 2050. What are the implications of this?
A recent column by Dan Walters in the Sacramento Bee warns about the aging of health care providers in California. The column astutely warns that we have an aging population that will present unprecedented demands for services and support from our medical and caregiving infrastructures. Even today there is a shortage of trained, capable caregivers through home care agencies, at assisted living facilities, and in skilled nursing facilities. It will only get worse in the future. It is a looming crisis for all who need long-term care facilities and services.
“To rise to this challenge,” suggests estate planning and elder law attorney Michael Gilfix of Palo Alto, California, “we need a new, coordinated, multigenerational approach.” His focus is on the need for more coordination of services and more tailored, focused use of limited family resources. Careful planning to preserve assets and qualify for Medi-Cal, the only program that can pay all or most of the cost of skilled nursing care, must be part of the planning. Medi-Cal, California’s Medicaid program, is needs-based. To qualify, assets must be limited and/or carefully organized.
This approach is necessary, Gilfix suggests, because there must always be a financial safety net. If all family assets are exhausted before Medi-Cal coverage is obtained, there are no funds available to pay for services that are not covered by the Medi-Cal program.
Children and grandchildren must be viewed as part of the planning and part of the solution. They must participate, coordinate resources, add counsel, and devote time and attention to the needs of their elders. It is self-evident that this is typically a win-win for everyone, but it is rarely done.
Such planning is more typically pursued by wealthier families through the use of “family offices,” but the need is no less critical for the middle class. Middle class families have the power to preserve their homes, their savings, and their legacies. But they must take steps to plan ahead of time.
Attorneys Michael Gilfix and Mark Gerson Gilfix recently co-authored an article entitled, “A New Paradigm: Truly Multigenerational Planning,” published in the September issue of Trusts & Estates magazine, that expands this concept in very practical ways. Gilfix & La Poll Associates, one of the nation’s leading estate planning firms, follows this approach with its clients. For multigenerational planning to be effective, it is critical that steps are taken before the crisis stage.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate. To contact an estate planning lawyer visit www.gilfix.com or call 800.244.9424.
The post California’s Aging Population: Implications for Elders and Caregivers first appeared on SEONewsWire.net.]]>About 11% of today’s 40 million Californians are 65 or older. By 2020, that population will be 15%. By 2030, it will be almost 20% and a staggering 22.3% by 2050. What are the implications of this?
A recent column by Dan Walters in the Sacramento Bee warns about the aging of health care providers in California. The column astutely warns that we have an aging population that will present unprecedented demands for services and support from our medical and caregiving infrastructures. Even today there is a shortage of trained, capable caregivers through home care agencies, at assisted living facilities, and in skilled nursing facilities. It will only get worse in the future. It is a looming crisis for all who need long-term care facilities and services.
“To rise to this challenge,” suggests estate planning and elder law attorney Michael Gilfix of Palo Alto, California, “we need a new, coordinated, multigenerational approach.” His focus is on the need for more coordination of services and more tailored, focused use of limited family resources. Careful planning to preserve assets and qualify for Medi-Cal, the only program that can pay all or most of the cost of skilled nursing care, must be part of the planning. Medi-Cal, California’s Medicaid program, is needs-based. To qualify, assets must be limited and/or carefully organized.
This approach is necessary, Gilfix suggests, because there must always be a financial safety net. If all family assets are exhausted before Medi-Cal coverage is obtained, there are no funds available to pay for services that are not covered by the Medi-Cal program.
Children and grandchildren must be viewed as part of the planning and part of the solution. They must participate, coordinate resources, add counsel, and devote time and attention to the needs of their elders. It is self-evident that this is typically a win-win for everyone, but it is rarely done.
Such planning is more typically pursued by wealthier families through the use of “family offices,” but the need is no less critical for the middle class. Middle class families have the power to preserve their homes, their savings, and their legacies. But they must take steps to plan ahead of time.
Attorneys Michael Gilfix and Mark Gerson Gilfix recently co-authored an article entitled, “A New Paradigm: Truly Multigenerational Planning,” published in the September issue of Trusts & Estates magazine, that expands this concept in very practical ways. Gilfix & La Poll Associates, one of the nation’s leading estate planning firms, follows this approach with its clients. For multigenerational planning to be effective, it is critical that steps are taken before the crisis stage.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate. To contact an estate planning lawyer visit www.gilfix.com or call 800.244.9424.
The post California’s Aging Population: Implications for Elders and Caregivers first appeared on SEONewsWire.net.]]>
Wills and trusts administration lawyers in Livingston County often have the opportunity to work with local families who—in addition to planning for their regular home—also have a vacation home to take into consideration during the planning process. While you might think that real estate prices or the vacation home’s location would be the driving forces behind putting it through the wills and trusts administration process, there are actually other, highly compelling reasons.
Vacation homes don’t just come with the baggage you pack to spend a family holiday on the lake, in the woods, or on the coast; they also come with a lot of emotional history. By working with a Livingston County wills and trusts administration lawyer, those leaving the vacation home behind can take this history into consideration. They may be best served to really spend some time taking their heirs’ perspectives into consideration when determining how the home should be handled.
For some family members, the vacation home may be an important part of family history, full of memories and personal rites of passage. These folks might prefer that the property be safeguarded in some sort of trust or passed as-is to heirs in a will. On the other hand, there may be family members who are less emotionally attached to the home and see it as their parents’ investment in a stable financial future. These family members would be more inclined to sell the property and share the proceeds.
There are plenty of other aspects of the situation that the original owners would want to explore with a wills and trusts administration lawyer in Brighton. For example, would any potential heirs be financially able to maintain the property, pay taxes on it, etc? If not, then it may be time to consider either selling the vacation home or finding a means to fund the trust so it can meet these obligations.
Other thoughts to keep in mind:
- Do heirs live close enough to the vacation home to actually use it?
- Could you leave the vacation home to those who would most appreciate it and balance that with a different inheritance for others?
- Is there someone you could name as a trustee who could oversee the property on behalf of the trust?
- Would it be possible for some family members to buy others out of their portion of the property?
- Could the property be rented out when not in use by family members as a way to support its own upkeep?
Because there are so many variables that can come into play—money, grief, family tension, tradition, etc., etc., dealing with a vacation property during estate planning is something that is probably best done under the guidance of an experienced wills and trusts administration lawyer in Brighton, Michigan. For additional questions about estate planning in Michigan or to speak with a will or trust lawyer, contact our office at (888) 390-4360 for assistance.
The post Dealing with a Vacation Home During Wills and Trusts Administration in Livingston County appeared first on The Elder Care Firm.
The post Dealing with a Vacation Home During Wills and Trusts Administration in Livingston County first appeared on SEONewsWire.net.]]>
One of the most common questions asked during our free LifeCare Planning Workshops is “How much will it cost for an estate plan?” or “What are your Fees for an Estate Plan?” The answer is always the same, “it depends.” It depends on what needs to be done. But, proper estate planning needs to be viewed as an investment. The cost is what if you haven’t set things up properly or the cost of not working with the right attorney.
The Cost of Not Planning
There are some simple statistics that help illustrate the cost of not engaging in proper estate planning. The first is the cost of probate. There are numerous sources that site the cost of assets going through probate as 3-5% of the total assets. With a proper plan in place, you can avoid Michigan probate.
Long-Term Care Costs in Michigan
The average cost over all of Michigan for a nursing home is $8,084. If the planning I suggest can help save months and months of nursing home costs, then is the investment worth it or does it make more sense to pay $8,084 per month until your family runs out of money.
Missing The VA Benefits You Are Entitled To
Many families report that they wish they had entered our office years ago, because they could have been receiving up to $2,120 per month, tax free for a number of years had they engaged in our services years ago. Unfortunately, they either spoke with the wrong lawyer, found the wrong information on-line or spoke to the wrong family or friend, who led them astray.
Leaving Family Members Unprotected
Most of the estate plans that I review leave everything outright to their loved ones. This could cost them their own inheritance. What happens if you leave everything to your daughter and she then gets divorced, where do the assets go? To the spouse. What happens if she were to pass away, where do the assets go? All to the spouse. Instead of leaving your children pillowcases of money, what if you could protect your children from the outside environment, the divorces, lawsuits, student loans? Having everything going to them when they reach a certain age does not protect them.
The Cost of Choosing the Wrong Lawyer
Not all lawyers are created equal. It’s unfortunate. There are lawyers and legal plans that prepare free wills, powers of attorney for people (UAW Legal Plan). Unfortunately, you get what you paid for. Just like if you needed heart surgery, you’d want a heart surgeon instead of a family doctor…estate planning and elder law is no different.
Can you price shop and find someone who will do a cheaper trust, will, power of attorney or even promise you VA qualification or Medicaid qualification? Sure….but you need to ask yourself why are they cheaper? Is it apples to apples comparison? Most likely not. Are they a Certified Elder Law Attorney (CELA)? Do they teach elder law at law school? Have they written a book on the subject? Are they a 10.0 rated lawyer on Avvo?
By engaging with an attorney who is not an expert in the area you are putting your life’s work at risk. You deserve better. Estate planning, elder law, and asset protection legal planning are serious business and should be treated as such.
The post The Cost of Michigan Estate Planning appeared first on The Elder Care Firm.
The post The Cost of Michigan Estate Planning first appeared on SEONewsWire.net.]]>
Millennials
can benefit from investing in a Roth IRA, to which you can contribute
a maximum of $5,500 for the year 2014. Normally, the limit rises
every two years to take into account the rate of inflation and the
greater cost of living.
Using
a Roth IRA to save for retirement is advisable because the
contributions grow at a rate that is not subject to tax. In addition,
when you begin to withdraw funds from your Roth IRA during your
retirement, you will not be required to pay any taxes on the amount
withdrawn. That is because you will have previously paid taxes on
your contributions during the years when you were working. Another
reason to choose a Roth IRA is that you can withdraw the amounts you
contributed without being penalized.
It
is also recommended that Millennials contribute to a 401(k) plan or a
403(b) plan if you are employed by a tax-exempt organization. If your
employer matches a portion of your contributions, you can benefit by
contributing a sufficient amount to receive the match.
To speak with an experienced Virginia elder law and estate planning attorney, call 757-399-7506 or visit www.hooklawcenter.com.
The post Which retirement plans work best for Millenials? first appeared on SEONewsWire.net.]]>Several hundred people attended — it was wonderful to connect with so many in our community.
The audience was fantastic — you asked us many excellent questions as we covered severeal sophisticated and sometimes confusing topics, including: the importance of a properly structured living trust, estate tax planning, protecting assets and becoming eligible for Medi-Cal, special needs planning and how multigenerational estate planning can bring families together.
We hope that everyone who attended gained a better understanding of the many planning issues that families face. And we hope that everyone had a good time!
If you were unable to attend, or if you attended and would like to start your own estate planning process, please do not hesitate to contact our office to set an appointment. We are here for you and your family.
We were honored to have so many in our community join us for these events.
A big “thank you” from all of us at Gilfix & La Poll, and we hope to see you soon!
—Mark Gilfix, Esq.
The post Thank You for the Amazing Turnout at Our Estate Planning Seminars! first appeared on SEONewsWire.net.]]>Several hundred people attended — it was wonderful to connect with so many in our community.
The audience was fantastic — you asked us many excellent questions as we covered severeal sophisticated and sometimes confusing topics, including: the importance of a properly structured living trust, estate tax planning, protecting assets and becoming eligible for Medi-Cal, special needs planning and how multigenerational estate planning can bring families together.
We hope that everyone who attended gained a better understanding of the many planning issues that families face. And we hope that everyone had a good time!
If you were unable to attend, or if you attended and would like to start your own estate planning process, please do not hesitate to contact our office to set an appointment. We are here for you and your family.
We were honored to have so many in our community join us for these events.
A big “thank you” from all of us at Gilfix & La Poll, and we hope to see you soon!
—Mark Gilfix, Esq.
The post Thank You for the Amazing Turnout at Our Estate Planning Seminars! first appeared on SEONewsWire.net.]]>
There
are many different kinds of caregivers. While some travel to the home
of the elderly or disabled person to provide care, others give
emotional support to their family members who reside in an assisted
living facility or a nursing home.
And then there are long-distance
caregivers who provide the economic support necessary to employ
people to care for their aging parents while they live in another
city, where they are engaged in other responsibilities regarding
their spouses, children and jobs. All types of caregiving are
important and should be valued.
Caregivers
often shop and run errands for their loved ones, assist them with
showers, meals and medical appointments, and advocate on their behalf
when dealing with doctors, nurses, social workers and insurance
company representatives.
According to a survey conducted by AARP, in
2008, there were over 34 million caregivers who were not compensated,
and who cared for an individual age 18 or older who had an illness or
a disability. This number has increased, and will continue to do so
as our population gets older.
To speak with an experienced Virginia elder law and estate planning attorney, call 757-399-7506 or visit www.hooklawcenter.com.
The post The Different Types of Caregivers first appeared on SEONewsWire.net.]]>There are some assets that are not required to be sold or spent in order to be eligible for Medicaid. These are called noncountable assets, and they include the home, a car, household goods and furnishings, personal effects, prepaid funeral and burial expenses and cash limited to $3,000 for a couple. However, the decision to exempt certain assets is made based on the factors of each case. The Medicaid program for your state will consider the laws of your state, your marital status, living arrangements and other circumstances.
Following are some of the expenses for which it is usually permissible to spend down your money or assets. But since there are differences in each state, it is recommended that you seek advice from an estate planning attorney. When applying for Medicaid, you can spend down your assets on any legitimate debt belonging to you or your spouse. Such debts include mortgage payments, medical bills, rent, utilities, car payments, taxes and credit cards. Full or partial payments of the afore-mentioned expenses, as well as prepayments of loans, are also acceptable.
However, prepaid amounts to caregivers are disallowed for services that have not yet been rendered. Such a prepayment will be considered a gift, and will cause the applicant to be ineligible for Medicaid for a period of time. Similarly, prepayment of any expense prior to the time at which the service is rendered or the applicant receives the benefit, is also disallowed.
A Medicaid applicant can purchase noncountable assets, such as an exempt home or car if the applicant or his or her spouse will be operating the car. In addition, payments made for the maintenance or improvements of a noncountable asset, such as a home, are permitted.
The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit http://www.hooklawcenter.com/ or call 757-399-7506.
The post Spending down Medicaid assets safely first appeared on SEONewsWire.net.]]>Here are some of the expenses for which it is permissible in most states to spend down your money or assets. When applying for Medicaid, you can spend down your assets on any legitimate debt belonging to you or your spouse. Such debts include mortgage payments, medical bills, rent, utilities, car payments, taxes and credit cards. Full or partial payments of the aforementioned expenses, as well as prepayments of loans, are also acceptable. However, since there are differences in each state, it is recommended that you inquire about the laws of your state or seek advice from an estate planning attorney.
However, prepaid amounts to caregivers are disallowed for services that have not yet been rendered. Such a prepayment will be considered a gift, and will cause the applicant to be ineligible for Medicaid for a period of time. Similarly, prepayment of any expense prior to the time at which the service is rendered or the applicant receives the benefit, is also disallowed.
A Medicaid applicant can purchase noncountable assets, such as an exempt home or car if the applicant or his or her spouse will be operating the car. In addition, payments made for the maintenance or improvements of a noncountable asset, such as a home, are permitted.
Due to drastic changes in the Medicaid program, those who are members of the middle class will also be eligible. And those who are not disabled or in long-term care facilities, will not have to spend down their assets as long as their Modified Adjusted Gross Income (MAGI) complies with income requirements.
The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit http://www.hooklawcenter.com/ or call 757-399-7506.
The post How to spend down Medicaid assets (safely) first appeared on SEONewsWire.net.]]>By Thomas D. Begley, Jr.
WHAT IS ESTATE PLANNING?
Estate planning is the process by which an individual defines his or her goals for passing assets to beneficiaries and chooses appropriate tools and strategies for achieving those goals. The process begins with a careful analysis of one’s situation, objectives, and potential tax liability. Only after all of those factors have been considered is it possible to select the tools and strategies that will allow assets to pass in the most effective manner.
It is important to coordinate estate planning decisions with broader financial plans. Absent adequate financial planning, even the best estate plan can easily fail. Just as important is getting an early start on estate planning to help mitigate undesirable outcomes in the event of a disability or incapacitation, both of which affect a majority of individuals at some point in life. For example, there is a 58% lifetime probability of suffering a disability lasting at least 90 days and requiring assistance with the management of property and affairs. There is approximately a 55% chance of eventually requiring some form of long-term care, whether home care, assisted living, or nursing home care, all of which can have a devastating impact on life savings.
HOW DO LIFE CIRCUMSTANCES IMPACT ESTATE PLANNING?
Life circumstances have a significant impact on estate planning decisions. When developing an estate plan, it is important to consider the following:
Grandchildren. Do you want to take your grandchildren into consideration when designing your estate plan and documents?
– If so, would you like to leave your children a token amount (i.e. $1,000, $25,000, etc.)?
– Would you prefer to set aside one share of your estate for each of your children and one
share to be divided equally among your grandchildren? For example, if you have three
children, would you consider dividing your estate into four shares, one for each of your
children and one to be divided equally among your grandchildren?
– Have you established 529 plans for your grandchildren?
– Do you have custodial arrangements for your grandchildren under the Uniform Gifts to
Minors Act (UGMA) or the Uniform Transfer to Minors Act (UTMA)?
Blended family issues. A family with children from more than one marriage is considered
“blended.” If you and/or your spouse or any of the children have blended families, you will need to consider a number of questions.
– If you have children from a previous marriage, is your goal to provide for your spouse first,
and then for your children?
– Do you want to ensure that your children receive an inheritance either at your death or the
death of your spouse?
– If any of your children have sons or daughters from previous marriages, do you want to
ensure that your grandchildren from those marriages receive an inheritance?
– Do you want your son- or daughter-in-law’s children from a previous marriage to receive an
inheritance?
– Do you have a prenuptial agreement?
– Do you have a contract to make a will?
– Do you have a mutual waiver of elective share?
Disability. One in 10 American families has a member with disabilities. Many persons with disabilities are entitled to means-tested public benefits, such as Supplemental Security Income (SSI), Medicaid, and housing assistance. Receiving an inheritance could cause such individuals to lose their benefits. To prevent that outcome, it is necessary to establish a special needs trust that holds the inherited assets for the person with disabilities. This allows the person to benefit from the inheritance while maintaining critical benefits.
Non-citizen spouses. If you are married, and your spouse is not a U.S. citizen, there are limits to how much can be left to him or her without triggering a significant tax liability. The solution may be to establish a Qualified Domestic Trust. The rules of this trust are complex, but must be considered to protect your spouse’s inheritance.
Problem sons- or daughters-in-law. Given that 50% of marriages end in divorce, many parents are concerned about their children’s spouse, who may be spendthrifts, abusive, or domineering. One solution is to establish a bloodline trust, which ensures that assets left to a child can only be passed to blood relatives and cannot be squandered by abusive or improvident in-laws.
Problem heirs. A trust may be designed to protect assets in an appropriate manner when there are children or grandchildren with problems such as the following:
– AIDS
– Drug addiction
– Alcoholism
– Criminal behavior
– Spendthrift behavior
– Inability to hold a job
Different treatment for different children. In cases where one’s children have different strengths, weaknesses, or needs, it may be appropriate to treat them differently from an estate planning perspective. For example, some parents may want to disinherit children. In such cases, stating the reason in the will or trust can prevent confusion later on when a judge may wonder if the disinheritance was intentional.
Children and grandchildren in need of incentives.
When there are children or grandchildren who seem to lack motivation, parents may want to establish a trust that provides incentives to achieve certain goals, such as graduating from a four-year college or obtaining a good job. Thought should be given to the types of goals that are desirable and appropriate incentives for achieving those goals.
Caregivers. Many people require caregivers at some point in life. Some caregivers are honest and caring and become much like family members over time. Others are unscrupulous and predatory. Establishing a trust can help protect your assets from the latter.
Business ownership. If you own a business, it is important to have a business succession plan that spells out what will happen to the entity upon your death. Business entity records must be kept up-to-date. There should be an Employment Agreement, as well as a Shareholders’ Agreement, if there is more than one shareholder.
Pets. If you wish to provide for your pets, to ensure their continued well-being, you will need to decide who will care for them and how much will be required for their maintenance. Some pet owners establish pet trusts to fund lifelong expenses, including those for food and veterinary care.
Charities. If you wish to support one or more charities through your estate plan, you will need to consider how much to leave to the charity(/ies) and how the bequest will be made.
Vacation homes. If you own a vacation home or a home in a vacation area, consideration should be given to associated income, gift, and estate tax issues. If your intention is to leave the home to future generations, an agreement should be signed during your lifetime, to spell out how the property will be managed after your death. For example, the agreement should: indicate who will pay the taxes, develop a schedule allocating time blocks to various family members, and make and/or pay for necessary repairs.
WHAT SHOULD YOU KNOW ABOUT TAXES?
When developing an estate plan, there are five taxes that need to be considered.
Federal estate tax. Currently, there is a federal estate tax on all estates in excess of $ $5,450,000 in 2016. The tax is 35% on the excess amount.
New Jersey estate tax. There is a New Jersey estate tax on all estates in excess of $675,000. With proper planning, a married couple can effectively increase the exemption to $1,350,000. The estate tax rate ranges from 0% to 16%.
New Jersey inheritance tax. There is a New Jersey inheritance tax based on the relationship between the decedent and the person receiving the inheritance. The tax rate ranges from 0% to 15%. There is no inheritance tax on transfers to lineal ascendants (i.e. grandparents), descendants (i.e. children and grandchildren), or spouses or qualified domestic partners. There is an inheritance tax on siblings, in-laws, other relatives, and friends.
Gift tax. Currently, there is an annual federal gift-tax exclusion of $14,000 per person. Married couples can potentially split gifts to enjoy a total annual exclusion of $28,000. Additionally, there is a $5,450,000 lifetime exemption. In 2016 the combined lifetime gift tax exemption for a married couple is $10,900,000. It is important to track changes in the law, which may affect this exemption amount.
Income tax. It is important to consider the income tax consequences of various strategies for both you and your beneficiaries.
WHAT ESTATE PLANNING TOOLS ARE AVAILABLE?
Depending on one’s situation and goals, it is possible to benefit from numerous estate planning tools.
Wills. A will is a document that spells out how an individual wants his or her estate to be distributed at death. Distributions can be made outright or through a trust. A will also appoints an executor, whose function is to probate the will, gather all assets, pay all bills, file all necessary tax returns, prepare an accounting, and make distributions in accordance with the terms of the will.
– Guardians. If you have minor or disabled children, the will should also appoint a guardian. That individual will often live with the children and look after them during minority or disability.
– Trustees. When appropriate, the will should also name a trustee. The trustee’s job is to invest the trust assets and make distributions in accordance with the terms established in the trust.
Living wills/health care agents. A living will, sometimes called a health care power of attorney, has two components. The first part of a living will addresses the need to appoint someone to make medical decisions on an individual’s behalf when he or she is unable to do so due to incapacitation. These medical decisions do not include end-of-life decision making. The second component of a living will addresses end-of-life decision making. This applies only in situations when the individual is unconscious and/or otherwise unable to make medical decisions, and there is no hope of recovery or of regaining a meaningful quality of life. If there is hope of recovery or of regaining a meaningful quality of life, the living will does not apply.
There are four options with respect to the second component of a living will/health care power of attorney, but only the first three are advisable.
1. Terminate life.
2. Continue aggressive treatment.
3. Authorize a loved one to make decisions without guidance, if and when the time comes.
4. Leave the decision up to the courts. Failure to choose one of the first three options places an individual in the position of having the matter go to court, where a judge will make a decision as to whether or not life should be continued.
Financial power of attorney. Sometimes called a general durable power of attorney, a financial power of attorney gives the agent the right to make financial decisions on behalf of an individual. Standard provisions should include:
– A reference to the New Jersey Banking Power of Attorney Act.
– A listing of any real estate by street address or tax block and lot.
– Specific language agreed to by the National Association of Securities Dealers and the American Bar Association, authorizing the agent to deal with securities.
– Power to make gifts, including any conditions or restrictions on such gifts.
Living trusts.
-Revocable living trusts. A living trust is a document designed to avoid probate. It can be used to save estate and inheritance taxes, but it is not required for that purpose. The same tax savings can be achieved through a properly drafted will. It is almost always appropriate to use a living trust if you own real estate outside your state of residence, in order to avoid ancillary probate. The advantage is that the trust can easily be amended or changed at any time. The disadvantage is that assets in a revocable living trust are included in your estate.
– Irrevocable living trusts. An irrevocable trust is one that cannot be changed. Such a trust can be designed so that the assets it holds are not included in a person’s estate for estate tax purposes. Typically, irrevocable trusts own life insurance policies when the insured does not want the proceeds included in his or her taxable estate.
Special Needs Trusts. A Special Needs Trust can be established for a disabled beneficiary. The trust is designed so that the disabled person will not lose his or her public benefits, such as SSI, Medicaid, or low-income housing, upon the receipt of an inheritance.
HOW SHOULD YOU TITLE ASSETS AND MAKE BENEFICIARY DESIGNATIONS?
Many assets pass outside the will. When developing an estate plan, it is important to ensure that such assets are properly titled and that beneficiary designations are accurate and up to date.
Among the assets that pass outside the will are jointly owned property, which automatically goes to the survivor, and property in trust, which goes to the beneficiar(y/ies) in accordance with the terms of the trust. Life insurance, retirement plan assets, and annuities are also paid directly to the named beneficiaries. Married couples who wish to achieve tax savings should avoid joint ownership of assets and retitle assets as necessary. Typically, the assets are divided about equally between husband and wife, with consideration given as to which asset gets transferred to whom. If you have life insurance policies, IRAs, and other retirement accounts and/or annuities, you must consider beneficiary designations based on your estate planning goals. For each asset, it is necessary to name both primary and contingent beneficiaries.
WHAT ABOUT LONG TERM CARE PLANNING?
Many people carefully plan for the transfer of their estate, taking steps to minimize taxes, only to see their assets eroded by long term care expenses. The cost of long term care, whether home care, assisted living, or nursing home care, can easily exceed $100,000 a year. Since approximately 55% of all individuals over age 65 require some form of long term care, it is important to consider this potential risk when developing estate and financial plans. A good long term care insurance policy will pay for virtually all forms of long term care, including adult day care, home care, assisted living, and nursing home care. The best time to purchase long term care insurance is before age 60, when premiums are far more affordable. Studies show that 25% of applicants aged 65 are rejected because they are deemed uninsurable.
Long term care policies can be customized to control costs. You should consider factors including:
The type of care covered
The amount of daily benefits
Elimination periods
The length of coverage
Premiums
Inflation riders
The financial strength of the insurance company
WHAT SHOULD YOU KNOW ABOUT INVESTMENT PLANNING?
During the estate planning process, attorneys often find that clients have made significant investment mistakes. Such mistakes could jeopardize your ability to achieve maximum investment returns, as well as your ability to realize estate planning goals. To help address this situation, Begley Law Group encourages you to follow this 12-step process:
1. Set goals. Identify and put into writing your investment goals.
2. Consolidate. Consolidate all of your assets into one investment account. That account should then be invested in a diversified manner.
3. Utilize. Utilize professional management. Retain a professional investment manager. Usually the increased cost is more than offset by increased investment performance and reduced risk. You can minimize costs by using a fee-based, rather than commission-based, advisor.
4. Be objective. Make investment decisions in an objective, rather than emotional, manner. This can help you avoid the common pitfall of buying at market highs and selling at market lows.
5. Start early. Start saving as early as possible to benefit from the enormous power of compounded investment earnings.
6. Buy and hold. Use a buy-and-hold strategy, avoiding speculation and day trading, and focusing on good stocks in solid companies.
7. Avoid. Avoid tax-driven investment decisions. Tax shelters frequently make poor investments.
8. View. View your home as “personal.” Consider your home a place to live, rather than an investment. despite the fact that the value of homes does tend to increase significantly over time.
9. Diversify. Diversify across different asset classes to help reduce investment risk and increase returns. Asset allocation is the chief factor influencing investment returns.
10. Understand. Understand inflation risk. Historically, the annual rate of inflation has been about 3%.
Individuals who attempt to avoid investment risk by purchasing certificates of deposit usually receive little or no investment return after paying taxes on the interest income and factoring in inflation.
11. Monitor. Monitor investment performance and rebalance investment allocations at least once a year.
12. Review. Review your estate and financial plans periodically. If you are over age 65 and have assets in excess of $1 million, excluding your home, review your plans annually. Also review your plans whenever relevant laws change or when you experience life changes such as:
– Marriage
– The birth of a child
– Divorce
– The death of a spouse or beneficiary
– A second marriage
– The onset of disability
– A significant change in income or assets
– A change of residence from one state to another
– The marriage of children
– The divorce of children
Begley Law Group, P.C. has served the Southern New Jersey and Philadelphia area as a life-planning firm for over 75 years. Our attorneys have expertise in the areas of personal injury settlement consulting, special needs planning, Medicaid planning, estate planning, estate & trust administration, guardianship, and estate & trust litigation. Contact us today to begin the conversation.
The post Understanding Estate Planning first appeared on SEONewsWire.net.]]>Living below your means
With their research, the authors discovered the top one percent spend less of their money eating out. They also continue to live below their means, buying less ostentatious cars even when they can afford the more expensive ones. A recent article by USA Today offers retirees tips on drawing down their retirement funds. When you withdrawal your retirement money to live on, you lessen the powerful effects of compounding. USA Today recommends making a spending plan. If you withdrawal no more than 4 percent of your assets, you won’t outlive your retirement savings but you won’t have as much to leave for your beneficiaries. Living below your means makes a real difference.
Using different mind tricks
Wealthy people stick to budgets, but use different mind tricks to they create more wealth over time. Have money automatically moved from your checking to your savings account when you get a paycheck or a social security check. Re-invest dividends in your retirement and investment accounts so the stocks, mutual funds or exchange-traded funds continue to grow. Another idea is to use the “bucket system,” for budgeting. The authors found people who put money in jars even if they are fictitious jars designated for different expenses manage their money better and feel less stressed about budgeting.
Expecting setbacks in life
Super wealthy people don’t take self-responsibility for their actions. They don’t just let life happen around them, but plan for problems, obstacles and financial emergencies. The authors found extremely wealthy people know they make or break their own success, while poor people tend to think they just have bad luck. One of the great thing about estate planning is it lets you manage outcomes. In most cases, the outcome will be positive as you leave a legacy for loved ones, relatives and charities.
Sharing what you have
Another money habit shared by the one percent is the desire to help other people. Your estate plan can include donations you want to make to charities and to family members. The more money you have, the more you can help others through philanthropic causes.
If you don’t have a will or an estate plan, it’s important to get one in place. Many people feel surprised by how much their home appreciates in value and how much their retirement accounts grow. Meet with elder law and estate planning attorney Christopher J. Berry to set up a Michigan Retirement Plan Trust. Berry and the Elder Care Team will answer all of your retirement planning and estate planning questions so you can avoid probate and leave a powerful legacy. For more information about estate planning and protecting wealth, please contact us.
The post Estate Planning: What You Can Learn from the Very Wealthy appeared first on The Elder Care Firm.
The post Estate Planning: What You Can Learn from the Very Wealthy first appeared on SEONewsWire.net.]]>Living below your means
With their research, the authors discovered the top one percent spend less of their money eating out. They also continue to live below their means, buying less ostentatious cars even when they can afford the more expensive ones. A recent article by USA Today offers retirees tips on drawing down their retirement funds. When you withdrawal your retirement money to live on, you lessen the powerful effects of compounding. USA Today recommends making a spending plan. If you withdrawal no more than 4 percent of your assets, you won’t outlive your retirement savings but you won’t have as much to leave for your beneficiaries. Living below your means makes a real difference.
Using different mind tricks
Wealthy people stick to budgets, but use different mind tricks to they create more wealth over time. Have money automatically moved from your checking to your savings account when you get a paycheck or a social security check. Re-invest dividends in your retirement and investment accounts so the stocks, mutual funds or exchange-traded funds continue to grow. Another idea is to use the “bucket system,” for budgeting. The authors found people who put money in jars even if they are fictitious jars designated for different expenses manage their money better and feel less stressed about budgeting.
Expecting setbacks in life
Super wealthy people don’t take self-responsibility for their actions. They don’t just let life happen around them, but plan for problems, obstacles and financial emergencies. The authors found extremely wealthy people know they make or break their own success, while poor people tend to think they just have bad luck. One of the great thing about estate planning is it lets you manage outcomes. In most cases, the outcome will be positive as you leave a legacy for loved ones, relatives and charities.
Sharing what you have
Another money habit shared by the one percent is the desire to help other people. Your estate plan can include donations you want to make to charities and to family members. The more money you have, the more you can help others through philanthropic causes.
If you don’t have a will or an estate plan, it’s important to get one in place. Many people feel surprised by how much their home appreciates in value and how much their retirement accounts grow. Meet with elder law and estate planning attorney Christopher J. Berry to set up a Michigan Retirement Plan Trust. Berry and the Elder Care Team will answer all of your retirement planning and estate planning questions so you can avoid probate and leave a powerful legacy. For more information about estate planning and protecting wealth, please contact us.
The post Estate Planning: What You Can Learn from the Very Wealthy appeared first on The Elder Care Firm.
The post Estate Planning: What You Can Learn from the Very Wealthy first appeared on SEONewsWire.net.]]>Attorney and radio personality Len Tillem has been invited to speak at the event as a special guest during the 2:30 to 4:30 pm session. There will also be a second session of the same seminar from 7 to 9 pm.
Gilfix, who has authored over 50 books and articles, will address a range of estate planning topics including how living trusts address your asset protection needs and how to protect the assets you leave for your children from divorce, litigation and estate tax exposure.
He will provide useful information on protecting your home and other assets in the face of long-term care for you or your parents. Gilfix will also discuss how special needs trusts can provide a lifelong safety net for your special needs child without losing out on public benefits.
Those interested in attending the seminar are encouraged to call 650-493-8070 or register online at www.gilfix.com.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate. To contact an estate planning lawyer visit www.gilfix.com or call 800.244.9424.
The post Gilfix & La Poll to hold living trust seminar with special guest Len Tillem first appeared on SEONewsWire.net.]]>Attorney and radio personality Len Tillem has been invited to speak at the event as a special guest during the 2:30 to 4:30 pm session. There will also be a second session of the same seminar from 7 to 9 pm.
Gilfix, who has authored over 50 books and articles, will address a range of estate planning topics including how living trusts address your asset protection needs and how to protect the assets you leave for your children from divorce, litigation and estate tax exposure.
He will provide useful information on protecting your home and other assets in the face of long-term care for you or your parents. Gilfix will also discuss how special needs trusts can provide a lifelong safety net for your special needs child without losing out on public benefits.
Those interested in attending the seminar are encouraged to call 650-493-8070 or register online at www.gilfix.com.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate. To contact an estate planning lawyer visit www.gilfix.com or call 800.244.9424.
The post Gilfix & La Poll to hold living trust seminar with special guest Len Tillem first appeared on SEONewsWire.net.]]>
There are specialties that come out of law school. Just many who come out of medical school – usually you do not have a general practice of law; you often specialize in something, or if you have a general practice, you have several attorneys in that practice who each have their own specialties.
In some of these specialties, you can receive certification; in others you do not. But is it really that important to be certified in a particular specialty?
In some areas of law, the certification is nice but not always necessary because that type of law is so commonly practiced that everyone who practices it for some amount of time can become very competent and trusted.
But in the area of elder law, that area geared toward seniors in terms of estate planning, long-term care and issues involving assisted-care or nursing home facilities – is a very different animal. As more mature adults tend to become more targeted, more susceptible and are more vulnerable to unscrupulous characters, getting certified as an elder-law attorney can be very important. Not only does it build a strong foundation for serving clients well, but the certification means that potential clients will be able to trust an attorney with the certification to do the very best work for the clients’ best interests.
The certification is not easy. Not just any attorney who has happened to do some elder law can apply for the certification, and even fewer of them get accepted.
So if you or a family member is reaching that “senior” age (which starts around 50) and you may or will be in need for some elder-law assistance, you can know why a certified elder law attorney (CELA) would be the right choice for you.
Why choose a CELA ahead of any attorney who happens to practice elder law? Here are some criteria for a CELA to meet before even applying for the certification
- Be a member in good standing with the bar association for all states in which you are licensed to practice.
- Be a practicing lawyer (actively) for at least five years. (Again, this is before applying for certification.)
- Must have at least 45 hours of elder law legal education in the previous three years before applying.
- Must have spent at least 16 hours per week and conducted at least 50 elder-law cases during the three years prior to the applying.
- Must be evaluated favorably at last five elder-law attorney specialists.
- Pass a full-day certification exam.
Once the certification is in place, CELAs must then get re-certified every five years. And again, the criteria above are just to get the application approved for consideration!
With this in place, you can now know that a certified elder-law attorney is the one to trust with your elder-law needs. This person specializes in elder-law issues, knows the law better than anyone and has gone through rigorous training to back it up.
For many, it’s a matter of confidence and trust. With a CELA, confidence and trust is baked right into the certification. Find your nearest CELA today and get the care, compassion and legal advice you need.
The post Elder Law Certification: More than Just Paper appeared first on The Elder Care Firm.
The post Elder Law Certification: More than Just Paper first appeared on SEONewsWire.net.]]>
There are specialties that come out of law school. Just many who come out of medical school – usually you do not have a general practice of law; you often specialize in something, or if you have a general practice, you have several attorneys in that practice who each have their own specialties.
In some of these specialties, you can receive certification; in others you do not. But is it really that important to be certified in a particular specialty?
In some areas of law, the certification is nice but not always necessary because that type of law is so commonly practiced that everyone who practices it for some amount of time can become very competent and trusted.
But in the area of elder law, that area geared toward seniors in terms of estate planning, long-term care and issues involving assisted-care or nursing home facilities – is a very different animal. As more mature adults tend to become more targeted, more susceptible and are more vulnerable to unscrupulous characters, getting certified as an elder-law attorney can be very important. Not only does it build a strong foundation for serving clients well, but the certification means that potential clients will be able to trust an attorney with the certification to do the very best work for the clients’ best interests.
The certification is not easy. Not just any attorney who has happened to do some elder law can apply for the certification, and even fewer of them get accepted.
So if you or a family member is reaching that “senior” age (which starts around 50) and you may or will be in need for some elder-law assistance, you can know why a certified elder law attorney (CELA) would be the right choice for you.
Why choose a CELA ahead of any attorney who happens to practice elder law? Here are some criteria for a CELA to meet before even applying for the certification
- Be a member in good standing with the bar association for all states in which you are licensed to practice.
- Be a practicing lawyer (actively) for at least five years. (Again, this is before applying for certification.)
- Must have at least 45 hours of elder law legal education in the previous three years before applying.
- Must have spent at least 16 hours per week and conducted at least 50 elder-law cases during the three years prior to the applying.
- Must be evaluated favorably at last five elder-law attorney specialists.
- Pass a full-day certification exam.
Once the certification is in place, CELAs must then get re-certified every five years. And again, the criteria above are just to get the application approved for consideration!
With this in place, you can now know that a certified elder-law attorney is the one to trust with your elder-law needs. This person specializes in elder-law issues, knows the law better than anyone and has gone through rigorous training to back it up.
For many, it’s a matter of confidence and trust. With a CELA, confidence and trust is baked right into the certification. Find your nearest CELA today and get the care, compassion and legal advice you need.
The post Elder Law Certification: More than Just Paper appeared first on The Elder Care Firm.
The post Elder Law Certification: More than Just Paper first appeared on SEONewsWire.net.]]>
As painful as a divorce can be, the good thing about it is that it gets over. Once your divorce is over and done with, a new life begins for both the spouses. The end of a divorce is the end of the legal battle, but there are financial matters that then need to be taken care of.
The financial issues you face post-divorce are not all the same things. Some of them can be big things such as re-titling of the home, the car and other asset divisions, and then there are smaller but considerably important items such as making sure your ex spouses name is removed from the gym membership, credit cards, etc.
While these may be important issues, there is another aspect that can often go unnoticed in most cases but is of paramount importance and that is the issue of inheritance of possession if the spouse passes away. Hence amending the beneficiary titles once you have gone through a divorce is important. Here is a list of a few things you might want to change the beneficiary designations for.
- Retirement plans by the employer
- Will
- Savings accounts for health
- Payable on Death (POD) bank accounts
- Powers of Attorney
- Individual Retirement Accounts (IRA)
- Life insurance Annuities
- Health care documents such as living wills and power of attorneys
- Investment accounts such as the transfer of death ones
- Revocable trusts
- Advanced estate planning structures such as irrevocable trusts
Amending the Beneficiary
The items mentioned in the list above can have varying difficulties in managing. To get the beneficiary designation changed is usually a very easy process. All you need to do is get the proper form for it, fill it up and submit it on the file so that your request is documented. Much like what you do after an Orange County divorce, transfer on death title and payable on death are claimed similar to that. While it is true that these are one of the easiest to amend, they can also slip through your mind with relative ease.
The most dangerous situation in this regard can come from retirement accounts, which will usually include:
- 401(K) Employer Plans
- 403(B) Employer Plans
- Individual Retirements Accounts
There are other things where a change of titles may need a little more time than normal. In the case of health care documents, power of attorney documents and wills/estate plans, you’ll need to take the help of a family law and estate planning attorney who is well versed in dealing with such stuff.
Gerald A. Maggio is an experienced Orange County divorce and family law attorney and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.
Estate planning lawyers in Michigan use all kinds of strategies to help protect their clients’ assets and to find ways to provide for future generations. Sometimes this is about planning for your own retirement, and other times it might include purchasing a life insurance plan, or some other proactive means of preparation. Brighton wills and trusts lawyers are responsible for helping to utilize wills and trusts to allow heirs to benefit from an estate as much as possible.
The Benefits of Living Trusts
Trusts are a great tool for protecting an estate because they provide tax benefits, privacy, and the ability to minimize drawn-out and potentially expensive probate proceedings. A wills and trusts lawyer can help you create the trust, which actually becomes its own legal entity that “owns” any assets you transfer to it. There are many trust options available, so it’s best to really go through the options with a wills and trust lawyer in Brighton, Michigan in order to determine what makes the most sense for you and your family.
Use a Will to Name Guardians
A will, on the other hand, can provide different types of protection. This is the place where you will want to name guardians for minor children or those with disabilities and to express your wishes for what should happen to your property after you pass away. Even if you have a will, your estate will still need to go through the probate process, which usually starts by establishing that the will itself is valid. The best way to move forward will be to work with a wills and trusts lawyer to develop both a will and one or more trusts. In fact, the will itself can even be used to establish a trust upon your death. Yes, that is a lot of choices, but a Brighton wills and trusts lawyer will be able to simplify the entire process for you and offer expert advice on strategizing for the future.
Brighton wills and trusts lawyer
As an aside, wills and trusts are not the only important things you will want to discuss with your Michigan estate planning lawyer. Your estate plan should also include documents such as powers of attorney, medical directives to ensure that your choices for helpers are known should you become incapacitate or disabled. Again, a good Brighton wills and trusts lawyer is a great resource for getting things underway.
The post A Primer from Your Brighton Wills and Trust Lawyer appeared first on The Elder Care Firm.
The post A Primer from Your Brighton Wills and Trust Lawyer first appeared on SEONewsWire.net.]]>Estate planning lawyers in Michigan use all kinds of strategies to help protect their clients’ assets and to find ways to provide for future generations. Sometimes this is about planning for your own retirement, and other times it might include purchasing a life insurance plan, or some other proactive means of preparation. Brighton wills and trusts lawyers are responsible for helping to utilize wills and trusts to allow heirs to benefit from an estate as much as possible.
The Benefits of Living Trusts
Trusts are a great tool for protecting an estate because they provide tax benefits, privacy, and the ability to minimize drawn-out and potentially expensive probate proceedings. A wills and trusts lawyer can help you create the trust, which actually becomes its own legal entity that “owns” any assets you transfer to it. There are many trust options available, so it’s best to really go through the options with a wills and trust lawyer in Brighton, Michigan in order to determine what makes the most sense for you and your family.
Use a Will to Name Guardians
A will, on the other hand, can provide different types of protection. This is the place where you will want to name guardians for minor children or those with disabilities and to express your wishes for what should happen to your property after you pass away. Even if you have a will, your estate will still need to go through the probate process, which usually starts by establishing that the will itself is valid. The best way to move forward will be to work with a wills and trusts lawyer to develop both a will and one or more trusts. In fact, the will itself can even be used to establish a trust upon your death. Yes, that is a lot of choices, but a Brighton wills and trusts lawyer will be able to simplify the entire process for you and offer expert advice on strategizing for the future.
Brighton wills and trusts lawyer
As an aside, wills and trusts are not the only important things you will want to discuss with your Michigan estate planning lawyer. Your estate plan should also include documents such as powers of attorney, medical directives to ensure that your choices for helpers are known should you become incapacitate or disabled. Again, a good Brighton wills and trusts lawyer is a great resource for getting things underway.
The post A Primer from Your Brighton Wills and Trust Lawyer appeared first on The Elder Care Firm.
The post A Primer from Your Brighton Wills and Trust Lawyer first appeared on SEONewsWire.net.]]>
Howell Elder Law Attorney
One of the more difficult topics that Howell elder law lawyers and their clients must discuss is the potential need for nursing home care. However, talking about it and knowing the options is actually one of the things that can make things easier. With the help of a good elder lawyer in Howell, seniors and their adult children can plan ahead to remove fear and uncertainty about the future.
One of the most compelling reasons for pre-planning nursing home care is the fact that the senior can be thoroughly involved in the process. Far too often, Howell elder lawyers work with families where the person in need of care has experienced physical or mental impairments that keep them from being able to make their own decisions. Whether they are incapacitated and unable to communicate or their cognitive functions have deteriorated due to dementia or other problems, the result is that they cannot make important choices or have their true wishes known.
Planning for Nursing Home Costs in Howell
An additional problem that pre-planning solves is that nursing home care is often needed on very short notice, as the result of an unexpected illness or injury. In the midst of a medical crisis, most families would prefer to already have arrangements in place so they can simply focus on treatment, recovery, or long-term care.
Understanding the importance of pre-planning is a great starting point. The next step is to familiarize yourself with some of the conversations you and your elder lawyer should have. For example, an attorney will talk clients through the alternatives to nursing home care in order to determine what is really the best option for you. Instead of a nursing home, it’s possible that you might be better served with in-home care or at an assisted-living facility.
Howell, Michigan Elder Lawyer
A Howell, Michigan elder lawyer with extensive experience in the Livingston County area will also have first-hand knowledge regarding the reputation and levels of care available from various local caregivers and institutions. The entire process of researching, selecting, applying to, and paying for nursing home care is complex. It’s not something that most people can navigate easily.
Pre-planning with an elder lawyer can remove some of the mystery and also gives you the opportunity to compare facilities and negotiate prices. Each of these things gets considerably harder when being done in a rush on the heels of an illness or accident.
Plan with the Best; Certified Elder Law Attorney
The thing to keep in mind is that a Howell, Michigan Certified Elder Law Attorney (CELA) is able to focus on the needs of seniors. From pre-planning for nursing home care to qualifying for Medicaid to setting up a smart estate plan, the attorney has specific knowledge of the issues that directly affect our older generation and can provide solutions to problems that haven’t even arisen yet! Many lawyers say they do estate planning and elder law in Howell, Michigan, but there is only one Certified Elder Law Attorney. Isn’t your family worth working with the best?
The post How to Pre-plan with a Howell Elder Law Lawyer For Nursing Home Care appeared first on The Elder Care Firm.
The post How to Pre-plan with a Howell Elder Law Lawyer For Nursing Home Care first appeared on SEONewsWire.net.]]>
Howell Elder Law Attorney
One of the more difficult topics that Howell elder law lawyers and their clients must discuss is the potential need for nursing home care. However, talking about it and knowing the options is actually one of the things that can make things easier. With the help of a good elder lawyer in Howell, seniors and their adult children can plan ahead to remove fear and uncertainty about the future.
One of the most compelling reasons for pre-planning nursing home care is the fact that the senior can be thoroughly involved in the process. Far too often, Howell elder lawyers work with families where the person in need of care has experienced physical or mental impairments that keep them from being able to make their own decisions. Whether they are incapacitated and unable to communicate or their cognitive functions have deteriorated due to dementia or other problems, the result is that they cannot make important choices or have their true wishes known.
Planning for Nursing Home Costs in Howell
An additional problem that pre-planning solves is that nursing home care is often needed on very short notice, as the result of an unexpected illness or injury. In the midst of a medical crisis, most families would prefer to already have arrangements in place so they can simply focus on treatment, recovery, or long-term care.
Understanding the importance of pre-planning is a great starting point. The next step is to familiarize yourself with some of the conversations you and your elder lawyer should have. For example, an attorney will talk clients through the alternatives to nursing home care in order to determine what is really the best option for you. Instead of a nursing home, it’s possible that you might be better served with in-home care or at an assisted-living facility.
Howell, Michigan Elder Lawyer
A Howell, Michigan elder lawyer with extensive experience in the Livingston County area will also have first-hand knowledge regarding the reputation and levels of care available from various local caregivers and institutions. The entire process of researching, selecting, applying to, and paying for nursing home care is complex. It’s not something that most people can navigate easily.
Pre-planning with an elder lawyer can remove some of the mystery and also gives you the opportunity to compare facilities and negotiate prices. Each of these things gets considerably harder when being done in a rush on the heels of an illness or accident.
Plan with the Best; Certified Elder Law Attorney
The thing to keep in mind is that a Howell, Michigan Certified Elder Law Attorney (CELA) is able to focus on the needs of seniors. From pre-planning for nursing home care to qualifying for Medicaid to setting up a smart estate plan, the attorney has specific knowledge of the issues that directly affect our older generation and can provide solutions to problems that haven’t even arisen yet! Many lawyers say they do estate planning and elder law in Howell, Michigan, but there is only one Certified Elder Law Attorney. Isn’t your family worth working with the best?
The post How to Pre-plan with a Howell Elder Law Lawyer For Nursing Home Care appeared first on The Elder Care Firm.
The post How to Pre-plan with a Howell Elder Law Lawyer For Nursing Home Care first appeared on SEONewsWire.net.]]>
Mature man reading old book surrounded by heaps of books
SO WHAT IS ELDER LAW?
As you can see on the banner and even in the URL address for this website, we are all about elder law. But perhaps after reading some of this you might be asking, what is elder law anyway?
It sounds like it should be pretty specialized, right?
Well it is, to a point. The specialty is the clientele – those who are older and thus will likely be involved in matters of estate planning, Medicare and Medicaid, Social Security and the like.
No, it is not the legal doctrine of TV lawyer/radio personality Larry Elder.
There are all kinds of attorneys who dabble in various categories of elder law, including those that actually have clientele of varying ages. But there are very few elder law “specialists,” those who at least know a lot about every area of elder law. Elder law can cover the gamut, from estate planning to probate to long-term care to insurance to wills and powers of attorney to nursing home neglect/abuse to Social Security to Medicare and Medicaid.
There are about 13 categories under the umbrella of elder law, and it will be important if you are looking for an elder-law attorney, to understand the right questions to ask to find the attorney who will be the right fit for you. Often it is personality that plays a role, but also it is more about the expertise of that attorney in the particular area of concern that you may have.
What Does an Elder Law Attorney Do?
An elder law attorney can serve as a very important adviser for a senior citizen and/or his or her family in legal and financial matters pertaining to elderly people. Whether it’s planning the estate to setting up long-term care options to powers of attorney, wills and trust – even end-of-life and real-estate issues – an elder law attorney can navigate you and your family through the various issues that will arise at some point.
There are many attorneys who at least dabble in some aspects of elder law, but there are certified elder law attorneys (with the CELA designation) who have a broader and deeper knowledge of the various areas of elder law.
Some people do hire a financial planner and an elder-law attorney for financial and legal matters, respectively, and the two professionals can often work together in consultation. However, if you can only afford to hire one, an elder-law attorney might be the wiser move since many financial issues do have legal guidelines and regulations that an attorney can help interpret – and the attorney would know enough about financial details to be a sound adviser in getting your affairs in order.
If you are in the market for an elder law attorney, try to ask these questions to find the right fit for your particular need:
- How long have you been practicing law (in general)?
- What percentage of time do you dedicate to elder law matters?
- Do you have a specialty within elder law?
- What would I need for our first meeting?
- What is your fee schedule?
No matter what specific need you might have within elder law, a certified elder law attorney can help you with any topic. As many elder law situations involve differing state laws and regulations, it is best to hire an elder law attorney who practices in the state where your elderly family member lives so as to not create confusion and legal troubles later.
Having an elder law attorney, at least on a retainer basis, can be a very sound investment for you and your family for when the inevitable happens, and the transfer of the estate goes on harmoniously and with little to no hassles.
The post What is Elder Law and Elder Law Attorney appeared first on The Elder Care Firm.
The post What is Elder Law and Elder Law Attorney first appeared on SEONewsWire.net.]]>
Mature man reading old book surrounded by heaps of books
SO WHAT IS ELDER LAW?
As you can see on the banner and even in the URL address for this website, we are all about elder law. But perhaps after reading some of this you might be asking, what is elder law anyway?
It sounds like it should be pretty specialized, right?
Well it is, to a point. The specialty is the clientele – those who are older and thus will likely be involved in matters of estate planning, Medicare and Medicaid, Social Security and the like.
No, it is not the legal doctrine of TV lawyer/radio personality Larry Elder.
There are all kinds of attorneys who dabble in various categories of elder law, including those that actually have clientele of varying ages. But there are very few elder law “specialists,” those who at least know a lot about every area of elder law. Elder law can cover the gamut, from estate planning to probate to long-term care to insurance to wills and powers of attorney to nursing home neglect/abuse to Social Security to Medicare and Medicaid.
There are about 13 categories under the umbrella of elder law, and it will be important if you are looking for an elder-law attorney, to understand the right questions to ask to find the attorney who will be the right fit for you. Often it is personality that plays a role, but also it is more about the expertise of that attorney in the particular area of concern that you may have.
What Does an Elder Law Attorney Do?
An elder law attorney can serve as a very important adviser for a senior citizen and/or his or her family in legal and financial matters pertaining to elderly people. Whether it’s planning the estate to setting up long-term care options to powers of attorney, wills and trust – even end-of-life and real-estate issues – an elder law attorney can navigate you and your family through the various issues that will arise at some point.
There are many attorneys who at least dabble in some aspects of elder law, but there are certified elder law attorneys (with the CELA designation) who have a broader and deeper knowledge of the various areas of elder law.
Some people do hire a financial planner and an elder-law attorney for financial and legal matters, respectively, and the two professionals can often work together in consultation. However, if you can only afford to hire one, an elder-law attorney might be the wiser move since many financial issues do have legal guidelines and regulations that an attorney can help interpret – and the attorney would know enough about financial details to be a sound adviser in getting your affairs in order.
If you are in the market for an elder law attorney, try to ask these questions to find the right fit for your particular need:
- How long have you been practicing law (in general)?
- What percentage of time do you dedicate to elder law matters?
- Do you have a specialty within elder law?
- What would I need for our first meeting?
- What is your fee schedule?
No matter what specific need you might have within elder law, a certified elder law attorney can help you with any topic. As many elder law situations involve differing state laws and regulations, it is best to hire an elder law attorney who practices in the state where your elderly family member lives so as to not create confusion and legal troubles later.
Having an elder law attorney, at least on a retainer basis, can be a very sound investment for you and your family for when the inevitable happens, and the transfer of the estate goes on harmoniously and with little to no hassles.
The post What is Elder Law and Elder Law Attorney appeared first on The Elder Care Firm.
The post What is Elder Law and Elder Law Attorney first appeared on SEONewsWire.net.]]>You may have seen ads running in the Mercury News and perhaps other media outlets for Trust Seminars presented by a San Diego-based law firm. These specific ads attempt to entice you by promising a “free kindle” and a “free dinner” for those who attend the seminars they are giving while they visit the Bay Area.
They claim to “fix” trusts. Their ads suggest that any trust done by anyone other than them is flawed. No surprise: They conclude that only they can fix it. We have seen marketing like this many times over the years.
We have been national and community leaders in this field for over 30 years. We know and are familiar with the real-world issues that trusts must address. We author articles and legal form books that attorneys across the nation rely upon. We have successfully represented thousands of individuals in the Bay Area, including many business and community leaders.
We want to assure you, as a client of Gilfix & La Poll or individual who has a relationship with our office, that we give you the best and most comprehensive representation in the field. Our revocable trusts do not have the problems these marketers identify. Gilfix & La Poll addresses more issues, more comprehensively, than virtually any other firm in the nation.
We have seen this firm’s list of trust document “flaws” that they identify. These lists can be misleading and it is important for you to know that planning must go beyond overly simplistic checklists.
- Our trusts and related planning documents cover every base and offer all the legal tools and protections needed to ensure that you have the power to keep your estate safe.
- Our Family Protection Trusts offer the powerful protections for your children — protection against divorce, against litigation and against future estate tax — that their checklist correctly identifies as important.
- We deal with and understand additional issues they and so many others do not address, including issues related to long-term care planning and special needs.
This type of marketing conjures many confusing “straw man” arguments, where a false problem is presented and then “solved.” Do not be misled by catchy marketing and offers of free meals or gadgets. If you have a trust with another firm, we are happy to take a look and to identify real issues, and we won’t use a superficial approach to do it.
If you have any questions about this, or any other issue related to your planning, give us a call. We might not give you a free kindle, but we will take good care of you and your family.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate. To contact an estate planning lawyer visit www.gilfix.com or call 800.244.9424.
The post A Warning About Ads to “Fix” Your Trust first appeared on SEONewsWire.net.]]>You may have seen ads running in the Mercury News and perhaps other media outlets for Trust Seminars presented by a San Diego-based law firm. These specific ads attempt to entice you by promising a “free kindle” and a “free dinner” for those who attend the seminars they are giving while they visit the Bay Area.
They claim to “fix” trusts. Their ads suggest that any trust done by anyone other than them is flawed. No surprise: They conclude that only they can fix it. We have seen marketing like this many times over the years.
We have been national and community leaders in this field for over 30 years. We know and are familiar with the real-world issues that trusts must address. We author articles and legal form books that attorneys across the nation rely upon. We have successfully represented thousands of individuals in the Bay Area, including many business and community leaders.
We want to assure you, as a client of Gilfix & La Poll or individual who has a relationship with our office, that we give you the best and most comprehensive representation in the field. Our revocable trusts do not have the problems these marketers identify. Gilfix & La Poll addresses more issues, more comprehensively, than virtually any other firm in the nation.
We have seen this firm’s list of trust document “flaws” that they identify. These lists can be misleading and it is important for you to know that planning must go beyond overly simplistic checklists.
- Our trusts and related planning documents cover every base and offer all the legal tools and protections needed to ensure that you have the power to keep your estate safe.
- Our Family Protection Trusts offer the powerful protections for your children — protection against divorce, against litigation and against future estate tax — that their checklist correctly identifies as important.
- We deal with and understand additional issues they and so many others do not address, including issues related to long-term care planning and special needs.
This type of marketing conjures many confusing “straw man” arguments, where a false problem is presented and then “solved.” Do not be misled by catchy marketing and offers of free meals or gadgets. If you have a trust with another firm, we are happy to take a look and to identify real issues, and we won’t use a superficial approach to do it.
If you have any questions about this, or any other issue related to your planning, give us a call. We might not give you a free kindle, but we will take good care of you and your family.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate. To contact an estate planning lawyer visit www.gilfix.com or call 800.244.9424.
The post A Warning About Ads to “Fix” Your Trust first appeared on SEONewsWire.net.]]>
On September 10, 2015, attorneys Michael Gilfix and Mark Gilfix of Gilfix & La Poll Associates presented a seminar on living trusts and asset protection in the face of long-term care.
The workshop was held in partnership with the Avenidas Senior Center in Palo Alto, California. Titled “Your Estate Planning and Long-Term Care Checkup – Do You Have a Plan?,” it provided up-to-date information about estate planning.
Attendees were encouraged to bring in questions about their living trusts. Estate planning attorneys Michael Gilfix and Mark Gilfix shared their expertise on how to protect inherited assets for divorce, litigation and estate taxes, as well as how to protect your home and other assets while qualifying for Medi-Cal. They also discussed the pros and cons of reverse mortgages.
The seminar covered a wide range of estate planning topics such as the basic estate planning documents that you need, the cost of skilled nursing care and the importance of multigenerational planning.
Michael Gilfix and Mark Gilfix are the co-authors of an article titled “A New Paradigm: Truly Multigenerational Planning” in the September 2015 issue of Trusts & Estates magazine. They have also co-authored “Facing the Reality of Long-Term Care,” a book explaining the nature and cost of long-term care.
For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
On September 10, 2015, attorneys Michael Gilfix and Mark Gilfix of Gilfix & La Poll Associates presented a seminar on living trusts and asset protection in the face of long-term care.
The workshop was held in partnership with the Avenidas Senior Center in Palo Alto, California. Titled “Your Estate Planning and Long-Term Care Checkup – Do You Have a Plan?,” it provided up-to-date information about estate planning.
Attendees were encouraged to bring in questions about their living trusts. Estate planning attorneys Michael Gilfix and Mark Gilfix shared their expertise on how to protect inherited assets for divorce, litigation and estate taxes, as well as how to protect your home and other assets while qualifying for Medi-Cal. They also discussed the pros and cons of reverse mortgages.
The seminar covered a wide range of estate planning topics such as the basic estate planning documents that you need, the cost of skilled nursing care and the importance of multigenerational planning.
Michael Gilfix and Mark Gilfix are the co-authors of an article titled “A New Paradigm: Truly Multigenerational Planning” in the September 2015 issue of Trusts & Estates magazine. They have also co-authored “Facing the Reality of Long-Term Care,” a book explaining the nature and cost of long-term care.
For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
Your personal representative may not have the power to obtain access to your online accounts that may contain valuable and sentimental photos of your family, pets, posts on social media, emails and bank account statements. This is because several online providers have differing policies or terms-of-service contracts concerning whether they will give fiduciaries access to online accounts. For instance, the terms-of-service agreement for Yahoo claims to give the company the power to remove an account upon the demise of the account holder, regardless of how the estate may be affected.
In response to the obstacles that have prevented fiduciaries from carrying out their responsibilities, the Uniform Law Commission embarked on a process that has taken over two years to complete, and has culminated in the Uniform Fiduciary Access to Digital Assets Act (UFADAA).
It is a statute that was enacted in order to operate along with a state’s current laws regarding probate, trusts, guardianship, and powers of attorney. The new legislation will enable fiduciaries to have authority over an individual’s digital assets in addition to the usual assets, and to act on behalf of a protected person or estate. It is an important statute for the digital age, and it is recommended that each state enact the new law as quickly as possible.
If you are interested in learning more about protection of your digital assets, consult with an experienced estate planning attorney at Hook Law Center.
The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit http://www.hooklawcenter.com/ or call 757-399-7506.
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According to a study
that was published in JAMA Neurology, people who are genetically
inclined to develop Alzheimer’s, but who attended college, were
employed in complex occupations, and remained intellectually
challenged, delayed contracting the disease nearly 10 years longer
than others.
The study also found
that those who pursued intellectual activities, including reading or
playing music, and maintained an active and healthy mind as they grew
older, postponed the onset of Alzheimer’s by years if they were at
risk of developing the disease and did not attend college or work at
complex jobs. These results show that intellectual stimulation over
your lifetime can greatly reduce the likelihood that you will develop
Alzheimer’s.
As reported by David
Knopman, an author of a study and a neurology professor at the Mayo
Clinic in Rochester, Minnesota, keeping your brain fit can prevent
the development of dementia later in life. Given the fact that there
are no effective treatments for Alzheimer’s, it is good to know
that there are measures that we can take that may ward off the
disease for a while.
To speak with an experienced Virginia elder law and estate planning attorney, call 757-399-7506 or visit www.hooklawcenter.com.
The post Intellectual Activity Can Stave Off Alzheimer’s first appeared on SEONewsWire.net.]]>
An estate can be just a paycheck
There seems to be a lot of belief that only those with millions and millions of dollars of assets are the ones who need to do estate planning, and have it be complicated so the estate doesn’t have to pay any “death tax,” known as estate taxes, on the assets in the estate.
While estate planning is certainly important for those with significant assets, there is a level of importance for all estates, regardless of size. If you have a paycheck and some basic possessions, a spouse and/or children, then an estate plan would be a good idea.
After all, your estate is your legacy, no matter how modest it is. And if you are not able to use all your assets while you’re living, then why not hand down those assets to family members who could use them and pay them forward, as it were?
The goal of estate planning is not so much to skirt taxes, though that is helpful. The idea is to ensure a smooth transfer of assets to loved ones without the burden of legal issues and courtroom family dramas. An estate that is set up correctly will be stress-free, hassle-free and be a benefit to the family.
If you paid full attention to this article, you would think, “Is estate planning only for the affluent?”, and that you, the average American, would have no need for an estate plan because it’s made for the wealthy so they can avoid paying estate taxes. But estate planning is not a tool just for the wealthy. And in the long run, it is a process that is actually affordable for the average American, when compared to the legal headaches and costs of family members fighting over your assets that would be in dispute had an estate plan not been in place.
The level of taxes the estate pays is a secondary consideration, but one that can be addressed by an experienced financial planner or certified elder-law attorney who knows the ways to create a seamless estate plan while mitigating the tax load on an estate regardless of size or complexity.
Oh sure, an estate can be complex with a lot of different trusts and insurance products to avoid all estate taxes. But what if the estate is hard to execute? Then the plan is self-defeating.
The ultimate goal should be to pass on your legacy as seamlessly as possible, and a certified elder-law attorney can be a big help in walking you through the necessary tools to ensure a proper and harmonious asset transfer through the members of your family. Your life and estate are supposed to be a blessing, not a curse.
So think very hard about your life. Do you have a paycheck? That income is an asset. Do you have a home, or cars, or rental property, or children, or jewelry? This can all be part of your estate. No matter if your net worth in negative due to debts or your net worth is in the millions, if you have any assets whatsoever, you owe it to yourself to create an estate plan with a professional who knows the various legal and financial angles of an estate plan and its various tools so you can protect and properly distribute your legacy to your family, increasing the blessings that you have given to your family throughout your life.
The post Is Estate Planning Only for the Affluent? appeared first on The Elder Care Firm.
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An estate plan has to be well-thought-out to be effective and make for a seamless transition of assets to family members or charitable organizations of your choice.
And to be well-thought-out means that it doesn’t just happen. You have to take steps to create the plan. The plan has to be specific to your estate and your situation, so when you meet with a financial planner or certified elder-law attorney to discuss the plan, you should have our estate pretty much laid out.
Once you do that, you then have to make sure you have all the documents you could possibly need to secure every bit of that estate without the need for a probate judge.
Here is a basic estate planning checklist for doing your estate plan:
- First, take inventory. This involves looking over everything you have that is valued at $100 or more. Look through your house and mark down everything of value – power tools, jewelry, televisions, vehicles, the house itself. Next, look through your various money accounts – savings, checking, CDs, IRAs and the like. Next, make notes of all your insurance policies – medical, home, auto, life, etc. Make note of any and all beneficiaries of these policies and accounts, as well as any death benefits and premiums.
- Find a professional. This work can’t be done by yourself, unless you are a professional planner – and even then, your emotional or sentimental side may cloud your judgement. It’s always a good idea to find a quality financial planner or a certified elder-law attorney (CELA designation) to take your inventory and work with you to develop all the legal documents you need.
- The will. This is probably the most important instrument in your estate plan, and it sets the tone for everything else. Be as specific as you can in terms of who gets your assets upon your death, and who would be the guardian for your children if they are under age 18. Know that this can and should always be updated every few years or as needed when something in your life changes (spouse dies, you get divorced, a child dies, you have a falling out with a family member, etc.).
- A living trust. If done correctly, a living trust can be a great way for your assets to be transferred to family without the hassle of probate.
- Advance Health Care Directive. This is actually two documents, a living will and a power of attorney for health care. These help you with medical decisions if you are unable to make them for yourself due to physical or mental incapacity. You can designate a person to make these decisions for you; and it’s a good idea to let this person know what you want before you make the document.
- Financial power of attorney. Similar to the healthcare directive, a financial power of attorney allows you to designate a person to handle your financial affairs should you become physically or mentally unable to make those decisions yourself.
- If you don’t have beneficiaries named on any accounts, or if you need to change them, this is a good time to do that. It’s a good idea to have your beneficiary forms match with your will, because in the case of confusion, the beneficiary form will prevail in most cases.
- Your children’s property. If your children are under 18, name a person to manage any inheritances or money from your estate. The person you designate as guardian in your will could be this person if you want. You can always change this once all your children reach adulthood.
- Life Insurance? Not everyone needs it, but it could be good if you may have substantial debt r if you own a home or have young children.
- Estate taxes. As long as your estate is not more than $5 million, you won’t have to pay estate taxes. Your estate planner can help you determine your taxable worth and help you with strategies to ensure you don’t get hit with the death tax.
- Pay for the funeral. You could set up an account that is payable on death, which has enough money to cover expenses regarding funeral, burial, memorial services and the like.
- Final wishes. Let your loved ones know if you are willing to donate organs and if you want a burial or cremation. Not securing these details will cause headaches and will delay the mourning.
- Business moves. If you own your own business, have a succession plan in place. If you are part of a partnership, have a buyout plan or some other arrangement once a partner passes.
- Safe storage. Once you have all your documents, make copies. Have a copy in a safe deposit box or safe place in your home where spouses or children can access it when needed. Also have a copy to your executor and any legal guardians; and of course, to your estate planner. Keep a copy for yourself as well, so you can remember he forms and when it is time to update them.
The post 14-point Estate Planning Checklist to Secure Your Estate appeared first on The Elder Care Firm.
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Interacting
with horses may ease certain Alzheimer’s symptoms, including mood
problems, depression and anxiety, a recent study found.
The
Ohio State University study followed 16 people with Alzheimer’s
disease.
Half of the group continued their usual activities at an
adult day care center, while the other half participated in equine
therapy. The equine therapy included grooming, feeding and walking
horses once a week for one month.
The
group that participated in equine therapy displayed marked ease of
symptoms, including improved behavior and increased physical
activity. The level of activity was higher at each subsequent equine
therapy session. The study’s authors believe that both the
interaction with the horses and the rural environment of the farm had
a beneficial effect for the group.
Past
studies have shown that interacting with and caring for animals of
all kinds can help individuals with Alzheimer’s disease, as well as
seniors in general.
To speak with an experienced Virginia Beach and Suffolk elder law and estate planning attorney, call 757-399-7506 or visit www.hooklawcenter.com.
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Michigan Asset Protection Trust | iPug
Asset protection planning is one of the most important aspects of any estate planning or retirement planning these days, especially for Michigan seniors in this economy. A new tool in the estate planning tool box is the Irrevocable Pure Grantor Trust- otherwise known as the, the iPug
.
The iPug is a self-settled asset protection trust that makes sense for regular folks and offers asset protection against going broke in a nursing home while offering control of the assets and access to lifetime income of the assets in the trust. Think of it like a piggy bank, a piggy bank that you hold on to.
iPug Trusts are not just Michigan based, but work in any state across the US and are based in common law. This means that they are more stable in courts and give you the client, more peace of mind that they will hold up in court, which they have.
The iPug is a great planning tool for main street Michigan retirees and seniors who are not concerned about estate taxes, because they don’t have over $10million in assets, but are concerned about asset protection, avoiding probate, and protecting against long-term care.
The most common version of the iPug in Michigan is the iPug where the grantor (you) retains rights to any income the trust accumulates and has full control how the assets are invested inside of the iPug. Typically the assets are invested with an APA (Asset Preservation Annuity).
The advantage of this form of iPug is that the individual who has set up the iPug has protected it against lawsuits, divorces, bankruptcy, trustee problems, children problems, taxes and stock market losses.
The trade-off for these benefits? The grantor (you) cannot have direct access to the principle. Notice it’s direct access, not all access. Think of this form of iPug like a piggy bank. The piggy bank can be accessed any time through the bottom of the piggy bank. Likewise with the iPug.
Asset protection planning in Michigan can be a complicated area of law, it’s important to work with a Certified Elder Law Attorney (CELA) to help with your asset protection and iPug planning.
The post Michigan Asset Protection Planning with the IPUG Trust appeared first on The Elder Care Firm.
The post Michigan Asset Protection Planning with the IPUG Trust first appeared on SEONewsWire.net.]]>Despite being business-savvy, wealthy Americans have demonstrated a reluctance toward thinking about estate planning. The lack of estate plans can be attributed in part to the constant changes in federal estate tax law, which has resulted in what estate planning attorney Michael Gilfix calls “estate-planning fatigue.”
A higher federal estate tax exemption of $5.43 million per person this year could be another reason high-net-worth families have placed a lesser priority on estate planning, holding the view that it is primarily a way to reduce estate taxes. There is more to estate planning, however.
When it comes to protecting and providing for loved ones when you are no longer around, estate planning is one of the most basic and critical steps a person can take. It provides control over what happens to your assets and how you will provide for your children, along with specific instructions about end-of-life wishes that will avoid unnecessary stress and fighting later on.
Inherited assets can be protected if a child endures divorce. Such assets can be protected from litigation, explains Gilfix.
Establishing a sound estate plan involves drafting documents such as wills and powers of attorney, as well as setting up living trusts and addressing property management. Without a plan, you risk leaving life’s important decisions in the hands of the courts and having the care of your children and their inheritance fall into the wrong hands.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
We wanted to share an article that Michael Gilfix published in the prestigious Trusts & Estates magazine late last year. The article discusses issues related to elder abuse and diminished capacity as individuals age. In this article, Michael presents a new paradigm for thinking about this. He presents ways that families can keep an eye on things and deal with these issues as they arise.
We encourage you to take a look by clicking here. If you have any questions about these issues, we are, of course, available to meet or discuss these with you at any time. We hope you enjoy this article.
The Gilfix & La Poll Team
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
Brighton, Michigan. Where quality is a way of life…right? Unfortunately, as someone looking for an estate planning or elder law attorney in Brighton, it can be difficult to identify a quality elder law attorney from an elder law attorney who doesn’t quite meet the Brighton “quality” standard.
This was driven home the other week, when a friend referred one of his friends to The Elder Care Firm. We scheduled a free phone consultation and he had a sad story to tell.
His sisters had hired another elder law attorney in Brighton and had been charged over $13,000 to do Medicaid planning for their parent. Unfortunately, not much was done, the case dragged on, and the family didn’t get the results they had paid so much money for.
While this story was about a Brighton elder law attorney, it could be about any elder law attorney in Livingston County, Howell, Novi, Milford, South Lyon or surrounding communities. Any attorney can say they do elder law, but how can you tell a “quality” elder law attorney from a run-of-the-mill general practitioner.
Not All Elder Law Attorneys are Created Equal.
Elder law attorneys can put together slick marketing and reports on elder law. We have some nice reports. But just because an attorney has a report on a subject, doesn’t mean they are an expert or that they even wrote the report in the first place. Maybe that attorney is great at marketing, that doesn’t mean they are a great elder law attorney.
Is Your Attorney a Certified Elder Law Attorney?
There is really only one “gold standard” in estate planning and elder law. That is the Certified Elder Law Attorney (CELA) designation. The National Elder Law Foundation is the only national certifying program for elder law and special needs planning in the nation and is approved by the American Bar Association.
The National Elder Law Foundation first certified elder law attorneys in 1994, and now over 20+ years later there are over 400 CELAs across the nation. There is only 17 in the State of Michigan and only one in Livingston County, including Brighton, Howell, Hartland and the surrounding areas.
Why Work with a Michigan Certified Elder Law Attorney (CELA)?
It’s important to work with a Certified Elder Law Attorney because when you’re working with a Michigan Certified Elder Law Attorney you know you’re working with the cream of the crop when it comes to elder law. Think of CELAs as the top 1% of estate planning and elder law attorneys.
You have the confidence of working with an elder law attorney who has completed a riggorous full day examination and demonstrated that their law practice is actually focused on estate planning and elder law. Once certified, your Certified Elder Law Attorney must continue to practice primarily elder law and complete continuing education specifically targeted to advanced practitioners.
Is Your Livingston County Elder Law Attorney at Thought Leader Among his Peers?
Most of the thought leaders across the nation in estate planning and elder law are Certified Elder Law Attorneys. In my own practice, as a CELA, attorneys across the nation pay to learn from me and co-counsel with my firm.
You Deserve the Best Elder Law Attorney
It’s hard to judge quality, so let the National Elder Foundation certification process do it for you. You deserve the best, you deserve to work with a Certified Elder Law Attorney. To learn more about the National Elder Law Foundation or the Certified Elder Law Attorney (CELA) designation, click here nelf.org.
The post Brighton Elder Law Attorney…Gone Bad appeared first on The Elder Care Firm.
The post Brighton Elder Law Attorney…Gone Bad first appeared on SEONewsWire.net.]]>Women in the United States statistically have longer life expectancies than men, and therefore a higher likelihood of outliving their husbands. In such circumstances, planning for the financial future becomes critical.
Estate planning is one way in which women can take control of their finances in order to ensure long-term economic security. It is also a useful tool for preserving wealth and creating a plan for handling assets upon one’s death.
Many women tend to put off estate planning, not realizing its importance or understanding how to go about it. Taking simple steps such as writing a will or setting up a trust can reduce confusion and expenses for your family when you are no longer around.
Drafting a will forces you to review you financial situation and formally plan how you want to pass on your wealth. Without a will, you die intestate and a court decides how your assets will be divided, based upon certain assumptions.
Trusts can be helpful in protecting your assets and ensuring they go where you intended. They can protect money from children until they are older and keep ex-spouses from gaining access to your funds against your wishes. Talking to a lawyer will help you choose from the many types of trusts available, depending on your needs.
With a well-drafted estate plan in place, some of the financial impact of unexpected life events such as a divorce or the death of a spouse can be reduced. By planning ahead, you can also capitalize on federal estate tax exemptions, ensuring your beneficiaries receive the maximum amount of your assets.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
Elder justice was in the spotlight at the conference, which took place nearly a month after World Elder Abuse Awareness Day on June 15. Aging opens adults up to a number of vulnerabilities, such as physical and psychological abuse, neglect and financial exploitation.
According to the White House, a 2010 study revealed that one in 10 older Americans experienced abuse in the previous year. While programs and services such as the National Center for Elder Abuse are available for elderly adults seeking help, policymakers play a key role in raising awareness about elder abuse and working towards prevention.
The conference has taken place each decade since the 1960s to discuss how to improve the quality of life for older Americans. Some of the topics that will be addressed include retirement and financial security, healthy aging, long-term support and elder justice.
This year marks the 50th anniversary of Medicaid, Medicare and the Older Americans Act. Such governmental programs contribute to providing Americans with peace of mind as they age. Older Americans also need access to a well-placed caregiving network, adequate housing and financial security to maintain healthy, independent lifestyles in their old age.
The Obama Administration has participated in listening sessions since July 2014 to learn from aging leaders and older Americans about the key issues that need to be addressed at the conference.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
Michael Gilfix speaks at this year’s Wealth Counsel conference.
On July 16, 2015, Michael Gilfix presented a session/program on this topic at the annual conference of Wealth Counsel, a nationally known and leading estate planning organization.
What distinguishes this talk is its emphasis on avoiding financial abuse. Virtually every other article published by attorneys about financial elder abuse focus on litigation, court involvement, and other reactions to abuse after it has taken place.
Financial abuse can afflict anyone at any time. 50% of financial abusers are family members.
We at Gilfix & La Poll have extraordinary experience in addressing this issue in a positive, preventive way. When it takes place, we have been remarkably and consistently successful in recovering assets for victims of financial abuse.
If you or any of your family members or friends have experienced these problems – or if you are worried about them – call us for a consultation.
Do not let elder financial abuse happen.
Elderly people are at a
higher risk of being victims of financial scams and identity theft.
Loved ones can play a big role in protecting elderly relatives from
financial fraud.
Telemarketing scams,
particularly on landlines, remain one of the most common forms of
financial fraud against the elderly. The phone allows scammers to
develop a connection with vulnerable seniors, while still having an
escape route if things go sour.
One of the best ways to
protect elderly relatives from financial scams is to discuss your
concerns with them: let them know if you believe they are vulnerable,
and keep them updated on what scams are out there and how older
people can become victims.
Unfortunately, hired
caregivers are sometimes the perpetrators of identity theft against
elderly patients. If your relative will have a caregiver or service
person in the home frequently, think about installing a safe where
important documentation is kept. Although home care aides go through
background checks, the best way to guard against financial fraud is
to eliminate the opportunity.
To contact an estate planning lawyer at Hook Law Center, call 757-399-7506.
The post How to Protect Elderly Relatives from Financial Scams first appeared on SEONewsWire.net.]]>Open up a dialogue
If you feel worried that your loved ones have unrealistic expectations about your estate, talk to an elder law attorney to draw up a retirement plan trust. When you sit down with your attorney, ask the specific questions you have about how to talk to your heirs and what kind of pertinent information most people share. If you feel comfortable doing so, ask your child or children to accompany you to see your elder attorney. According to CNBC, some older people don’t feel comfortable telling their children what kind of assets and how much money they are leaving.
Protect your assets
Asset protection is an important goal whether you plan to leave assets to relatives or just want to have enough to pay for your ideal end-of-life medical and health care as well as long-term care facilities. While you are living, you want the best qualify of life and care. When you pass away, you don’t want your assets eaten up through taxes and probate. The essential job of an elder attorney is to fulfill a client’s wishes by providing maximum protection from insurance and legal tools.
- Give while you are living
Some senior citizens rather give as much as they can while they are living. Some ideas for sharing wealth with loved ones if you are under age 59 and a half include taking up to $10,000 from a Roth IRA account to help pay for college or for a child or grandchild’s first home purchase. According to a piece by Kiplinger.com, you can take the money out penalty free. If you are older than 59 and a half, you can take out as much as you want from a Roth without incurring taxes. CNBC points out a lot of seniors do prefer to spend money on loved ones while they can see their money at work.
Encourage your child to save
One of the best favors you can do for your child who depends on your wealth is to refer them to your estate planning attorney for guidance. Whether your child needs to beef up contributions to a 401(k) or other company-sponsored retirement plan or contribute to a Roth IRA, an estate planning attorney will review their retirement plans. If you do pass away, your children could inherit your retirement accounts. An estate planning attorney will help your heirs figure out the best way to protect the assets.
Elder law and estate planning attorney Christopher J. Berry and the Elder Care Team understands that retirement planning is difficult but necessary. You and your children who depend on your wealth will find financial peace of mind with a Michigan Retirement Plan Trust. For more information on retirement planning and how to talk to your children about your estate plans, please contact us.
The post When Heirs Count on Your Wealth as Their Retirement Plan appeared first on The Elder Care Firm.
The post When Heirs Count on Your Wealth as Their Retirement Plan first appeared on SEONewsWire.net.]]>Avoiding sibling rivalry with Estate Planning
If you have more than one child, discuss the inheritance to prevent sibling rivalry issues. Some surprises are good, but others create tension and uncertainty. According to forbes.com, one important issue is who will be the executor of the will.
Clearing up any confusion
If you are fortunate enough to own several homes such as vacation or investment properties, don’t assume which children would prefer to inherit a certain property. An estate planning attorney will let you know how to handle a situation when one real estate property is worth more money than another. Also, you can guard against the problem of leaving a home to one child that you think will be worth more or less than it is worth in the future. Also, your children might have preconceived ideas about how much you are worth. The AARP cited a Fidelity Investments survey that showed children underestimated their parents’ estate by $100,000. In many cases, you could give your children greater peace of mind.
Avoiding probate and taxes
If you don’t want to put your children through the stress of probate, talk to an elder and estate planning attorney about ways to avoid probate with a retirement plan trust. One great way to help your children is to pay off your debts while you are living if you can. Also, you might want to simplify your financial situation by selling real estate in another state that you no longer need or want to include in the estate plan. Experts advise people who want to avoid estate taxes to start making lifetime gifts each year.
Explaining your intentions
Most parents and grandparents only want what’s best for their family. Explain your reasoning to your children or other beneficiaries. By having the difficult inheritance talk you can create more family harmony. The AARP recommends if you plan to distribute the inheritance unequally, just explain your reasoning. Some reasons might include the fact that one child earns significantly more or one child has many more children to care for in life.
While it might to tempting to try to control your children from beyond this world, experts caution against using an “incentive trust,” that stipulates what your children have to do in order to receive an inheritance. While incentive trusts make for a good storyline in a movie, it’s often counterproductive and leads to lawsuits that eat up your hard-earned money.
Christopher J. Berry, an elder law and estate planning attorney, and the Elder Care Firm, work hard to provide you with the answers you need for your estate plan. For more tips on how to talk to your children and their inheritance and how to set up a Michigan Retirement Plan Trust, please contact us.
The post Estate Planning: Having the Inheritance Talk appeared first on The Elder Care Firm.
The post Estate Planning: Having the Inheritance Talk first appeared on SEONewsWire.net.]]>Couples who are getting divorced should collect information about all of their retirement accounts, including IRAs, 401(k)s and pensions. Retirement account assets may be awarded to one party, or they may be divided between the divorcing spouses.
Pension plans are handled differently. The spouse who holds the pension has the option of either buying out the other spouse or giving a share of the benefits. To buy out the other spouse, the pension must be valued by actuarial analysis. A court order may order the pension to be split 50/50 or by some other ratio, depending on whether the couple were married for the entire duration of the pension.
If the couple was married for at least 10 years, and one spouse does not have work credits worth at least half of the other spouse’s, then that spouse can receive Social Security benefits. After one spouse’s death, the other spouse can claim the entire amount of the former spouse’s Social Security benefits.
In addition to overhauling one’s retirement plans, a divorced individual should review all estate planning documents to ensure that they reflect the individual’s current wishes.
The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit http://www.hooklawcenter.com/ or call 757-399-7506.
The post How divorce affects retirement planning first appeared on SEONewsWire.net.]]>
More
seniors than ever are joining their children and grandchildren on
Facebook.
Seniors
tend to lag behind younger people in their use of technology, and the
use of social media is no exception — but the gap is closing.
A recent study by the Pew Research Center found that social media
usage among Americans 65 and older is growing faster than any other
age group.
The
findings were part of a broader study on the use of technology by
seniors. Older adults cite hurdles to technology adoption such as
physical handicaps that make reading difficult, skepticism about the
usefulness of technology and difficulty in learning how to use new
technology. But once seniors become internet users, 71 percent go
online daily or almost daily, and 79 percent feel internet access
puts them at an advantage, according to the findings.
Perhaps
a senior citizen in your life is interested in using the internet or
social media sites. Public libraries are an excellent resource for
live classroom computer training for all ages. Or, simply lend a hand
yourself. Learning modern skills can be an enriching and rewarding
part of life for seniors.
To contact an estate planning lawyer at Hook Law Center, call 757-399-7506.
The post Seniors Are Now the Fastest-Growing Adopters of Social Media first appeared on SEONewsWire.net.]]>
Divorce and remarriage
can have can have an impact on a person’s Social Security benefits.
Once a person reaches retirement age, he or she has the right to
claim Social Security benefits based on their own earnings record or
half of the former spouse’s benefit, whichever is higher, even if
they have divorced.
Once a person
remarries, they typically lose any rights to their former spouse’s
Social Security benefits, unless the new marriage ends by divorce or
death. However, a divorced person may still be able to collect
benefits on a former spouse’s record even if the former spouse has
remarried. To qualify for this benefit, the marriage must have lasted
at least 10 consecutive years.
In certain
circumstances, divorced people can even qualify for survivor benefits
after their former spouse dies. To qualify for survivors benefits,
the marriage must have lasted at least 10 years, or the recipient
must be caring for a child under 16, and the recipient must not have
remarried before age 60.
To contact an estate planning lawyer at Hook Law Center, call 757-399-7506.
The post Divorcing and Remarrying Can Affect Social Security first appeared on SEONewsWire.net.]]>Some of the most important estate planning terms to understand include:
- Advance medical directive – A document that details a person’s health care wishes in case they become incapacitated. An advance medical directive also allows the individual to name someone to make health care decisions on their behalf.
- Estate – All of the money, real property and personal property a person owns.
- Estate planning – The process of taking steps to ensure that one’s wishes are followed after death, especially regarding the distribution of one’s wealth and assets.
- Intestate – Describes someone who died without making a will. When a person dies intestate, the state distributes their estate according to established rules of inheritance.
- Power of attorney – A document which allows another person to handle one’s financial affairs in the case of incapacitation, or sometimes even before one is incapacitated. The person granted power of attorney may have power over all financial decisions, or only certain tasks.
- Probate – A court-mediated process in which an estate’s assets are distributed. Probate is a public process that typically takes months. Wills go through probate, as do the estates of people who died without making a will.
- Trust – A document that establishes a situation where property is held by one party in the interests of another. Property that is held in trust does not have to go through probate. Trusts can also allow individuals to give some or all of their estate to charity in a charitable trust, to control how and when a younger family member receives their inheritance, and more.
- Will – A legal document in which a person outlines how their estate should be administered following their death.
The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit http://www.hooklawcenter.com/ or call 757-399-7506.
The post Defining common terms in Virginia estate planning first appeared on SEONewsWire.net.]]>by Thomas D. Begley, Jr., CELA
Background on Alzheimer’s
According to the American Alzheimer’s Association, Alzheimer’s disease is a progressive brain disorder that damages and eventually destroys brain cells, leading to memory loss and changes in thinking and other brain functions. It usually develops slowly and gradually gets worse as brain function declines and brain cells eventually wither and die. Ultimately, Alzheimer’s is fatal and currently, there is no cure. An estimated 5.3 million Americans of all ages have Alzheimer’s disease in 2015. Thirty-six percent are age 85 or older, 43% are between 75 and 84, 16% are between 65 and 74, and 4% are under age 65.
Once an individual is diagnosed with early Alzheimer’s, what steps should be taken?
Estate Planning Documents
Assuming the client still has mental capacity, the first step would be to review any existing estate planning documents and bring them up to date, or if there are no such documents, to put them in place. These documents include the following:
- Wills are designed to transfer property on death. In most states, the requirements to make a Will are that the individual must be 18 years of age or older and of sound mind. This is why it is important to make a Will before the individual diagnosed with Alzheimer’s deteriorates.
- Living Trust. A revocable Living Trust is designed to avoid probate on the death of the individual. If the individual owns real estate in more than one state, the real estate can be transferred to a Living Trust to avoid probate in multiple states.
- Living Will and Health Care Power of Attorney. A Health Care Power of Attorney simply appoints a Health Care Representative to make medical decisions without giving any direction to the representative. A Health Care Power of Attorney can be combined with an Advance Directive/Living Will. The Advance Directive gives instructions for end-of-life decision-making. There are essentially four choices: (1) terminate life; (2) treat aggressively; (3) Medical Power of Attorney; or (4) ignore the problem and have a guardian appointed by a court to make medical decisions. The first three options make sense, the fourth option does not.
- Financial Power of Attorney. The Financial Power of Attorney is also known as a General Durable Power of Attorney. The principal designates an individual to serve as an Agent to transact financial decisions on the individual’s behalf.
The post YOU HAVE JUST BEEN DIAGNOSED WITH EARLY ALZHEIMER’S: NOW WHAT? first appeared on SEONewsWire.net.]]>
Studies
show that there may be health benefits to seniors owning pets,
ranging from a higher level of physical activity to better mental
health. Seniors who have pets tend to have better physical health and
an improved ability to cope with stress, among other benefits.
Owning
a pet can help prevent social isolation, providing companionship and
support to seniors who may not have others in the home. In addition,
having a pet to care for can give seniors a sense of purpose and
encourage them to set a healthy daily routine, including walking
regularly and eating and sleeping at regular times.
Although
owning a pet can be beneficial to many older adults, it is also
important to ensure that the pet is a good fit for the senior. Some
factors to consider include:
- The responsibilities that would be involved in owning the pet
- The
temperament and physical abilities of the breed in general and the
individual animal in particular - The
expenses associated with owning the pet - Who
would take care of the pet if the senior became unable to do so
To contact an estate planning lawyer at Hook Law Center, call 757-399-7506.
The post There May be Health Benefits to Seniors Owning Pets first appeared on SEONewsWire.net.]]>
The post The Importance of Asset Protection Strategies first appeared on SEONewsWire.net.]]>Protecting your assets from creditors is an aspect of estate planning that can be of crucial importance. There are different strategies that may be effective. These individual situations vary, and the laws regarding these strategies can be complex, so you should only employ them with the advice of an experienced estate planning attorney. With that in mind, here is an overview of some techniques…
A growing number of
high-tech devices could help keep seniors safe. These devices are
increasingly advanced and unobtrusive, allowing family members,
caregivers or emergency personnel to intervene promptly when seniors
are in danger.
Technology that
monitors senior safety can increase independence for seniors
suffering from dementia, while also relieving some of the caregiver
strain associated with continually monitoring an aging loved one.
Some of the most
promising tools include:
- SmartSole, a
shoe sole with GPS that allows caregivers to track patients with
dementia and receive alerts if the individual leaves a certain area
- Medical alert
devices that work over Wi-Fi or cellular networks, rather than radio
signal
- GrandCare, a
smart home company which uses smart sensors to monitor a senior’s
home, track activity, and create and monitor a daily schedule
- Accelerometers,
which are placed in some emergency medical pendants to automatically
detect falls
Experts believe that
the future will bring even more advanced devices, such as devices to
automatically measure vital signs or handheld electrocardiogram (EKG)
devices.
To contact an estate planning lawyer at Hook Law Center, call 757-399-7506.
The post New high-tech tools for senior safety first appeared on SEONewsWire.net.]]>by Thomas D. Begley, Jr., CELA
- Grandchildren
Many grandparents would like to leave something to their grandchildren. Frequently, the grandparents have not thought of this idea, but are enthusiastic when it is presented to them. One way to remember the grandchildren in a Will is to leave a flat sum of money, i.e., $10,000 per grandchild, another is to leave the grandchildren a separate share. For example, grandparents with three children may want to divide their estate into four shares, one for each of the children and one to be divided equally among the grandchildren. Some grandparents want to establish trusts for their grandchildren and limit distributions for education. 529 Plans are also a popular idea for many grandparents.
- Gifts/Loans to Children
Frequently, parents have made gifts or loans to one or more children, but not to all children. The Estate Planning attorney should ask whether the parents intended the gifts to be an advancement against the child’s share of the estate and whether they intend the loans to be repaid from the child’s share of the estate. Frequently, these loans are not documented and often children make no payments or default rather quickly.
- Blended Families
A fairly high percentage of the population is engaged in a second or subsequent marriage. They have children by a previous marriage or marriages. Do the parents want to treat their children and stepchildren equally? If not, do they want to provide for their current spouse, and upon the death of the current spouse direct their estate to their own children? Do they want a portion of the estate to go outright to the children immediately upon death? Do they want their current spouse to have a life estate in the real estate in which the couple resides at the time of the first death? If so, who will pay the taxes, utilities and upkeep? Would the life estate end if the surviving spouse cohabits or remarries? Has a Prenuptial Agreement been signed? Should a Contract to Make a Will be considered?
- Disability
Is there a family member with a disability? If so, is that family member receiving or likely to receive in the future any means-tested public benefits such as SSI or Medicaid? If so, a Special Needs Trust should be prepared.
- Beneficiary Designations
The beneficiary designations on life insurance policies, annuities and retirement plans must be coordinated with the client’s estate plan. Clients should be advised to retitle any POD or TOD assets. IRA beneficiaries should be designated with a view toward rolling over and/or stretching out IRA distributions.
The post Estate Planning: 5 Things You Should Consider first appeared on SEONewsWire.net.]]>“Many people are overwhelmed by long-term care costs, which are not covered by typical health insurance plans,” said Michael Gilfix, an elder law attorney in Palo Alto. “Life settlement firms offer to help, but the industry is still relatively small and not rigorously regulated.”
By selling one’s policy to a life settlement company, it is possible to get cash flow from a policy that otherwise does not have an immediate cash value. The policyholder gives up ownership of the policy but receives money to use for long-term care expenses. In addition, the policy is no longer considered an asset that can interfere with Medicaid/Medi-Cal eligibility.
“Since you forfeit ownership of the policy and lose its value, life insurance settlement is more appropriate for people who do not have dependents or a spouse who will need the support,” said Gilfix.
The value of a policy is based on calculations such as the policyholder’s age, medical history and the value and type of the policy. Most people receive somewhere between 20 to 45 percent of the policy’s value, but the rate can be higher or lower.
The life settlement industry is still small, with companies like The Lifeline Program converting only a few hundred policies each year. The industry is also relatively unregulated, and only a few states have enacted regulations, including California.
The office of Gilfix & La Poll can refer interested individuals to professionals who can advise about life settlements.
Pioneers of Elder Law – For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
To contact an estate planning lawyer visit http://www.gilfix.com/ or call 800.244.9424.
The post Trusts and Your Heir with Special Needs first appeared on SEONewsWire.net.]]>Trusts are a common estate planning tool and are used to keep assets out of a probated estate or to reduce an estate tax burden. Trusts can also be used to protect one’s heirs. There are instances when it may not be in a person’s own best interests to inherit funds directly. A direct inheritance may prove detrimental in the case of an heir with special needs. The families of individuals with…
Trusts are a common estate planning tool and are used to keep assets out of a probated estate or to reduce an estate tax burden. Trusts can also be used to protect one’s heirs. There are instances when it may not be in a person’s own best interests to inherit funds directly.
A direct inheritance may prove detrimental in the case of an heir with special needs. The families of individuals with special needs have often arranged their finances such that the individual will be eligible for Supplemental Security Income, Medicaid and other public benefits. These programs are needs-based, which means that if the individual’s income or assets rise above a certain level, the benefits could be lost. In a case like this, a direct inheritance could do more harm than good, and a solution may be a special needs trust or supplemental needs trust, which can be used to provide for certain supplemental needs of an individual while preserving their eligibility for benefits. 
In other cases, a person planning their estate may wish to consider certain circumstances in the lives of their heirs that could put an inheritance at risk. This may include a variety of situations. Some heirs may be unlikely to be able to manage money in their own best interests, due to their youth, their spending habits, or circumstances such as a substance abuse issue. There may be reasons that an heir is likely to become a defendant in a lawsuit. In other cases, if an heir divorces, then the divorced spouse may claim a share of assets inherited directly. In the case of a second marriage when there are children from a prior marriage, a person planning their estate may wish to ensure that their grandchildren are provided for, not their child’s second spouse.
A qualified estate planning attorney can design an asset protection trust or spendthrift trust to protect your family’s assets against such risks. The details of the trust and its power to protect assets depend on individual circumstances and state and federal law. Generally, a trust can be used to restrict a beneficiary’s ability to assign his or her interest in the trust to another person and restrict the rights of creditors to reach the assets of the trust. However, it is important to recognize that, depending on applicable law, the trust assets may be able to be reached to satisfy certain obligations, such as child support or taxes. To learn more, meet with an estate planning attorney at Littman Krooks.
Learn more about our special needs planning and special education advocacy services at www.littmankrooks.com or www.specialneedsnewyork.com.
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Asset Protection Planning For the Middle Class
With the advent Lifetime Protection Trust’s, clients these days have the ability to build in asset protection into their estate plans in simple, easy to understand ways, that use to only be available to net-worth individuals. Use of Lifetime Protection Trusts (IPUGs, MITs, FITs, KITs) has allowed savvy estate planning and elder law attorneys to protect middle class families from the devastating costs of long-term care, as well as against divorce, law suits, and creditor actions.
How Do Asset Protection Trusts Work?
The typical asset protection trust works like this. This might be called an IPUG, MIT, or Lifetime Protection trust. Mom and Dad create the asset protection trust. They then transfer assets to the trust. Any type of asset can go into the trust (except retirement accounts). Once in the trust, the longer the assets are in the trust, typically, more can be protected against nursing home spend down. Once five years has passed, all the assets in the trust are protected from nursing home spend down. The assets inside the trust can also be protected against creditors and bankruptcy.
The trust is set up like a piggy bank, so that Mom and Dad can be trustees of the trust (i.e. manage the assets inside the trust) during their lifetime. They can buy or sell real estate, change the nature of the investments, manage the assets. They can even receive the income or dividends from the trust.
However, Mom and Dad cannot take assets or principle directly from the trust. Instead they would distribute to lifetime beneficiaries of the trust. People during Mom and Dad’s lifetime, they allow to receive the assets from the trust. For example the children. Then the children can do what they want with the assets (including gift the assets back to Mom and Dad).
Then when Mom and Dad pass away, the assets can be distributed to the children in General Needs Trusts where each child could in essence have their own piggy bank, protected from divorce, creditors and even long-term care costs.
Estate Planning 2.0
This really is the next generation of estate planning. Most people have a revocable living trust, but if you want a Lifetime Protection Trust that protects assets during your life time, call The Elder Care law firm at 888-390-4360 to schedule a consultation.
The post Asset Protection Planning for The Middle Class appeared first on The Elder Care Firm.
The post Asset Protection Planning for The Middle Class first appeared on SEONewsWire.net.]]>Asset Protection Planning For the Middle Class
With the advent Lifetime Protection Trust’s, clients these days have the ability to build in asset protection into their estate plans in simple, easy to understand ways, that use to only be available to net-worth individuals. Use of Lifetime Protection Trusts (IPUGs, MITs, FITs, KITs) has allowed savvy estate planning and elder law attorneys to protect middle class families from the devastating costs of long-term care, as well as against divorce, law suits, and creditor actions.
How Do Asset Protection Trusts Work?
The typical asset protection trust works like this. This might be called an IPUG, MIT, or Lifetime Protection trust. Mom and Dad create the asset protection trust. They then transfer assets to the trust. Any type of asset can go into the trust (except retirement accounts). Once in the trust, the longer the assets are in the trust, typically, more can be protected against nursing home spend down. Once five years has passed, all the assets in the trust are protected from nursing home spend down. The assets inside the trust can also be protected against creditors and bankruptcy.
The trust is set up like a piggy bank, so that Mom and Dad can be trustees of the trust (i.e. manage the assets inside the trust) during their lifetime. They can buy or sell real estate, change the nature of the investments, manage the assets. They can even receive the income or dividends from the trust.
However, Mom and Dad cannot take assets or principle directly from the trust. Instead they would distribute to lifetime beneficiaries of the trust. People during Mom and Dad’s lifetime, they allow to receive the assets from the trust. For example the children. Then the children can do what they want with the assets (including gift the assets back to Mom and Dad).
Then when Mom and Dad pass away, the assets can be distributed to the children in General Needs Trusts where each child could in essence have their own piggy bank, protected from divorce, creditors and even long-term care costs.
Estate Planning 2.0
This really is the next generation of estate planning. Most people have a revocable living trust, but if you want a Lifetime Protection Trust that protects assets during your life time, call The Elder Care law firm at 888-390-4360 to schedule a consultation.
The post Asset Protection Planning for The Middle Class appeared first on Estate Planning Lawyers | Elder Law Attorneys | Brighton | Novi | Livonia Elder Law Attorneys.
The post Asset Protection Planning for The Middle Class first appeared on SEONewsWire.net.]]>What a fitting quote from a literary giant of the twentieth century, a writer whose stories often pitted man against nature…an indifferent and relentless nature quick to penalize one’s mistakes.
And what an appropriate analogy to use when depicting the stripe of our stock market. Indeed, savvy investors remain hopeful at best that their astute selections will help them achieve their retirement goals. At the same time, the markets care less, of course, that we need money for retirement, or to pay medical bills. It rocks-and-rolls on a fevered pitch because it’s influenced, for the most part, by factors beyond our control.
‘Contributing’ to our retirement is only part of the formula…
However, we remain optimistic that by simply making contributions to our retirement funds and other savings accounts, that somehow our financial goals will be met.
But the heft and consistency of our contributions may not be enough if we don’t know how to make those funds grow over the years, making the mistake of not following the advice of a financial professional; making the mistake of not protecting our assets from nursing home costs through long-term care insurance, or leaving our heirs vulnerable to huge tax bills if we fail to make a Last Will as part of our overall estate planning.
Survey shows financial optimism…
Yes, we are a confident lot, and a recent survey published in Forbes attests to glimmers of hope we have about our financial futures. A National Foundation for Credit Counseling (NFCC) survey taken in December 2014 found that 49% of those responding expected their finances would improve by December 2015. Only 17% expected their situation to worsen while 23% were confident things stay about the same.
Since the Great Recession of 2008, consumers have held back on their spending, but the survey indicated that respondents were “experiencing the seven-year itch with a desire to spend again,” noted Gail Cunningham from the NFCC.
Will our new spending lead to more risk-taking?
But, as Cunningham notes, and in our rush to start spending again, we can also “invite a personal financial disaster.” Even more reason to seek reliable financial and legal guidance.
TIAA-CREF: study indicates some can’t find the time to seek advice.
A lot of us, though, push back on the idea of spending money to get advice on how we should invest. TIAA-CREF study reveals that 44% of us think that financial advice costs more than they can afford to pay.
More striking, perhaps, is that 35% of those asked said that it’s “too hard to find the time to look for financial advice.” Interestingly enough, often the push back comes because we don’t know what questions to ask (32%).
Kudos to those who do get financial advice because a list of ‘positives’ generally begin to surface with 86% of those surveyed saying they actually “took action” to influence their financial outcomes, including changing their spending habits (62%) to making changes to their retirement and savings accounts (53%).
Sitting down with an experienced estate planner can bring a litany of insights to investment decisions that might be headed in the wrong direction. For example, the simple act of naming beneficiaries in both TOD and POD categories can avoid these transfer of assets from the public eye via probate courts.
Treat investor checkups like an annual ‘physical.’
If we are a people steeped in self-reliance, then that very fact can often set our financial goals back; this, because we reach for an over-the-counter solution (online ‘wills’) when we need a measured and steady hand on the tiller.
Much like that annual physical checkup, investors need to an experienced eye to give us the big picture, and provide us with a detailed strategy that includes retirement, insurance (disability…long-term care??) in a well-executed estate plan.
Contact us to link your financial strategy to your estate plan.
The post Estate planning entails making the right financial decisions, like choosing beneficiaries. appeared first on The Elder Care Firm.
The post Estate planning entails making the right financial decisions, like choosing beneficiaries. first appeared on SEONewsWire.net.]]>What a fitting quote from a literary giant of the twentieth century, a writer whose stories often pitted man against nature…an indifferent and relentless nature quick to penalize one’s mistakes.
And what an appropriate analogy to use when depicting the stripe of our stock market. Indeed, savvy investors remain hopeful at best that their astute selections will help them achieve their retirement goals. At the same time, the markets care less, of course, that we need money for retirement, or to pay medical bills. It rocks-and-rolls on a fevered pitch because it’s influenced, for the most part, by factors beyond our control.
‘Contributing’ to our retirement is only part of the formula…
However, we remain optimistic that by simply making contributions to our retirement funds and other savings accounts, that somehow our financial goals will be met.
But the heft and consistency of our contributions may not be enough if we don’t know how to make those funds grow over the years, making the mistake of not following the advice of a financial professional; making the mistake of not protecting our assets from nursing home costs through long-term care insurance, or leaving our heirs vulnerable to huge tax bills if we fail to make a Last Will as part of our overall estate planning.
Survey shows financial optimism…
Yes, we are a confident lot, and a recent survey published in Forbes attests to glimmers of hope we have about our financial futures. A National Foundation for Credit Counseling (NFCC) survey taken in December 2014 found that 49% of those responding expected their finances would improve by December 2015. Only 17% expected their situation to worsen while 23% were confident things stay about the same.
Since the Great Recession of 2008, consumers have held back on their spending, but the survey indicated that respondents were “experiencing the seven-year itch with a desire to spend again,” noted Gail Cunningham from the NFCC.
Will our new spending lead to more risk-taking?
But, as Cunningham notes, and in our rush to start spending again, we can also “invite a personal financial disaster.” Even more reason to seek reliable financial and legal guidance.
TIAA-CREF: study indicates some can’t find the time to seek advice.
A lot of us, though, push back on the idea of spending money to get advice on how we should invest. TIAA-CREF study reveals that 44% of us think that financial advice costs more than they can afford to pay.
More striking, perhaps, is that 35% of those asked said that it’s “too hard to find the time to look for financial advice.” Interestingly enough, often the push back comes because we don’t know what questions to ask (32%).
Kudos to those who do get financial advice because a list of ‘positives’ generally begin to surface with 86% of those surveyed saying they actually “took action” to influence their financial outcomes, including changing their spending habits (62%) to making changes to their retirement and savings accounts (53%).
Sitting down with an experienced estate planner can bring a litany of insights to investment decisions that might be headed in the wrong direction. For example, the simple act of naming beneficiaries in both TOD and POD categories can avoid these transfer of assets from the public eye via probate courts.
Treat investor checkups like an annual ‘physical.’
If we are a people steeped in self-reliance, then that very fact can often set our financial goals back; this, because we reach for an over-the-counter solution (online ‘wills’) when we need a measured and steady hand on the tiller.
Much like that annual physical checkup, investors need to an experienced eye to give us the big picture, and provide us with a detailed strategy that includes retirement, insurance (disability…long-term care??) in a well-executed estate plan.
Contact us to link your financial strategy to your estate plan.
The post Estate planning entails making the right financial decisions, like choosing beneficiaries. appeared first on Estate Planning Lawyers | Elder Law Attorneys | Brighton | Novi | Livonia Elder Law Attorneys.
The post Estate planning entails making the right financial decisions, like choosing beneficiaries. first appeared on SEONewsWire.net.]]>Let’s take a hypothetical situation of a married couple of Jim and Jane Smith. Jim is 72 and Jane is 68. Both are retired at this point, they have 3 adult children Abby, 45, Bob, 43, and Chad, 38. Abby and Bob are married with children, Chad is recently divorced with children. They have $250,000 in retirement accounts, a primary residence in Brighton, Michigan and a second property up in Harbor Springs, plus another $500,000 in investments.
Married Estate Planning Goals
They’re goals for their planning was to protect against long-term care costs and ensure whatever they leave to the children are protected against divorce and creditor actions. Currently, they have a 10 year old estate plan, involving a simple revocable living trust leaving everything outright to their kids because they are “of-age”.
Estate Planning Audit
When they came into our office, we went through a 15 point Estate Planning Audit, figuring out exactly what they had and where they wanted to go. The estate planning audit is a tool we use with clients to get clarity on their planning objectives and current state of their estate plan.
Their estate planning audit revealed that there were some severe holes when it came to planning for long-term care and protections for their children and grand children.
Strategies for Married Couple Estate Planning
As a result of their estate planning audit as part of their vision meeting, we held a design meeting where we designed a comprehensive state planning utilizing a revocable living trust and an asset protection trust. We moved their non-qualified accounts into their asset protection trust to protect against long-term care costs, with their qualified accounts being used as income for them and named to their revocable living trusts to protect their children against divorce, law suit or creditor action. We then deed both their primary residence as well as their second property to the asset protection trust, so that both would be protected against nursing home or medicaid spend down.
Both the asset protection trust and the revocable living trust would have creditor protection for their children, so that if they were to get divorced, half the assets would not be going to the ex-spouse.
The post Married Estate Planning Case Study appeared first on The Elder Care Firm.
The post Married Estate Planning Case Study first appeared on SEONewsWire.net.]]>Let’s take a hypothetical situation of a married couple of Jim and Jane Smith. Jim is 72 and Jane is 68. Both are retired at this point, they have 3 adult children Abby, 45, Bob, 43, and Chad, 38. Abby and Bob are married with children, Chad is recently divorced with children. They have $250,000 in retirement accounts, a primary residence in Brighton, Michigan and a second property up in Harbor Springs, plus another $500,000 in investments.
Married Estate Planning Goals
They’re goals for their planning was to protect against long-term care costs and ensure whatever they leave to the children are protected against divorce and creditor actions. Currently, they have a 10 year old estate plan, involving a simple revocable living trust leaving everything outright to their kids because they are “of-age”.
Estate Planning Audit
When they came into our office, we went through a 15 point Estate Planning Audit, figuring out exactly what they had and where they wanted to go. The estate planning audit is a tool we use with clients to get clarity on their planning objectives and current state of their estate plan.
Their estate planning audit revealed that there were some severe holes when it came to planning for long-term care and protections for their children and grand children.
Strategies for Married Couple Estate Planning
As a result of their estate planning audit as part of their vision meeting, we held a design meeting where we designed a comprehensive state planning utilizing a revocable living trust and an asset protection trust. We moved their non-qualified accounts into their asset protection trust to protect against long-term care costs, with their qualified accounts being used as income for them and named to their revocable living trusts to protect their children against divorce, law suit or creditor action. We then deed both their primary residence as well as their second property to the asset protection trust, so that both would be protected against nursing home or medicaid spend down.
Both the asset protection trust and the revocable living trust would have creditor protection for their children, so that if they were to get divorced, half the assets would not be going to the ex-spouse.
The post Married Estate Planning Case Study appeared first on Estate Planning Lawyers | Elder Law Attorneys | Brighton | Novi | Livonia Elder Law Attorneys.
The post Married Estate Planning Case Study first appeared on SEONewsWire.net.]]>Estate Planning for Non-Traditional Families
The percentage of married households in the United States fell from 55 percent in 1990 to 48 percent in 2010. Perhaps this number will begin to rise again with same-sex marriages being honored in more and more states. About 40 percent of all marriages end in divorce. Three quarters of people who divorce remarry — accounting for a pretty large proportion of the 48 percent of American households that are married.
Nearly 1.5 million babies a year are born to unmarried women, more than a third of all births.This can complicate matters, especially when the father is not identified or, in the case of donated sperm, does not exist. It also can mean a greater need for planning when there is no obvious back-up parent if something happens to the mother.
If you are in a relationship, but not married, been married more than once, have children by more than one partner, or have beneficiaries who cannot manage funds for one reason or another, then it’s more important that you do estate planning and your planning cannot be plain vanilla.
Estate Planning Tips for Non-Traditional Families
Give Your Partner Rights. There are laws in place empowering spouses and governing the distribution of property in the event of death. The so-called “rules of intestacy” provide that property will pass to spouses and children, or to parents if someone dies without a spouse or children. But no laws protect unmarried partners or unadopted children. There have been many cases of parents pushing aside the same-sex partners of their children upon death or incapacity. We can all use wills, trusts, durable powers of attorney and health care proxies to choose who should step in for us when needed and who should receive our property.
But Don’t Give the New Spouse Too Many Rights. All too often, despite the best of intentions and good will, when parents remarry the new family doesn’t bond. The children from prior marriages or relationships don’t become friends with one another or with the new spouse of their father or mother. Frequently, the death of one spouse means that all of the assets of both families end up with the surviving spouse and ultimately pass to his or her children and grandchildren. Frank discussions about what the new couple wants and planning to make sure it plays out as planned can prevent a lot of misunderstanding and resentment. Again, wills, trusts, durable powers of attorney and health care proxies can permit the new couple to choose the outcome they prefer, rather than just let life (and death) happen and the chips fall where they may
Don’t Be Afraid to Talk Pre-Nup. While most people entering a first marriage have no children and few assets, this is not the case with a second or third marriage. Before getting married again, the couple needs to talk about what they have in mind in terms of mutual financial support of one another and of their children from prior marriages and relationships. Then they need to put their understanding in writing so that down the road there are no misunderstandings or different memories of what they agreed. If memorialized in a prenuptial agreement, it will also be legally enforceable. If circumstances change, the couple can always modify their agreement.
Use Trusts. Wills are generally straight forward and blunt instruments. When you pass away, your property passes to the people you name. Wills do not easily permit more flexible planning. For instance, you may want to permit your new spouse to live in your home for as long as he wants, but for it to ultimately pass to your children and grandchildren. A trust permits you to plan for this scenario, giving your spouse rights, but someone else — the trustee — the power to manage the property and protect it for the next generation. Or a couple could pool all of their resources in a single joint trust for their benefit during their lives, with the funds remaining after they have both passed away to be distributed equally to the children they each bring to the new relationship or marriage.
Goals First, Planning Second. No planning can take place in a vacuum or based on assumptions without asking questions. Anyone considering planning for themselves and for loved ones, whether in a traditional or non-traditional relationship, needs to start by listing her goals. Is her primary concern providing for herself? Leaving an inheritance to children? Protecting a spouse or partner? Or a pet? Making sure children are independent, but have a safety net if necessary? Of course, most of us don’t have just one goal, but we should start by writing them all down. Then we can see if it’s possible to achieve all of them, or if we need to prioritize. Ultimately, the estate plan should reflect these goals and priorities. While this is true of anyone doing estate planning, it is more important the more family and non-family bonds one has because the plan will have to balance and prioritize more interests.
The bottom line is that our laws for distribution of property and rights in the event of incapacity are based on a vision of a marriage between one woman and one man with one or more children. However standard this ever was in reality, it is much less the norm today, almost certainly applying to fewer than half of American adults. For those who don’t fit the one nuclear family mold, planning is both more important and more interesting. Don’t put it off.
The post 5 Estate Planning Tips for the Non-Traditional Family (Which Probably Means Yours) appeared first on The Elder Care Firm.
The post 5 Estate Planning Tips for the Non-Traditional Family (Which Probably Means Yours) first appeared on SEONewsWire.net.]]>Estate Planning for Non-Traditional Families
The percentage of married households in the United States fell from 55 percent in 1990 to 48 percent in 2010. Perhaps this number will begin to rise again with same-sex marriages being honored in more and more states. About 40 percent of all marriages end in divorce. Three quarters of people who divorce remarry — accounting for a pretty large proportion of the 48 percent of American households that are married.
Nearly 1.5 million babies a year are born to unmarried women, more than a third of all births.This can complicate matters, especially when the father is not identified or, in the case of donated sperm, does not exist. It also can mean a greater need for planning when there is no obvious back-up parent if something happens to the mother.
If you are in a relationship, but not married, been married more than once, have children by more than one partner, or have beneficiaries who cannot manage funds for one reason or another, then it’s more important that you do estate planning and your planning cannot be plain vanilla.
Estate Planning Tips for Non-Traditional Families
Give Your Partner Rights. There are laws in place empowering spouses and governing the distribution of property in the event of death. The so-called “rules of intestacy” provide that property will pass to spouses and children, or to parents if someone dies without a spouse or children. But no laws protect unmarried partners or unadopted children. There have been many cases of parents pushing aside the same-sex partners of their children upon death or incapacity. We can all use wills, trusts, durable powers of attorney and health care proxies to choose who should step in for us when needed and who should receive our property.
But Don’t Give the New Spouse Too Many Rights. All too often, despite the best of intentions and good will, when parents remarry the new family doesn’t bond. The children from prior marriages or relationships don’t become friends with one another or with the new spouse of their father or mother. Frequently, the death of one spouse means that all of the assets of both families end up with the surviving spouse and ultimately pass to his or her children and grandchildren. Frank discussions about what the new couple wants and planning to make sure it plays out as planned can prevent a lot of misunderstanding and resentment. Again, wills, trusts, durable powers of attorney and health care proxies can permit the new couple to choose the outcome they prefer, rather than just let life (and death) happen and the chips fall where they may
Don’t Be Afraid to Talk Pre-Nup. While most people entering a first marriage have no children and few assets, this is not the case with a second or third marriage. Before getting married again, the couple needs to talk about what they have in mind in terms of mutual financial support of one another and of their children from prior marriages and relationships. Then they need to put their understanding in writing so that down the road there are no misunderstandings or different memories of what they agreed. If memorialized in a prenuptial agreement, it will also be legally enforceable. If circumstances change, the couple can always modify their agreement.
Use Trusts. Wills are generally straight forward and blunt instruments. When you pass away, your property passes to the people you name. Wills do not easily permit more flexible planning. For instance, you may want to permit your new spouse to live in your home for as long as he wants, but for it to ultimately pass to your children and grandchildren. A trust permits you to plan for this scenario, giving your spouse rights, but someone else — the trustee — the power to manage the property and protect it for the next generation. Or a couple could pool all of their resources in a single joint trust for their benefit during their lives, with the funds remaining after they have both passed away to be distributed equally to the children they each bring to the new relationship or marriage.
Goals First, Planning Second. No planning can take place in a vacuum or based on assumptions without asking questions. Anyone considering planning for themselves and for loved ones, whether in a traditional or non-traditional relationship, needs to start by listing her goals. Is her primary concern providing for herself? Leaving an inheritance to children? Protecting a spouse or partner? Or a pet? Making sure children are independent, but have a safety net if necessary? Of course, most of us don’t have just one goal, but we should start by writing them all down. Then we can see if it’s possible to achieve all of them, or if we need to prioritize. Ultimately, the estate plan should reflect these goals and priorities. While this is true of anyone doing estate planning, it is more important the more family and non-family bonds one has because the plan will have to balance and prioritize more interests.
The bottom line is that our laws for distribution of property and rights in the event of incapacity are based on a vision of a marriage between one woman and one man with one or more children. However standard this ever was in reality, it is much less the norm today, almost certainly applying to fewer than half of American adults. For those who don’t fit the one nuclear family mold, planning is both more important and more interesting. Don’t put it off.
The post 5 Estate Planning Tips for the Non-Traditional Family (Which Probably Means Yours) appeared first on Estate Planning Lawyers | Elder Law Attorneys | Brighton | Novi | Livonia Elder Law Attorneys.
The post 5 Estate Planning Tips for the Non-Traditional Family (Which Probably Means Yours) first appeared on SEONewsWire.net.]]>We all see humorous commercials all the time, meant to drive home a particular point. Sometimes the commercial is a bit “over-the-top” or extreme, in that in no common-sensical way can be believable in the sense of human dignity. Or indignity, if you will.
But when it comes to taking care of elder parents or grandparents, can a line be crossed when it comes to “over-the-top” depictions? Should something that may be viewed as “elder abuse” be fodder for the sake of advertising? When does dignity get trampled on, and when does humor prevail when the tongue is implanted firmly in the cheek?
KAYAK.com Gets Nailed by Canada, Eh?
Recently, the travel website KAYAK.com unveiled a 30-second commercial on television and its YouTube page that got a lot of attention in Canada – so much so that the country’s governing body of advertising standards cited the company due to several complaints about its “stairlift” ad, which can be seen and described here.
In short, while the commercial can be seen as humorous in some circles because of its outlandishness, there were some among our northern neighbors who complained that the commercial seemed to show “elder abuse,” and that was no laughing matter. With the finding by the Canadian ad standards agency, KAYAK gave in to the pressure and removed the ad from its YouTube channel and from television.
The debate over the commercial does lead to a question about how to best care for an elderly family member, and what could constitute abuse. At the heart, was due diligence to care for this family member in the commercial achieved with the installation of the stairlift? Taking care of an elderly family member does go beyond just legal issues; it goes to quality-of-life issues as well.
Elder Abuse, What Do You Think?
After looking at the commercial, what do you think? Is it depicting “elder abuse,” or do you think it is just an over-the-top joke and people need to develop a sense of humor? We are not here to say whether this commercial is funny or disgusting, but we do want to use this as an example of the importance of elder care and how the charge of “elder abuse” can be very serious – just a serious as child abuse. We should always look to take care of our loved ones who may not be able to care for themselves. Whether it is installing a stairlift in your home (and not for you to use!), putting him or her in a proper care facility and/or making sure the estate is up to date with health-care directives or powers of attorney.
And if you are in Michigan, and especially around the Brighton area, it behooves you to sit with a good estate planning attorney to get some advice not just about legal matters but also about how to make the best life for your elder family members so their last days are happy and harmonious. There is no need to be left up a creek without a paddle. So to speak.
The post Elder Abuse: Was Kayak Up a Creek With It’s ‘Stairlift’ ad? appeared first on The Elder Care Firm.
The post Elder Abuse: Was Kayak Up a Creek With It’s ‘Stairlift’ ad? first appeared on SEONewsWire.net.]]>We all see humorous commercials all the time, meant to drive home a particular point. Sometimes the commercial is a bit “over-the-top” or extreme, in that in no common-sensical way can be believable in the sense of human dignity. Or indignity, if you will.
But when it comes to taking care of elder parents or grandparents, can a line be crossed when it comes to “over-the-top” depictions? Should something that may be viewed as “elder abuse” be fodder for the sake of advertising? When does dignity get trampled on, and when does humor prevail when the tongue is implanted firmly in the cheek?
KAYAK.com Gets Nailed by Canada, Eh?
Recently, the travel website KAYAK.com unveiled a 30-second commercial on television and its YouTube page that got a lot of attention in Canada – so much so that the country’s governing body of advertising standards cited the company due to several complaints about its “stairlift” ad, which can be seen and described here.
In short, while the commercial can be seen as humorous in some circles because of its outlandishness, there were some among our northern neighbors who complained that the commercial seemed to show “elder abuse,” and that was no laughing matter. With the finding by the Canadian ad standards agency, KAYAK gave in to the pressure and removed the ad from its YouTube channel and from television.
The debate over the commercial does lead to a question about how to best care for an elderly family member, and what could constitute abuse. At the heart, was due diligence to care for this family member in the commercial achieved with the installation of the stairlift? Taking care of an elderly family member does go beyond just legal issues; it goes to quality-of-life issues as well.
Elder Abuse, What Do You Think?
After looking at the commercial, what do you think? Is it depicting “elder abuse,” or do you think it is just an over-the-top joke and people need to develop a sense of humor? We are not here to say whether this commercial is funny or disgusting, but we do want to use this as an example of the importance of elder care and how the charge of “elder abuse” can be very serious – just a serious as child abuse. We should always look to take care of our loved ones who may not be able to care for themselves. Whether it is installing a stairlift in your home (and not for you to use!), putting him or her in a proper care facility and/or making sure the estate is up to date with health-care directives or powers of attorney.
And if you are in Michigan, and especially around the Brighton area, it behooves you to sit with a good estate planning attorney to get some advice not just about legal matters but also about how to make the best life for your elder family members so their last days are happy and harmonious. There is no need to be left up a creek without a paddle. So to speak.
The post Elder Abuse: Was Kayak Up a Creek With It’s ‘Stairlift’ ad? appeared first on Estate Planning Lawyers | Elder Law Attorneys | Brighton | Novi | Livonia Elder Law Attorneys.
The post Elder Abuse: Was Kayak Up a Creek With It’s ‘Stairlift’ ad? first appeared on SEONewsWire.net.]]>
Legendary disc jockey and radio host Casey Kasem died last year, as many of you in Michigan remember. There was a legal fight in the final months of his life in which Kasem’s kids from his first marriage were battling Jean Kasem, Casey’s widow, over how to care for the ailing icon as he suffered through a form of dementia.
Recently, the Los Angeles County district attorney announced it was not filing elder abuse charges against Jean Kasem stemming from the case, in which she removed Casey from an elder-care facility in California and moved him to Washington state, where he eventually died.
The Debate over Health Care
The Kasem kids maintained that the care he was getting in California was consistent with Casey’s wishes, to be resting comfortably surrounded by family and friends, while Jean said he moved Casey for his own good to mitigate “media scrutiny.” It took six months for Kasem’s body to be buried, which it finally was at a cemetery in Norway last December.
You can look through all the dysfunction here and see the underlying issue in this situation. There seemed to be no etched-in-stone document such as a health-care directive, power of attorney or living will that stated Kasem’s specific wishes for care should he be unable to care for himself. We don’t know whether that was an oversight on his part, or whether there was advice against it from another party, but it’s clear that had such a document been on file, there would have been a more clear direction either to pursue the criminal charges against Jean Kasem, or at least a chance that Casey’s death would not have fractured the family.
The Ultimate Takeaway
If there is a lesson to be learned from the case study that is Casey Kasem, it is this – make sure you have your estate laid out well before your faculties leave, including a health care directive. Always prepare for the worst even as you expect the best. And whenever your thoughts change about what to do, or whether your situation changes – like divorce, death of a spouse, re-marriage, more children – all of your legal documents should be updated to reflect these changes.
For the sake of your family, do not leave this to chance. A health care directive, power of attorney and living will should all be vital parts of any Michigan estate. Putting those documents together is a valuable part of estate planning in Michigan and around the country. If you want your family to be united in celebrating your life after your pass, it would be wise to have everything in order beforehand so your memorial service is not attended by lawyers you did not know. Having a health care directive and power of attorney in place with the help of a quality estate-planning attorney – a process that could take a few hours or a couple of days – can be a wise investment in saving thousands of dollars and months of legal wrangling among family members. If you leave an inheritance, you intend to leave it for your loved ones to pass forward to others in an altruistic way, not to pay attorney bills.
If you are in Michigan and need a health-care directive or power of attorney, need to update or change an existing document, or you want more information about these documents and their roles in your estate, be sure to reach out to an estate planning attorney with offices in Brighton for sound advice.
The post Health Care Directive: The Casey Kasem Story appeared first on The Elder Care Firm.
The post Health Care Directive: The Casey Kasem Story first appeared on SEONewsWire.net.]]>
Legendary disc jockey and radio host Casey Kasem died last year, as many of you in Michigan remember. There was a legal fight in the final months of his life in which Kasem’s kids from his first marriage were battling Jean Kasem, Casey’s widow, over how to care for the ailing icon as he suffered through a form of dementia.
Recently, the Los Angeles County district attorney announced it was not filing elder abuse charges against Jean Kasem stemming from the case, in which she removed Casey from an elder-care facility in California and moved him to Washington state, where he eventually died.
The Debate over Health Care
The Kasem kids maintained that the care he was getting in California was consistent with Casey’s wishes, to be resting comfortably surrounded by family and friends, while Jean said he moved Casey for his own good to mitigate “media scrutiny.” It took six months for Kasem’s body to be buried, which it finally was at a cemetery in Norway last December.
You can look through all the dysfunction here and see the underlying issue in this situation. There seemed to be no etched-in-stone document such as a health-care directive, power of attorney or living will that stated Kasem’s specific wishes for care should he be unable to care for himself. We don’t know whether that was an oversight on his part, or whether there was advice against it from another party, but it’s clear that had such a document been on file, there would have been a more clear direction either to pursue the criminal charges against Jean Kasem, or at least a chance that Casey’s death would not have fractured the family.
The Ultimate Takeaway
If there is a lesson to be learned from the case study that is Casey Kasem, it is this – make sure you have your estate laid out well before your faculties leave, including a health care directive. Always prepare for the worst even as you expect the best. And whenever your thoughts change about what to do, or whether your situation changes – like divorce, death of a spouse, re-marriage, more children – all of your legal documents should be updated to reflect these changes.
For the sake of your family, do not leave this to chance. A health care directive, power of attorney and living will should all be vital parts of any Michigan estate. Putting those documents together is a valuable part of estate planning in Michigan and around the country. If you want your family to be united in celebrating your life after your pass, it would be wise to have everything in order beforehand so your memorial service is not attended by lawyers you did not know. Having a health care directive and power of attorney in place with the help of a quality estate-planning attorney – a process that could take a few hours or a couple of days – can be a wise investment in saving thousands of dollars and months of legal wrangling among family members. If you leave an inheritance, you intend to leave it for your loved ones to pass forward to others in an altruistic way, not to pay attorney bills.
If you are in Michigan and need a health-care directive or power of attorney, need to update or change an existing document, or you want more information about these documents and their roles in your estate, be sure to reach out to an estate planning attorney with offices in Brighton for sound advice.
The post Health Care Directive: The Casey Kasem Story appeared first on Estate Planning Lawyers | Elder Law Attorneys | Brighton | Novi | Livonia Elder Law Attorneys.
The post Health Care Directive: The Casey Kasem Story first appeared on SEONewsWire.net.]]>Clients often ask us how much it will cost to get a guardian appointed for a parent or other relative. It is hard to answer with precision, but it is a fair question. Let us see if we can give you some guidance.
First, let’s not forget that you should be doing everything possible to ensure that a guardianship does not become necessary. What do I mean by that? Make sure you and your loved ones have executed advance health care and financial directives such as a health care proxy, living will and durable power of attorney. In addition, you should discuss your wishes with the people you appoint as your agents under these documents. By taking these steps you will reduce the likelihood that a guardianship will ever become necessary. Nevertheless, sometimes a guardianship becomes necessary even if you have taken care of your estate planning in advance. Thus, this article to discuss the fees involved. Keep in mind that guardianship procedures differ state by state (and sometimes even among different counties in the same state) and we are talking only about downstate New York below. 
Also, we are assuming that there is no wild peculiarity. If you file a guardianship petition as to your mother and your brother hires an attorney to contest the guardianship in any way, then all bets are off as to what the guardianship will cost. Among other things, your brother may claim that mom does not need a guardian or he may disagree with you as to who the guardian should be. This is called a contested guardianship and there is no way to predict the total costs involved. Suffice to say that it will cost much more than an uncontested guardianship proceeding.
And finally, we are only talking about the cost of getting you (or someone) appointed as guardian. You may need legal assistance after the appointment, as well (in fact, you probably will). That will depend on the complexity of your family member’s guardianship — and that can increase for a variety of reasons.
Now that we have gotten all the disclaimers out of the way, here’s a summary of the expected costs:
1. Court filing fees and process server fees. Assume about $500 here. Most of that is the filing fee itself, which has to be paid before things get underway.
2. Your lawyer’s fees. If you hire an experienced guardianship law firm to represent you, your legal fees are likely to be several thousand dollars for an uncontested guardianship. This fee will be your responsibility regardless of how the proceeding turns out. It can (subject to court approval) be reimbursed from your family member’s resources if you are successful, but most lawyers will expect to be paid up front out of your funds, or soon after proceedings are initiated, and not wait until you have been appointed and can get access to the parent’s or other relative’s funds.
3. The court-appointed lawyer’s fees. Unless your family member already has a lawyer (and you can’t select one for him or her — it would have to be someone they already had a relationship with or they hired after the proceeding began) the court, in some cases, will appoint an attorney to represent them. The lawyers who accept these appointments come from a rotating list, and they mostly charge their regular hourly rates. The bottom line: don’t be at all surprised if the court-appointed lawyer’s bill exceeds a few thousand dollars. Fortunately, in most uncontested cases, there is no need for a court-appointed lawyer.
4. The court-appointed investigator; otherwise known as the court evaluator. Another list of court appointees yields someone who has a social work, medical or legal background, and who is appointed to report to the court about your family member’s circumstances. In most cases, this person is a lawyer despite the fact that this person does not perform a legal function. The cost for that investigation and report is frequently in the range of a couple to a few thousand dollars.
5. Bond premiums are due if you (or someone else) are appointed guardian of the property. The premium for this insurance policy can be paid from your family member’s assets. The cost of the bond varies by the size of the estate being managed. Surety bonds can be difficult to purchase at any price, and the availability of bonding companies is often limited.
Add all that up and you can see that the cost of getting a guardian appointed will probably exceed several thousand dollars and can quickly grow to more like $10,000. And remember: that only gets you to the starting point. Additional costs for lawyers, accountants and court proceedings will add more to that figure over the years after your appointment. All the more reason to make sure you and your family are doing everything possible to avoiding the necessity of a guardianship proceeding.
Learn more about our special needs planning and special education advocacy services at www.littmankrooks.com or www.specialneedsnewyork.com.
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The old idea of retirement planning being a “three-legged stool” still holds basically true, but it’s also a little more complicated than it used to be.
Individual retirement accounts, or IRAs, have been a valuable tool for retirement and estate planning for several decades. It has been a great way for people to save money for retirement with little or no taxes paid and grow with interest to provide a nice nest egg to live on later in life or to pass on to beneficiaries.
This comes about following a landmark Supreme Court case that did not get many headlines nationally but has wide ramifications.
No Asset Protection for Inherited IRAs
The Supremes ruled in the 2014 case, Clark v. Rameker, that an inherited IRA is not a “protected account” under federal bankruptcy laws. What this means is if you have an IRA that you inherited from a loved one who passed away and you file for bankruptcy protection, that account is not shielded, which means the account can be used to pay creditors and can be subject to liquidation by a bankruptcy court.
Think about that for a second, and take it to a different angle. Let’s say you leave an IRA to your child who is a bit of a spender. He or she is the type who would ask for money out of the IRA ad use it to buy a car, lots and lots of shoes (there was a big sale!) and to pay back taxes or cover a gambling debt. Was that how you expected the money to be used? Surely the plan was to give the IRA to be used for retirement income and not for paying back creditors or for frivolous spending.
Stand Alone Retirement Plan Trust
But if an inherited IRA is now not protected, what can you do? There are ways to protect that IRA, and they include creating a “see through” trust account that meets certain IRS criteria. In a trust, the inherited IRA not only can be protected from bankruptcy or other creditors, but it also can be protected from those spenders you have as children.
If you have an IRA account that you intend to pass down to the next generation, it is a good idea to visit with an estate-planning attorney who knows the ramifications of the Clark case and how it applies to federal regulations as well as Michigan state law regarding such accounts. One of the best ways to pass IRA’s down to the next generation are with Stand Alone Retirement Plane Trusts.
This is your hard-earned money, and you have a right, a duty, and a responsibility to protect it from various threats so it can be used to its maximum potential. Your retirement account is a part of your legacy, and your legacy should be maintained by the next generation, or you should take control of it in your own way. Either way, proper estate planning now will keep your legacy intact for years to come, regardless of your children, grandchildren or their creditors.
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