There are ideal approaches to every estate planning situation, and they can often be quite elegant in their simple efficiency. This would definitely apply to inheritance planning for someone that has a tendency to spend money too freely. With this in mind, let's look at the ways a revocable living trust can be used to protect a spendthrift heir. You Maintain Control A lot of people assume that you can no longer access assets that you convey into a trust, and for this reason, they never … [Read more...] about Inheritance Planning for a Spendthrift Heir
Estate Planning
Chadwick Boseman Demonstrates the Importance of Planning
Chadwick Boseman played many heroic American roles and the superhero role of the Black Panther. His death at age 43 demonstrated how it’s important to have at least a basic estate plan in place even if you’re young. Read on to learn more. … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
Do I Pay Capital Gains Taxes on an Inheritance?
Most of the laws that apply to taxation and inheritances are friendly to the taxpayer. You do not have to report an inheritance on your federal or state income tax returns, and this applies to insurance policy proceeds along with direct bequests. If you are the beneficiary of a Roth individual retirement account, the distributions would not be taxed, because the account would have been funded with after-tax earnings. The reverse situation applies to traditional accounts, so beneficiaries of … [Read more...] about Do I Pay Capital Gains Taxes on an Inheritance?
Generational Wealth is Key to Leveling the Playing Field
Generational wealth is wealth earned by one generation and passed on to the next. Generational wealth is key to allowing the next generation to be free from the burden of having to live hand-to-mouth and allows them to pursue an education and build a career or business to build a better life for themselves. Read on to learn more. … [Read more...] about Generational Wealth is Key to Leveling the Playing Field
What Is HIPAA?
The acronym “HIPAA” stands for the Health Insurance Portability and Accountability Act. To understand why we would be highlighting this piece of legislation as an elder law firm, we have to provide some background information about incapacity planning. Decision Making Ability There are some unpleasant realities of life that you should meet head on, and the eventualities of aging would certainly fit into this category. A very significant percentage of Americans live into their 80s and … [Read more...] about What Is HIPAA?
Three Targeted Estate Planning Solutions
You don’t have to settle for a couple of different options when it comes to the ways that you can plan your estate. There is some type of solution to serve just about any purpose, and we are going to look at three of them in this post. Pet Planning The idea of including your dog in your estate plan may sound ridiculous for a couple of different reasons. First, people live longer than dogs. Secondly, in most cases, these are family pets that in a real sense belong to multiple different … [Read more...] about Three Targeted Estate Planning Solutions
Use the Exclusion or Lose It
Currently, each person can give $11.58 million during life or at death. However, that amount will be cut in half by January 1, 2026. It may go down even sooner. Read on to learn why and how you should use it before you lose it. … [Read more...] about Use the Exclusion or Lose It
Will Your Estate Plan Still Work If You Move?
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation. Read on to learn more. … [Read more...] about Will Your Estate Plan Still Work If You Move?
Why Do You Need an Estate Planning Attorney?
Far too many people are unprepared from an estate planning perspective, and there are many reasons for this phenomenon. One of them is the idea that estate planning is a simple matter that you can take care of yourself at some point in time when you are very old and gray. This notion has been bolstered by the websites that sell boilerplate fill in the blanks legal documents. While it is true that there is no law against a layperson drawing up some type of document on their own, there are some … [Read more...] about Why Do You Need an Estate Planning Attorney?
Living Trust vs. Living Will: Is There a Difference?
There are a lot of terms used in the field of estate planning that sound similar, and this can be confusing to the layperson. With this in mind, we will provide some clarity with regard to two of them in this post. Living Will A lot of people think that estate planning is strictly about monetary asset transfers, and it can be if you do not see a larger picture. If you want to be completely prepared, you should also consider the eventualities that you may face toward the end of your life. In … [Read more...] about Living Trust vs. Living Will: Is There a Difference?
