If you aren’t with your elderly loved one on an everyday basis, it can be hard to determine if he or she is functioning well without the support of long term care. It’s important to make sure that all needs are met so that your loved one is safe and happy. Take a look at the following information to better determine your loved one’s level of care needs. If you have any questions, or if you’d like to discuss long term care options, contact an estate planning attorney. As loved ones continue … [Read more...] about Is Your Elderly Loved One Okay without Long Term Care?
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Do I Need to Worry About Gift Taxes?
Many people learn of the $13,000 annual gift tax exclusion and worry about gift taxes. In most cases, and unless you’re extremely wealthy, this worry is unnecessary. We’ll explain why below. You are Not Limited to Gifting $13,000 Per Year The $13,000 annual gift tax exclusion is just one way to pass assets without paying gift taxes. In fact, this exclusion allows you to give away an unlimited amount of assets, so long as you spread the wealth and don’t give more than $13,000 to any one … [Read more...] about Do I Need to Worry About Gift Taxes?
Who Helps Me Carry Out My Estate Plan?
You’re right to ask the question, “Who will help me carry out my estate plan?” Your estate plan is not magic, it’s really just a set of instructions. Trusted helpers are needed to carry out your instructions. You name trusted helpers in your estate planning documents. Rule number one: Be sure to get your loved ones’ permission before naming them in your estate plan. Rule number two: Be sure to name back-ups for each trusted helper position, in case your primary helper cannot or … [Read more...] about Who Helps Me Carry Out My Estate Plan?
4 Estate Planning Musts for Blended Families
If you are in a marital relationship and have children from a previous relationship, you have a blended family. If you’re like most people, you, likely, find it challenging balancing your relationships with each loved one and between your loved ones. Implementing these 4 estate planning “musts” for blended families will improve your family relationships and help to keep the peace. Talk it Over Have a family conversation to establish an open line of communication. To lessen natural … [Read more...] about 4 Estate Planning Musts for Blended Families
Does a Reverse Mortgage Impact Your Estate Plan?
For many seniors the equity in their home is their largest asset, but it is unavailable for their needs unless they take out a home-equity loan – but that is money that must be paid back with interest. Reverse mortgages have been touted as a risk-free way of tapping into home equity, without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments to a lender, the cash flow is reversed and the homeowner, who must be aged 62 … [Read more...] about Does a Reverse Mortgage Impact Your Estate Plan?
