Joint tenancy is a legal term that means co-ownership. When a married couple purchases property, unless you specify otherwise, it generally means each of you is considered a joint tenant and has co-ownership. When one of you dies, the other joint tenant immediately owns it all, regardless of what either of you put in your will. While joint tenancy can be a useful way to transfer property, as jointly owned property passes outside of probate to the survivor when one owner dies, it does have … [Read more...] about Joint Tenancy and How it Relates to Estate Planning
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529 Plans – Gifts with a Goal
A 529 plan is a tax-advantaged savings plan designed to encourage savings for future college costs. 529 plans, also called qualified tuition plans, are sponsored by states, state agencies or educational institutions. There are two types of 529 plans, pre-paid tuition plans and college savings plans. We will focus on the 529 college savings plans and how they can reduce your taxable estate. A 529 account, named for Section 529 of the IRS tax code, allows you to reduce your taxable estate while … [Read more...] about 529 Plans – Gifts with a Goal
Senior Citizen Resources
One resource that may be overlooked when considering the well-being of senior citizens is the use of community services. While estate planning tools, along with retirement planning and incapacitation planning, help with a senior citizen’s needs later in life, many seniors are unaware that there are also community services that can address issues of the elderly. For instance, in New York, each county government has an Office for the Aging which works to enrich the lives of those 60 and older, … [Read more...] about Senior Citizen Resources
Senior Citizen Housing Options
As we age, our housing and care needs change. While in the past, housing options were somewhat limited for senior citizens, typically nursing homes, living with family members or living independently were the only options, there are now more options available for seniors. Continuing Care Retirement Communities Continuing Care Retirement Communities (CCRC’s) are a relatively new concept that offer a continuum of care for senior citizens. A CCRC offers independent living options, normally with … [Read more...] about Senior Citizen Housing Options
Estate Planning for Parents
Many parents with young children overlook the important process of estate planning. They often consider themselves too young, too busy, too healthy or too cash-strapped to begin this essential task. The important decisions that come with estate planning can also paralyze them, for who can imagine their children being raised by another person should the unthinkable occur? But the problem is…the unthinkable can occur, and parents should certainly hope for the best, but plan for the worst. … [Read more...] about Estate Planning for Parents
