The most important decision you will make when you are planning your estate is the legal device that will serve as the centerpiece. Many people automatically assume that they should use a will because they have misconceptions about trusts. One of them is the idea that trusts are not useful unless you are a multimillionaire. […]
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Are There Different Types of Trusts?
Many people do not understand the fact that there are multiple different types of trusts. They think that trust versus will is a choice between two possibilities. In fact, there are multiple different types of trusts, and they fall under two main categories. Irrevocable Trusts An irrevocable trust is self-explanatory in a general sense. If […]
IRA Estate Planning and the SECURE Act
If you have an individual retirement account, you may have questions about estate planning implications. We will provide an overview in this post, and we also cover some recent changes and additional guideline revisions that are probably going to be passed this year. Traditional vs. Roth Individual Retirement Accounts Traditional individual retirement accounts are funded […]
Your Estate Plan Should Address Incapacity
Estate planning should go beyond the matter of asset transfers. End-of-life planning is part of the equation, and you should pragmatically accept the eventualities that many people face during the twilight years. Alzheimer’s Disease and Cognitive Impairment The Alzheimer’s Association does fantastic work educating the public about this terrible disease, and they also offer resources […]
Living Trust Benefits & Estate Planning
When creating an estate plan, it’s easy to get into one frame of mind and assume that everything else is nothing but a distraction. For example, many people rely solely on a will, never considering the living trust benefits involved. However, if you open your mind and learn more, you may come to find that […]
Five Key Facts About Living Trust Administration
Many people do not consider the possibility of creating a trust because they harbor misconceptions about the administration process. In this post, we will share five key facts that will help you understand the value and relative simplicity of living trusts. You act as the trustee. One of the most important things to understand about […]
Inheritance Planning for People With Disabilities
There are many different approaches that can be taken when you are planning your estate. The right way to facilitate asset transfers to one person may be disastrous for the next, and we will provide an explanation in this post. People With Disabilities and Government Benefits Many people with disabilities are unable to work, so […]
Take These Steps to Prevent Elder Financial Abuse
Elder law attorneys keep a finger on the pulse of the matters that are of interest senior citizens, and elder financial abuse is one of the major issues. The MetLife study of Elder Financial Abuse found that a minimum of $2.9 billion is lost annually due to instances of financial abuse of the elderly. This […]
Is There a Tennessee State Estate Tax?
A lot of people have concerns about how taxes will impact the inheritances that they will be leaving to their loved ones. Generally speaking, inheritances are not subject to income taxes, but there are estate taxes that can affect high net worth individuals. State-Level Estate Taxes There are 12 states that have state-level estate taxes, […]
Steer Clear of These Estate Planning Mistakes
We sometimes hear from people that are looking for damage control solutions after a loved one has made an estate planning mistake. As a result, we are aware of the mistakes that can be made, and we will look at some of them here to raise awareness. Assuming Trusts Are Only for the Wealthy You […]
