There are certain inherent possibilities that we all face when we reach an advanced age. If you were going on a long trek, say hiking the Appalachian Trail, you would recognize that you would probably be fatigued by the time you got toward the end of the journey and plan with that expectation. The same thing is true when it comes to aging. The plans that you make now, or a lack of planning, can have a significant impact later on down the road. To plan intelligently you have to pay attention to … [Read more...] about How Would Proposed Medicaid Cuts Affect Seniors?
Estate Tax Can Take A Heavy Toll
There are people who are under the impression that they don't need to work with an estate planning attorney to develop a comprehensive estate plan. They haven't looked into the subject very deeply and they make the assumption that drawing up a will that expresses how they want their assets divided is not a very complicated matter. You simply inventory your assets, identify the size of the pie and split it up as you see fit. The fact of the matter is that when you look into it there are sources … [Read more...] about Estate Tax Can Take A Heavy Toll
Your Digital Estate–Have You Made It Part of Your Estate Plan?
In case you are not familiar with the term “digital estate,” don’t be alarmed. Although the concept of digital or electronic property is not new, the idea that the average person has enough digital property to warrant including it in an estate plan is relatively new. As the world becomes more and more digital, so does the average person’s life. Just a decade ago, the digital universe was still relatively small. Today, however, everything from your address book to your cherished family photos is … [Read more...] about Your Digital Estate–Have You Made It Part of Your Estate Plan?
What You Should Know about A Funeral Trust
Estate planning typically makes use of numerous estate planning tools. Although your Last Will and Testament should be the foundation of your estate plan, you may also make use of other tools such as a funeral trust. If you are unfamiliar with the concept of a funeral trust, understanding some of the basics can help you decide whether including one in your estate plan is right for you. A funeral trust requires the same basic elements as any other trust for creation--a trustor, a trustee, a … [Read more...] about What You Should Know about A Funeral Trust
Estate Planning: The Time Is Now
It's no secret that many people tend toward procrastination, and this pattern rears its ugly head quite frequently when it comes to estate planning. Forbes magazine ran an article last year using statistics provided by the Harris organization. Harris conducted an interactive survey among 1022 adults and found that only 35% of them had a last will in place, and just 29% of the participants had executed a living will. Even older Americans were remarkably unprepared with nearly one-fourth of the … [Read more...] about Estate Planning: The Time Is Now
Al Davis Estate Plan To Keep Raiders In Family
Al Davis was an iconic figure in the world of professional football for half a century, and though there were those who weren't especially enamored of his demeanor and tactics true fans of the sport have to respect the success he was able to achieve. Davis undoubtedly loved football and he was devoted to the Raiders. He presided over an AFL Championship team and after the AFL merged with the NFL the Raiders won the AFC four times on Davis' watch as owner and on three of those occasions they went … [Read more...] about Al Davis Estate Plan To Keep Raiders In Family
What Does a Probate Court Do?
You may have heard the term “probate court” before, but never had a need to know what they do in probate court. If you are curious now, it may be because someone close to you has passed away. Probate courts are limited jurisdiction courts, meaning they only hear certain types of cases. Typically, a probate court handles wills, trusts and estate matters along with guardianships and conservatorships. Each state within the United States determines its own court system structure. For this reason, … [Read more...] about What Does a Probate Court Do?
Keeping Control of Your Estate–Preventing Involuntary Conservatorship
Most of us prefer not to think about the possibility that we will be unable to handle our own finances one day due to the natural aging process or a disease such as Alzheimer’s. Burying your head in the sand though could result in you losing control of all of your estate assets at a later point in time through an involuntary conservatorship petition. Taking the time now to plan for the possibility, however, could prevent that from happening. An involuntary conservatorship petition can typically … [Read more...] about Keeping Control of Your Estate–Preventing Involuntary Conservatorship
What Does Dying Intestate Mean?
When a valid Last Will and Testament was not prepared and executed prior to the death of the a decedent, the law dictates that the decedent died intestate. In the absence of a valid will, the decedent’s estate will pass to any surviving heirs through the laws of intestate succession. Each state determines its own laws with regard to intestate succession; however, there are similarities among the states in both procedure and the laws of succession. In most states, an intestate estate must pass … [Read more...] about What Does Dying Intestate Mean?
Estate Planning Mistakes to Avoid
Estate planning has reached an art form over the last few decades. It has also become even more important than it once was. Although each estate plan will include different estate planning tools and will include different goals, there are some common mistakes that all estate plans should try to avoid. Without a doubt, the biggest, and most common, mistake that people make is to either not create an estate plan at all or to create one and then forget to update the plan. Life changes often … [Read more...] about Estate Planning Mistakes to Avoid
