Top 10 Reasons Why Your Estate Plan Needs Your Attention Now! Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Estate planning isn’t meant to be a “one and done” type of project. Estate planning reflects the totality of a person’s life, and therefore it should reflect changes that occur in our lives. Not only is a periodic review necessary, it also provides peace of mind in knowing your family’s needs are covered today in case the unthinkable were to … [Read more...] about Top 10 Reasons Why Your Estate Plan Needs Your Attention Now!
When Roles Reverse and Your Parents Need Your Help
When Roles Reverse and Your Parents Need Your Help Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Thanks to advances in medicine and science, as well as an overall better quality of life, Americans at the beginning of the 21st century have an average life expectancy of almost double what they had at the beginning of the previous century. Despite this, the natural aging process has not changed significantly during the last 100 years. We are simply … [Read more...] about When Roles Reverse and Your Parents Need Your Help
Understanding the Federal Gift Tax and its Implications
Understanding the Federal Gift Tax and its Implications Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The reality is that few Americans will ever have to worry about the federal gift tax. The reason is simple: Federal gift taxes are calculated only on very large gifts you make. The exemption for 2015 is $5,430,000. In 2016, it increases to $5,450,000. This means until your collective gifts reach these dollar amounts, you don’t have to worry about the … [Read more...] about Understanding the Federal Gift Tax and its Implications
Gifting to Benefit Minor Children
Gifting to Benefit Minor Children Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Each year, the IRS excludes from the gift tax certain gifts, including: Gifts to a U.S. citizen spouse; Gifts up to $14,000 annually to any individual; and Direct payments to an educational provider for tuition or to a medical provider for medical care When it comes to your minor children, grandchildren, or other important minors in your life, a few considerations … [Read more...] about Gifting to Benefit Minor Children
My Attorney Just Retired – What Now?
My Attorney Just Retired – What Now? Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Over your lifetime, you’ve established lasting relationships with professionals like dentists, doctors, and attorneys. It’s hard to think that these professionals who have always been available to help us may someday leave their firm or practice. They may retire, move to a new state or pass away. So if your estate planning attorney is no longer available, it opens up a … [Read more...] about My Attorney Just Retired – What Now?
Preparing for Your First Estate Planning Consultation
Preparing for Your First Estate Planning Consultation Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys You’ve made the decision to focus on your estate plan. It’s an important time and you’re not quite sure what to expect before meeting with an estate planning attorney. Odds are, it’s not nearly as overwhelming as you’re anticipating. There are a few things you can do to ensure you’re well-prepared for your first estate planning consultation. First … [Read more...] about Preparing for Your First Estate Planning Consultation
Are You Prepared to Pay for Long-Term Care?
70% of people currently over age 65 will require some long term care someday. That is the estimate of the U.S. Administration on Aging, a division of the U.S. Department of Health & Human Services. Will Medicare or private health insurance pay for it? The short answer is “no”. In the decades ahead, baby boomers will reach their seventies, eighties and nineties. With aging parents of their own, some are learning how much long term care really costs. Some are still unaware. How many of us are … [Read more...] about Are You Prepared to Pay for Long-Term Care?
Claiming More Than Marriage: Important Financial and Estate Planning for Same-Sex Marriages
Claiming More Than Marriage: Important Financial and Estate Planning for Same-Sex Marriages Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys In the past, many same-sex couples never focused on estate planning or even financial planning because they felt it was moot. The ways around those impossible and unfair laws were successful for some couples, in some states, and in some instances. This meant many died intestate, or, without a will. There was a … [Read more...] about Claiming More Than Marriage: Important Financial and Estate Planning for Same-Sex Marriages
Fair Does Not Always Mean Equal: Avoiding Conflict in Inheritances
Fair Does Not Always Mean Equal: Avoiding Conflict in Inheritances Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Let’s face it, even in the closest-knit families, money and assets can still create problems. For example, resentment can show up when one sibling has seen greater financial and career success than his siblings and trying to “balance” that in your estate plan can cause further friction in the future. So what do you do when you’re estranged … [Read more...] about Fair Does Not Always Mean Equal: Avoiding Conflict in Inheritances
The Ties that Bind: Grandparents and Grandchildren
The Ties that Bind: Grandparents and Grandchildren Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The memories made with grandchildren are some of the best. Still, it’s understandable to want to leave them with a bit more than great stories to someday pass down to their own grandchildren. Fortunately, there are many ways to accomplish this. The key is to ensure there’s no ambiguity in your will and other estate planning documents. Even better, there … [Read more...] about The Ties that Bind: Grandparents and Grandchildren