Individuals and families often rely on wills to define the future of an estate. While the will is an important estate planning tool that works well, in some instances, it might not be the right document for your situation, as it can lack certain protections. A trust, on the other hand, can be set up… Read More »
It was “Mistake Day” on Senior Law Radio! On today’s show I covered many common mistakes people make relating to their estate plan (Will, Trust, etc.) and long-term care planning. Topics are broad and include: Adding someone’s name to your deed (sometimes you’ll hear this referred to as a “quit claim deed”) Hybrid families (second… Read More »
Grandparents often are particularly generous to grandchildren as they see their family’s legacy continuing on to a new generation. In many cases, grandparents feel they have ample resources and their children or grandchildren may be struggling financially. Assistance with summer camp fees, college tuition, wedding costs or the down payment on a first home, can… Read More »
When planning for your estate, there are different ways you can plan to pass assets to your chosen beneficiaries. One choice is to create a living trust which allows you, the creator, the flexibility to make changes and benefit from trust assets during your lifetime, and avoid probate after you are gone. Here are some… Read More »
When thinking about how to develop an estate plan you have probably considered devising a will which directs where your assets will go and states your final wishes concerning your estate and arrangements. Another estate planning device which could be of significant benefit to you is a trust. There are several different kinds of trusts… Read More »
For some business owners, debt is a necessary evil. When everything is going well, the business owner will regularly pay the debt. However, changes in business, the economy and life circumstances can come up which may prevent the owner from paying their creditors and place them at risk of losing their property. For other business… Read More »
Having an income-producing asset can be a significant source of revenue but, depending on how it is owned, can also be subject to estate taxation. One way to minimize tax and continue to receive benefits from this kind of resource is to place it in a Grantor Retained Annuity Trust (GRAT). Here are some facts… Read More »
I search your eyes, So empty and blue, Hoping for a flicker Of what used to be you.1 If you are the wife, husband, son or daughter of someone with, dementia, Alzheimer’s disease or Parkinson’s disease, you may be overwhelmed emotionally, physically and financially. You are consumed with the day-to-day care, behaviors like agitation and… Read More »
Planning for the future of a child or another loved one with a severe disability often requires family members to become well versed in different government benefit programs. When the individual’s disability is expected to prevent them from working or being able to fully support themselves as an adult, these public resources can be of… Read More »
When an adult has a severe mental illness, their parents are often tasked with helping them manage their symptoms. In the case of a debilitating condition, the child may not be able to work or otherwise provide for their own needs. Parents in this circumstance will naturally have concerns about how their child will be… Read More »