Estate planning is an important task that everyone should undertake. It involves the creation of legal documents that outline how you want your assets to be distributed after your death. However, many people put off estate planning or never create an estate plan at all. Here are some of the consequences of not having an estate plan: In conclusion, not having an estate plan can have serious consequences for you and your loved ones. It's important to work with an experienced estate planning … [Read more...] about The Consequences of Not Having an Estate Plan
Estate Plan
Is it Time to Review Your Estate Plan?
Your estate plan is a vital document that outlines how your assets will be distributed and managed after your passing. It is essential to review and update your estate plan regularly to ensure that it reflects your current wishes and that it is in compliance with the law. But how do you know when it's time to review your estate plan? Here are a few key indicators that it may be time for a review. 1. Life Changes One of the most significant reasons to review your estate plan is when you … [Read more...] about Is it Time to Review Your Estate Plan?
Our Available Services During COVID-19/Coronavirus Pandemic
The health and safety of our clients, staff, and friends of the law firm are top of mind amid concerns about the spread of the Coronavirus (COVID-19). As estate planning and elder law attorneys, our practice is dedicated to serving our most vulnerable citizens, including seniors, those who are ill, disabled, experiencing mental health challenges and children with special needs. The uncertainty around the pandemic has many people with immune system challenges concerned about exposure to the … [Read more...] about Our Available Services During COVID-19/Coronavirus Pandemic
Assisting Family and Friends During These Trying Times
Before the onset of the Covid-19 pandemic, many of our clients were already assisting elderly or disabled family member and friends with such things as meals, medications, medical visits and shopping. Regular visits just to check in were also part of many folks’ normal routines. COVID-19 restrictions have had a large negative impact on many of these activities. So, how can you continue to assist under these new circumstances? Here are a few thoughts: Medical Issues Under a federal … [Read more...] about Assisting Family and Friends During These Trying Times
Covid-19 and Your Estate Plan
The COVID-19 crisis has caused many people to realize that life-changing events can happen unexpectedly and turn their lives upside down. The myriad of challenges caused by the COVID-19 pandemic have given many pause to rethink their concerns and priorities. Estate planning is one area that should get attention, and possibly revision, as a result of the impact of current events . Here are some things to consider as you review your existing plan. Are all your estate planning documents up … [Read more...] about Covid-19 and Your Estate Plan
Do Not Forget to Update Your Estate Plan after a Divorce
Making the difficult decision to end your marriage is never easy, and the legal process of divorce that follows will undoubtedly be time-consuming and emotionally exhausting. Given the time and attention a divorce takes, it can be all too easy to overlook the numerous practical steps that should be taken after the divorce process reaches a conclusion. Nevertheless, be sure not to not forget to update your estate plan after a divorce. Routine Reviews and Revisions of Your Estate Plan One of … [Read more...] about Do Not Forget to Update Your Estate Plan after a Divorce
Disability Planning within Your Estate Plan
Estate planning should cover more than just the disposition of your estate assets when you are gone. A well-rounded estate plan should also help you plan for the possibility of your incapacity or disability. By including a disability planning component to your comprehensive estate plan, you can rest assured that you, your assets, and your loved ones will be protected should disability strike. To better help you understand the importance of disability planning, the disability planning staff at … [Read more...] about Disability Planning within Your Estate Plan
Interaction between Education Savings (“529”) Accounts and ABLE Accounts
In previous newsletters, we have discussed both so-called “529 accounts”, which are a type of tax-efficient education savings accounts and ABLE accounts, which are a relatively new type of account that can be established to provide additional resources for persons receiving Supplemental Security Income (SSI) benefits. While each account is for a different purpose, they do share some similar features. Due to a recent law change, it is now possible to make limited transfers from existing 529 … [Read more...] about Interaction between Education Savings (“529”) Accounts and ABLE Accounts
Planning for the SECURE Act
As we advised in last month’s newsletter, the “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It was effective January 1, 2020, for most purposes. This is the second in a series of articles on the Secure Act. The first article looked at the basics of the Secure Act. This article examines planning strategies for dealing with the Secure Act. As laid out in the first article in the series, the Secure Act requires more rapid distributions of … [Read more...] about Planning for the SECURE Act
What Do I Do with My Estate Plan When It’s Complete?
Creating a well thought out estate plan is the first step toward ensuring that your loved ones will be secure after you are gone. For you plan to work as anticipated though, the individual documents that make up the plan must be accessible and work as intended. To help you keep your estate plan safe and ready when needed, let's explore what to do with your estate plan when it’s complete. What’s In Your Estate Plan? Of course, no two estate plans are identical because people have unique needs … [Read more...] about What Do I Do with My Estate Plan When It’s Complete?
