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Estate Planning and Elder Law Blog

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Category: Estate Planning

Estate planning services refer to the process of managing and distributing one's assets and properties after their death, in a way that ensures the smooth transfer of wealth to the intended beneficiaries while minimizing taxes and other expenses. Estate planning services may include drafting legal documents such as wills, trusts, and powers of attorney, as well as providing guidance and advice on strategies for asset protection and wealth transfer. These services may be provided by lawyers, financial advisors, or other professionals with expertise in estate planning. Effective estate planning can help individuals achieve their long-term financial goals and provide peace of mind for themselves and their loved ones.

A pet trust can care for your pets after your death

Can a Trust Be Created to Protect a Pet?

Posted on: February 5, 2022 | By: David Parker, Esq.
Based on a recent survey by the American Pet Products Association, as of 2020, 70% of households in the U.S. have pets—about 90.5 million households.
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New RMD rules

What Happens to IRAs and 401(k) when Spouse Dies?

Posted on: February 4, 2022 | By: David Parker, Esq.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
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The Most Common Myths about COVID Vaccine

Will Moving to a New State Impact My Estate Planning?

Posted on: February 3, 2022 | By: David Parker, Esq.
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
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Big COLA increase in 2023

What’s the First Step in an Estate Plan?

Posted on: February 2, 2022 | By: David Parker, Esq.
For young professionals finding their way in the world and just beginning the journey of building wealth, death can seem like a far-off abstraction. However, the cold reality is that no one ever knows what’s around the corner — health problems and freak accidents can happen at virtually any time.
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Estate Planning and Digital Assets

Sucession Planning - How Should I Plan to Sell My Business?

Posted on: January 27, 2022 | By: David Parker, Esq.
According to the Exit Planning Institute of Ohio, recent studies show that over 60% of the current U.S. business market is owned by baby boomers (those born between 1946 and 1964), who are ready to exit or transition their business over the next 10 years.
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What doesn't Medicare cover.

What are Best Assets to Inherit?

Posted on: January 26, 2022 | By: David Parker, Esq.
If you really want to help your heirs out, these are some of the best assets to leave them.
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Can a BDIT save you on taxes?

What are the Negatives of Investing in Cryptocurrency?

Posted on: January 25, 2022 | By: David Parker, Esq.
What happens when all of a corpse's money is in his cold wallet?
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trust administration

What Is Considered an Asset in an Estate?

Posted on: January 24, 2022 | By: David Parker, Esq.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.
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Why a corporate trustee ?

Should I Use a Corporate Trustee?

Posted on: January 19, 2022 | By: David Parker, Esq.
Revocable Living Trusts have become a widely used estate planning document, providing a path to managing assets, avoiding probate and gaining privacy at the settlement of an estate.
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An invalid trust and gift tax

Gift Tax - What Happens If a Trust Is Invalid?

Posted on: January 18, 2022 | By: David Parker, Esq.
This case should be required reading for any person who has an interest in an entity or a trust.
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