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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.

Estate Planning is one part of Elder Law

How Do You Survive Financially after Death of a Spouse ?

Posted on: August 9, 2021 | By: David Parker, Esq.
The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, surviving spouses typically confront financial issues, which often trigger tax-related questions and consequences.
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A pet trust can care for your pets after your death

Pet Trust - Have You Considered Estate Planning for Fido?

Posted on: August 4, 2021 | By: David Parker, Esq.
Whether referred to as companion animals, service animals or simply as pets, they play an important part in the lives of many. Owners can use estate planning tools to ensure their pets continue to receive proper care, if the owner becomes incapacitated or dies.
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Estate Planning and Digital Assets

Spendthrift Trust - How Do I Stop Heirs from Foolishly Wasting Inheritance?

Posted on: August 3, 2021 | By: David Parker, Esq.
One of the biggest concerns a trust creator might have is that the beneficiary would squander their inheritance or that the beneficiary’s creditor would attach the inheritance to cover the beneficiary’s debt.
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What doesn't Medicare cover.

What Should Not Be Included in a Last Will and Testament ?

Posted on: August 2, 2021 | By: David Parker, Esq.
In general, a last will and testament is an easy and straightforward way to state who gets what when you die and name a guardian for your minor children.
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estate planning

Here’s Why You Need an Estate Plan

Posted on: July 31, 2021 | By: David Parker, Esq.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
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Where is your Health Care Power of Attorney ?

Powers of Attorney and Advance Directives

Posted on: July 27, 2021 | By: David Parker, Esq.
Some people think that, because their assets are jointly owned with a spouse or are in a trust, they do not need a Power of Attorney, or that if they become incapacitated, their spouse automatically has the authority to make medical decisions on their behalf.
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5 biggest mistakes for beneficiaries

Aging Parents and Blended Families Create Estate Planning Challenges

Posted on: July 26, 2021 | By: David Parker, Esq.
We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent.
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Work on your Estate Plan

Do Most Cases Of Dementia Go Undiagnosed?

Posted on: July 22, 2021 | By: David Parker, Esq.
Most Americans with dementia are undiagnosed, which shows how important it is to screen and assess seniors for the disease, researchers say.
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New RMD rules

A Living Trust as the Beneficiary of IRA?

Posted on: July 21, 2021 | By: David Parker, Esq.
It’s generally a bad idea to name a trust as beneficiary of your IRA. The IRA usually loses the power of tax deferral, because it must be distributed faster than in other scenarios.
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New IRS portability rules

What are the 411 on 529 College Savings Plans?

Posted on: July 20, 2021 | By: David Parker, Esq.
College savings accounts, known as the 529 Plan, can be confusing. Parents know that they have tax incentives. However, what exactly are those benefits? Which investment options make the most sense? Which costs are covered, and which aren’t? Many parents don’t care if they have so many questions. Here are answers to frequently asked questions about the 529 plan to help get rid of some of the fog.
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