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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.

What doesn't Medicare cover.

Does Your Estate Plan Include Digital Assets Protection?

Posted on: October 20, 2020 | By: David Parker, Esq.
It’s difficult to go a few hours without interacting with a digital account. Whether that is email, online banking or social media, many daily tasks involve digital informational storage.
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What is a POD account ?

Can Co-Mingling Inheritances Lead to Trouble for Marriages?

Posted on: October 19, 2020 | By: David Parker, Esq.
Most states recognize inheritances as separate property, and many experts say keeping them separate is often the best approach.
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Talk to your parents about their estate plan

Do I Have to Pay Taxes during Retirement ?

Posted on: October 15, 2020 | By: David Parker, Esq.
Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.
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How does Portability work?

Protecting Inheritance from the Taxes

Posted on: October 13, 2020 | By: David Parker, Esq.
Received an inheritance of cash, investments, or property? Here are four ways that can help you keep it from being swallowed up by taxes.
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Choose your fiduciary wisely.

What are Trustee Fees ?

Posted on: October 9, 2020 | By: David Parker, Esq.
When creating an estate plan, it may be necessary to name a trustee to handle your assets.
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What was in Ray Liotta 's Will

What Does Tenancy by the Entirety Mean in Estate Planning?

Posted on: October 8, 2020 | By: David Parker, Esq.
Tenancy by the entirety, commonly abbreviated as TBE, is an ownership structure for real estate that's used when the owners are a married couple. Under a TBE arrangement, each spouse owns an equal interest in the property, and the property will transfer seamlessly to the surviving spouse, in the event of one spouse's death.
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Does an Ex-Wife get an inheritance ?

Does an Ex-Wife Get Her Former Husband’s Inheritance Because He Died of COVID-19?

Posted on: October 1, 2020 | By: David Parker, Esq.
My big brother died of COVID-19 and he didn’t have a will. He divorced 20 years ago and has no children, but his ex is telling me she should get an inheritance. Who has the right to his money?
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What about a second beneficiary ?

What If a Sole Beneficiary Wants to Share?

Posted on: September 30, 2020 | By: David Parker, Esq.
An Uncle (or grandparent, sibling, or parent) died, leaving his IRA to one named niece (or grandchild, sibling, or child). However, everyone, including the named beneficiary, agrees--the decedent should have named all members of the class as equal beneficiaries. After all, he left all his other assets equally to all the class members. He surely meant for all of them to share the IRA equally too, right? Can't we just ignore this mistake and pay out the IRA to everybody?
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A Special Needs Trust can protect your child.

How to Protect Your Estate from Unintended Heirs such as an Unknown Child

Posted on: September 29, 2020 | By: David Parker, Esq.
What happens when a decedent’s will or trust does not provide for a decedent’s child?
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Spousal Lifetime Access Trust ( SLAT )

Pre-Election Estate Planning Includes a Vast Variety of Trusts like a SLAT

Posted on: September 28, 2020 | By: David Parker, Esq.
Why wait? A variety of trusts—from SLATs to BDITs, GRATs and more—can help you be proactive in protecting your wealth.
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