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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.

Big COLA increase in 2023

If My Mom Wants to Give Me Her House, Is It Better to Inherit or Buy It?

Posted on: October 22, 2019 | By: David Parker, Esq.
It is very common for parents in later years to consider gifting their home or other real estate to their children during their lifetime
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Co-op and transferring to the kids

Mark Twain’s Estate Plan Went South, Despite His Efforts

Posted on: October 21, 2019 | By: David Parker, Esq.
I came in with Halley’s Comet in 1835. It is coming again next year, and I expect to go out with it. The Almighty has said, no doubt: ‘Now here are these two unaccountable freaks, they came together, they must go out together.’
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What doesn't Medicare cover.

Must Spend Down an IRA Before I Can Apply for Medicaid?

Posted on: October 16, 2019 | By: David Parker, Esq.
Can a nursing home make a person who is in the home liquidate money in an IRA and spend it down to pay for care, before they can apply for Medicaid?
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Co-op and transferring to the kids

Do It Yourself Deeding Her Home Went Wrong–Fast

Posted on: October 15, 2019 | By: David Parker, Esq.
I want to divide my estate equally among their three children. I’ve mapped out a plan to dispose of my property without any probate whatsoever. I put it together from what I’ve read on the internet. It’s just marvelous what you can learn by Googling things, don’t you think?
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Does a trust provide asset protection ?

Should We Include Our Children in Our Charitable Giving Plans?

Posted on: October 14, 2019 | By: David Parker, Esq.
Apparently, your rich grandpa can’t donate his fortune to charity in peace.
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What Is a Pour-Over Will?

Posted on: October 13, 2019 | By: David Parker, Esq.
When you create a living trust, you also sign a pour-over will. One of the main benefits of a trust is avoiding a court proceeding on death called probate, which is when wills are used.
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The Art of Being a Smart Snowbird

Posted on: October 12, 2019 | By: David Parker, Esq.
In the next few months, thousands of northerners — so-called “snowbirds” — will escape their snowy, cold climates to spend the winter in warm, sunny spots in the southern or western part of the United States.
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Estate Planning and Second Marriage

What are Some Estate Planning Tips for Couples Without Children?

Posted on: October 10, 2019 | By: David Parker, Esq.
If you and your spouse are child-free, you may think you don't need to think about comprehensive estate planning—but you'd be wrong. You'll still want to ensure your assets go where you'd like them to after you're gone, rather than being divvied up by the state.
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Plan now so the surviving spouse is not in a bind.

Your Spouse Just Died … Now What?

Posted on: October 9, 2019 | By: David Parker, Esq.
In many relationships, it’s common for one spouse to play money manager and the other to take a more passive role. This, however, can lead to major complications, when the financially dominant partner dies first.
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New IRS portability rules

Can I Deduct Long-Term Care Expenses on My Tax Return?

Posted on: October 8, 2019 | By: David Parker, Esq.
The staggering costs of long-term care can wreak havoc on your retirement savings. According to the U.S. Department of Health and Human Services, about 27% of Americans turning 65 this year will incur at least $100,000 in long-term-care costs, while 15% will require care costing more than $250,000. That’s a hard pill for most seniors to swallow.
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