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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

How Does an ILIT Work?

Posted on: August 16, 2019 | By: David Parker, Esq.
An irrevocable life insurance trust (ILIT) can provide peace of mind, as you start your estate planning process. If you have a sizable estate or young beneficiaries, an ILIT can provide control over a life insurance policy that a last will and testament may not.
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Talk to your parents about their estate plan

Why a Living Will Should Be Part of Your Estate Plan

Posted on: August 15, 2019 | By: David Parker, Esq.
What are Medical Advance Directives and what is the difference between a Living Trust and Living Will?
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Eddie Van Halen left money to a foundation

When You Might Want to Take Social Security Early

Posted on: August 14, 2019 | By: David Parker, Esq.
Although it’s common to point out why it might make sense to delay taking Social Security benefits, there are legitimate reasons for some people to claim their benefits sooner rather than later.
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What doesn't Medicare cover.

How Do I Name a Trust as the Beneficiary of an IRA?

Posted on: August 13, 2019 | By: David Parker, Esq.
When you set up an IRA with a brokerage, you’ll usually be asked to designate a beneficiary. This is where you would enter the trust as your beneficiary, should that be the option you choose.
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How does Portability work?

What is Portability and How Does It Impact Estate Planning?

Posted on: August 12, 2019 | By: David Parker, Esq.
There is often a great deal of confusion about the term “estate taxes” when someone passes away. What exactly are they? Who pays them? When are estate taxes due? How do they get paid and to whom?
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5 biggest mistakes for beneficiaries

What Can I Do with a Trust to Help My Children with Inherited assets?

Posted on: August 10, 2019 | By: David Parker, Esq.
There are mechanisms that you can put in place through a trust to help your children become financially responsible with their inheritance.
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Bruce Springsteen sold his music catalog

Why the Secure Act May Make Your Retirement Less Secure

Posted on: August 9, 2019 | By: David Parker, Esq.
The Secure Act would upend 20 years of retirement planning and stick it to the middle class.
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How can a Discretionary Trust help me?

The Secret to Spousal Benefits for Social Security

Posted on: August 8, 2019 | By: David Parker, Esq.
Understand how Social Security spousal benefits work to make the most of your retirement funds.
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A family meeting to discuss planning

How to Talk with Your Aging Parents or Adult Children About Money

Posted on: August 7, 2019 | By: David Parker, Esq.
The important thing is that you communicate respectfully with each other. Being able to discuss these personal topics, can strengthen your relationships and give peace of mind to everyone involved.
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Talk to your parents about their estate plan

Should I Roll A 401(k) into a Variable Annuity or Fixed Annuity?

Posted on: August 5, 2019 | By: David Parker, Esq.
Many annuities cannot be passed on to a beneficiary; any money left in them when you die goes to the insurance company.
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