Although many people choose to incorporate a trust agreement into their estate plan, a Last Will and Testament continues to serve as the foundation for most estate plans. If you have a Will that you executed some time ago, you may find that you need to make changes to that Will for one reason or another. With that in mind, a Beverly estate planning attorney at Legacy Care Law Firm explains how to make changes to a Last Will and Testament. Last Will and Testament Basics A Last Will and … [Read more...] about How Do I Make Changes to My Last Will and Testament?
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article isn’t about a lawsuit over the right to an elective … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
Building a Legacy: The Importance of Estate Planning for Parents
Estate planning offers benefits to every adult; however, estate planning is especially important for parents. Not only does a comprehensive estate plan ensure that your assets will protect and provide for your children when you are gone, but it can also help pass down the legacy you want to leave behind for generations to come. To help you better understand, the estate planning attorneys at Legacy Care Law Firm discuss the importance of estate planning for parents. Why Is Estate Planning … [Read more...] about Building a Legacy: The Importance of Estate Planning for Parents
Gifting to Grandchildren
If you are fortunate enough to be a grandparent, you understand the joy a grandchild brings into your life. Becoming a grandparent may also prompt you to make some changes to your estate plan if you wish to include your grandchildren in your plan. When including your grandchildren in your estate plan, the North Andover estate planning attorneys at Legacy Care Law Firm suggest that you consider the following when making gifts to grandchildren: Contact Salem, NH Estate Planning Lawyers For … [Read more...] about Gifting to Grandchildren
Gen X – This One’s for You (Really Every Generation Should Read This)
As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur and according to many sources, it will dwarf any prior wealth transfer. This transfer gives those anticipated to inherit the wealth a great opportunity to open the lines of communication with their families to plan for the shift that has already started. Read on to learn more. … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
How Can Estate Planning Help Me Protect My Assets?
You may think of your estate plan in terms of your ability to direct the distribution of your assets after you are gone; however, a well drafted comprehensive estate plan can achieve more than that. In fact, your estate plan can – and should – help protect and grow your assets while you are alive to maximize the value of the estate you leave behind. To explain, the estate planning attorneys at Legacy Care Law Firm discuss how estate planning can help you protect your assets. Why Do I Need to … [Read more...] about How Can Estate Planning Help Me Protect My Assets?
How to Protect Your Spouse Using Your Estate Plan
If you are married, you undoubtedly want to protect your spouse in every way possible. Fortunately, your estate plan offers a wide variety of opportunities for you to do just that. In fact, a carefully drafted estate plan can protect your spouse from unnecessary litigation, from making difficult decisions, and from financial hardship. To help explain, the attorneys at Legacy Care Law Firm discuss how to protect your spouse using your estate plan. How Your Estate Plan Can Protect Your Spouse … [Read more...] about How to Protect Your Spouse Using Your Estate Plan
What Is the New Hampshire Medicaid Estate Recovery Program?
Given the odds that you or a spouse will need some type of long-term care in the future, and the extraordinarily high cost of that care, there is a good chance that you or your spouse will need to rely on Medicaid for help paying for long-term care. If that comes to pass, you need to be aware of the potential repercussions that reliance may have on the estate you leave behind when you die. To help ensure that you are prepared, the Medicaid planning attorneys at Legacy Care Law Firm explain the … [Read more...] about What Is the New Hampshire Medicaid Estate Recovery Program?
The Wonder of Wills
Many Estate Planning attorneys have fielded a question regarding whether an Estate Plan was necessary, or whether a Will is necessary if the client has a Revocable Trust. Let’s settle the debate now. Even in an Estate Plan based upon a Revocable Trust, Wills play an important role. Everyone with an Estate Plan needs to have a Will because certain things can only be done with a Will. Read on to learn more. … [Read more...] about The Wonder of Wills
529 Plans – The “Holy Grail” of Estate Planning
When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust which includes the assets contributed to it in the grantor’s income tax for income purposes but excludes such assets from the grantor’s estate for estate tax purposes. The 529 plan provides yet another example of the “Holy Grail” in Estate planning by allowing tax-free growth, control of the plan until the death of the grantor without estate tax … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
