Estate planning is a highly personal undertaking that often involves sensitive financial and legal information. As such, you may not want the details of your plan to become public knowledge – even after you are gone. Toward that end, a Salem estate planning attorney at Legacy Care Law Firm explains how to keep the details of your estate plan private. Probate and Your Last Will and Testament A Last Will and Testament is a legal document that communicates your final wishes pertaining to … [Read more...] about Keeping Your Estate Plan Details Private
Estate Planning Terms You Should Know
Having a comprehensive estate plan in place protects you, your assets, and your loved ones. Creating that plan, however, can be an intimidating prospect given all the legal terms and concepts that are often involved during the process. To help make estate planning more “user-friendly,” a Salem estate planning attorney at Legacy Care Law Firm explains some of the most commonly used estate planning terms. Administrator – A person named by the court to represent a probate estate when there is no … [Read more...] about Estate Planning Terms You Should Know
Reasons to Update Your Estate Plan: Relocating for Retirement
Are you close to retiring? If so, and you are also contemplating a move to another state or even abroad for your retirement years, you should also take the time to update your estate plan. A North Andover estate planning attorney at Legacy Care Law Firm explains why relocating for retirement calls for a review and revision of your existing estate plan. The Importance of Updating Your Estate Plan People frequently put off creating an estate plan, in part because they fail to understand the … [Read more...] about Reasons to Update Your Estate Plan: Relocating for Retirement
How Will You Obtain the Care You Need?
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
Income Tax Basis
Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning. Income Tax Basis … [Read more...] about Income Tax Basis
Use Trust Protectors for Added Protection and Flexibility
Trust Protectors are increasingly popular in trusts. This article examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee. Use Trust Protectors for Added Protection and Flexibility … [Read more...] about Use Trust Protectors for Added Protection and Flexibility
Income Tax Basis in Estate Planning
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...] about Domestic Asset Protection Trusts
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? … [Read more...] about SALT Deduction Limit…Can You Get Around It?
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...] about The Little Things May be the Most Important
