COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
Salem Estate Planning Facts
If you are among the millions of Americans who do not have an estate plan in place yet, there is no time like the present to get started. To provide some encouragement, the Salem estate planning attorneys at Legacy Care Law Firm explain ten important estate planning facts. Every adult can benefit from an estate plan. You should not wait until you reach a desired net worth and/or until you have a family to start estate planning. You should already have a plan in place when you reach these life … [Read more...] about Salem Estate Planning Facts
Keeping Your Estate Plan Details Private
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
