As we age, we all want to avoid the need for nursing home or long-term care. Ideally, we would like to gracefully age within the comfort of our own homes without requiring assistance from caregivers. Nevertheless, the truth remains that there may come a time, either for yourself or your spouse, when long-term care (LTC) becomes an inevitable consideration. Proactively preparing for this potentiality is important for several compelling reasons. With that in mind, the attorneys at Legacy Care Law … [Read more...] about Long-Term Care Planning in New Hampshire: What You Need to Know
The prospect of getting started on an estate plan can be daunting. In fact, people often put off creating their estate plans because they are overwhelmed by the decisions that must be made and because they simply don’t know where to start. Having an estate plan in place, however, is among the most valuable gifts you can give to yourself and to your loved ones. With that in mind, the attorneys at Legacy Care Law Firm have put together a guide to getting your Massachusetts estate plan … [Read more...] about Guide to Getting Your Massachusetts Estate Plan Started
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)
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?
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
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
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson – Part II
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part I
Revocable Trusts offer many great benefits for the grantor and the beneficiaries both during life and after death. Grantors or creators of the trust retain the right to amend, revoke, alter, or change the trust during their lifetime. Well-written trusts contain explicit directions regarding how the change needs to occur. A recent Michigan case explores what happens when a trust lacks that clarity. Read on to learn more. … [Read more...] about Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts?