When people think about an Estate Plan, they often have tunnel vision and focus on just a few of the many considerations that influence the plan. Most individuals focus on their assets and figuring out to whom they want those assets to pass. While those things matter, thinking about the intended beneficiary and their individual circumstances also matters. Certain types of beneficiaries require additional planning. Read on to learn more. … [Read more...] about Common Mistakes in Estate Planning – Part II
Make Sure You Understand a Power of Attorney Before Signing One
You likely already have some idea of what a Power of Attorney is and when or why you might want to execute one. Nevertheless, a Power of Attorney (POA) is one of the most frequently abused legal documents. One reason for this is that people sign a POA without truly understanding the authority and power they are giving to someone else. To keep you from making this common mistake, the Beverly estate planning attorneys at Legacy Care Law Firm discuss the different types of Power of Attorney and the … [Read more...] about Make Sure You Understand a Power of Attorney Before Signing One
Common Mistakes in Estate Planning – Part I
Despite knowing that they should have an estate plan, many individuals look for shortcuts to creating an Estate Plan. They rely upon advice from seemingly well-intentioned individuals that if avoiding probate is their main goal and they don’t have a taxable estate, they need not seek out an attorney to create an Estate Plan. While options exist to avoid probate, probate avoidance is just one of many considerations in creating an Estate Plan. Read on to learn more. … [Read more...] about Common Mistakes in Estate Planning – Part I
Why Should I Include a Living Trust in My Estate Plan?
Your very first estate planning document was likely a Last Will and Testament. Although you will undoubtedly continue to rely on a Will within your estate plan, as your family and your estate grow you will need to incorporate additional tools into your estate plan in order to achieve a widening circle of goals. Among the most common of those additional tools is a living trust. While there are a seemingly endless number of reasons why you might want to include a living trust in your estate plan, … [Read more...] about Why Should I Include a Living Trust in My Estate Plan?
The Power in Powers of Appointment
Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without complication. When creating powers of appointment, it’s important to consider not only the reason for including the power but also the way it needs to be exercised. Read on to learn more … [Read more...] about The Power in Powers of Appointment
Estate Planning Considerations If Your Spouse Is a Non-Citizen
One of the most common motives people have for creating an estate plan is protecting a spouse in the event of their death or incapacity. Most of the time, protecting a spouse is among the easiest estate planning goals to achieve; however, when your spouse is not a citizen of the United States it becomes more difficult to achieve such a seemingly simple goal. The Nashua estate planning attorneys at Legacy Care Law Firm explain how to provide for your spouse if he/she is not a citizen. Estate … [Read more...] about Estate Planning Considerations If Your Spouse Is a Non-Citizen
What Do I Do If I Received a Crummey Notice?
If you are a beneficiary of a trust, it means that you have an interest in the assets held by the trust. It also means that the Trustee is required to communicate with you about trust business from time to time. As part of that obligation, the Trustee may send you a “Crummey Notice.” A Beverly estate planning attorney at Legacy Care Law Firm explains what to do if you received a Crummey notice. What You Need to Know about Trusts To understand the significance of a Crummey Notice you must … [Read more...] about What Do I Do If I Received a Crummey Notice?
The Inflation Reduction Act
President Biden scored a win on some issues, but a loss on others when he signed the Inflation Reduction Act into law. The legislation left the estate and gift tax alone and made modest changes to the income tax. The Act will have a significant impact on those on Medicare because of the cap on out-of-pocket prescription drug costs and insulin. Read on to learn more. … [Read more...] about The Inflation Reduction Act
What’s Estate Planning Got to do with Interest Rates – Part II
As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part II
Debunking Common Estate Planning Myths
Although most Americans admit to knowing the importance of estate planning, over half do not have a plan in place. Part of the reason for this is that there are several myths and misconceptions about estate planning. To some extent, this is understandable because the average person has little reason to know much about estate planning until they sit down to create their plan. Unfortunately, however, some of those myths can result in costly mistakes. To help you avoid making any of those mistakes, … [Read more...] about Debunking Common Estate Planning Myths
