Nobody wants to accept the fact that their parents are getting old. At some point, however, if you are fortunate enough to have your parents around that long it becomes necessary to face that reality. As your parents age, the natural aging process will cause physical and/or mental deterioration. They may need help with little things such as everyday tasks or may need around-the-clock care at some point. Planning now for what the future may bring is the best way to protect your parents. Toward … [Read more...] about Planning for Elder Care
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?
What Is a Letter of Instruction?
The estate plan that you create is intended to protect you, your assets, and your loved ones as well as ensure that your loved ones are adequately provided for after you are gone. A well thought out estate plan will include a wide range of inter-related tools and strategies that work together to achieve your estate planning goals. Despite the numerous estate planning documents that are available to include in your plan, you may find that there is additional information and/or directions you wish … [Read more...] about What Is a Letter of Instruction?
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 Intersection of Asset Protection Planning and Estate Planning – Part II
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II
The Intersection of Asset Protection Planning and Estate Planning – Part I
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
If an Estate Owes Federal Gift and Estate Taxes, How Do I Pay Them?
Managing the practical duties involved in administering an estate while simultaneously grieving the loss of a loved one can be challenging. If you are in this position, one of your important responsibilities as Executor will be to make sure the estate pays any federal gift and estate taxes due. To help you get started, the Beverly probate attorney at Legacy Care Law Firm explain the practical steps required to pay estate taxes owed during the probate of an estate. Probate Basics Probate is … [Read more...] about If an Estate Owes Federal Gift and Estate Taxes, How Do I Pay Them?
5 Signs Pointing to a Will Contest
When a loved one passes away, experiencing a range of strong emotions is normal. Learning the terms of the Last Will and Testament can also cause an emotional reaction that can lead to the desire to challenge the Will; however, you must have a valid legal reason to do so. To help you figure out if a Will contest is a viable option, the Beverly probate attorneys at Legacy Care Law Firm discuss five signs that point to a Will contest. What Does It Mean to Contest a Will? A spouse, adult … [Read more...] about 5 Signs Pointing to a Will Contest
