As adult children it can be difficult to realize that out parents are aging. Watching our parents experience the physical and mental deterioration that accompanies that aging process can be particularly hard. If you find yourself in watching your parents age you likely want to help; however, you do not want to seem as though you are interfering or trying to take away your parents’ independence. To help you navigate this tricky time, a Salem elder law attorney at Legacy Care Law Firm Offices … [Read more...] about Tips for Adult Children with Aging Parents
What Happens If an Appointed Trustee Cannot or Will Not Accept the Job?
A trust is one of the most common additions to a comprehensive estate plan. While there are a wide variety of specialty trusts that can help you accomplish a wide variety of estate planning goals, one thing that all trusts have in common is the need to appoint a Trustee to administer the trust. A common mistake people make when creating a trust is to not name a successor Trustee. The Beverly area trust attorneys at Legacy Care Law Firm explain what happens if an appointed Trustee cannot, … [Read more...] about What Happens If an Appointed Trustee Cannot or Will Not Accept the Job?
How to Plan for Long-Term Care
As much as we all prefer not to dwell on the possibility, the reality is that we all stand a good chance of needing long-term care at some point during our retirement years. Knowing that, it makes sense to plan for the possibility within your estate plan. The Salem Medicaid planning attorneys at Legacy Care Law Firm explain five common long-term care planning steps. Contact Salem Medicaid Planning Attorneys If you have additional questions or concerns, please contact the Salem Medicaid … [Read more...] about How to Plan for Long-Term Care
What Is the Uniform Transfer to Minors Act?
The moment you found out you were going to be a parent, you probably started worrying about, and planning for, your child’s future. Estate planning also took on a heightened importance because you wanted to be certain your child was protected if something happened to you. One tool in the estate planning toolbox for parents is a Uniform Transfers to Minors Act (UTMA) account. For those who are unfamiliar with this tool, a Nashua estate planning attorney at Legacy Care Law Firm explains the … [Read more...] about What Is the Uniform Transfer to Minors Act?
Should I Take Early Retirement?
Most of us start thinking about retirement early on in our working career. As we get closer to retirement age, several important decisions must be made related to our retirement. What age to begin accepting Social Security retirement benefits is one of those decisions. Before you decide to start accepting your retirement benefits early, a North Andover estate planning attorney at Legacy Care Law Firm explains the downside of doing so. The Social Security Retirement System The Social … [Read more...] about Should I Take Early Retirement?
Tax Planning for 2022
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2022 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2022
Using Entities in Estate Planning
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. Read on to learn more. … [Read more...] about Using Entities in Estate Planning
The Sky Isn’t Falling
When we learned of the original provisions in the Build Back Better Act, many individuals panicked, rushing to complete Estate Planning or seeking to undo certain aspects of their estate plan. As the Build Back Better Act has evolved, many wondered if they should have waited before making significant changes to their estate plan. No matter what happens with the Build Back Better Act, an estate plan centered on long-term goals will serve you well. Read on to learn more. … [Read more...] about The Sky Isn’t Falling
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income tax deduction. Read on to learn more. … [Read more...] about It’s Better to Give Than to Receive
Practical Lessons in Drafting
Individuals who undertake Estate Planning want to ensure that their plan works the way it’s intended. When clients neglect to consider Estate Planning on a regular basis, they set themselves up for failure. Waiting until an emergency arises almost guarantees that the plan will fail when needed the most. Estate Planning completed under duress can lead to unfavorable results. Read on to learn more. … [Read more...] about Practical Lessons in Drafting
