Frank Bruno Law

Category: Blog

  • Digital Afterlife: Securing Your Online Presence Through Estate Planning

    As our lives move online, digital assets require estate planning. This blog explores securing your digital legacy. Our lives extend online, encompassing social media profiles to cryptocurrency investments. This blog examines why integrating digital assets into your estate plan matters and offers practical advice for safeguarding your online legacy.

    Cataloging Digital Assets: Securely list your digital assets: usernames, passwords, and access codes. Password managers can simplify this.

    Digital Asset Planning. The legal landscape surrounding digital assets is constantly evolving, and many people are unaware of the complexities involved. To ensure your loved ones can easily access and manage your digital accounts after you pass away, it’s crucial to have a plan in place.

    Taking Control: Tools for Digital Asset Management: Estate planning offers powerful tools to manage your digital assets. You can designate a trusted individual as your digital executor to oversee your online accounts. Additionally, you can provide clear instructions for accessing or closing accounts, and even include digital assets within your will or trust.

    By taking these proactive steps, you’ll ensure your online presence is managed according to your wishes, offering peace of mind for your loved ones during a difficult time.

    We Can Assist!

    Secure your loved ones’ future and ensure your wishes are met with our free Peace of Mind Planning Session! Discuss your concerns in a virtual or in-person consultation, learn about your options and our transparent flat fees, and take control of your legacy. Mention this blog for a complimentary session, a limited-time offer valued at $450!

     

  • Guardianship Planning Safeguarding Your Family’s Future

    As parents, safeguarding the future of our children is paramount. While contemplating worst-case scenarios may be daunting, it’s imperative to have a plan in place for their care and upbringing in the event of our incapacity or passing. Guardianship planning offers the means to designate trusted individuals to care for your minor children and make decisions on their behalf. Let’s delve into why guardianship planning is indispensable and how our expertise can assist you in fortifying your family’s future.

    Ensuring Children’s Well-Being: In the absence of a guardianship plan, the court may appoint a guardian for your children based on state laws. By proactively designating guardians in your estate plan, you retain autonomy over their care, ensuring they are placed in a nurturing environment that aligns with your values.

    Minimizing Family Disputes: Failing to designate guardians can breed conflicts among family members vying for guardianship roles. By clearly articulating your preferences, you mitigate the potential for discord and facilitate a smoother transition for your children during challenging times.

    Financial Considerations: Guardianship planning encompasses provisions for your children’s financial support. Through trusts and other estate planning mechanisms, you can secure their financial needs while entrusting responsible management of assets until they reach adulthood.

    Facilitating Communication: Open dialogue with chosen guardians is vital to ensure they comprehend your expectations and are prepared to assume the responsibility if needed. Our team facilitates these discussions, aiding in the creation of a plan aligned with your values and preferences.

    We incorporate guardianship provisions into every estate plan we craft for parents of young children. Take the first step by scheduling a Peace of Mind Planning Session. In this one-hour working session, we’ll elucidate your options, review our packages, and discuss our fixed legal fees. Should we find synergy, we’ll chart the course forward. This one-hour consultation allows you to ask questions and explore personalized options. We’ll discuss transparent fees and find the perfect fit for your needs. No pressure – if we’re not a good match, that’s okay too! Book your session and mention this blog to waive the $450 fee. Invest in peace of mind for yourself and your loved ones.

  • Peace of Mind Through Advance Directives: Ensuring Your Healthcare Wishes are Honored

    While estate planning often centers on asset distribution, it’s equally vital to address healthcare decisions and end-of-life preferences. Healthcare isn’t a one-size-fits-all situation. What matters most during medical emergencies? Ensuring your wishes are known and respected. Advance directives provide a crucial avenue to express your healthcare wishes and ensure they are honored, even if you’re unable to communicate them yourself. Advance directives give you the power to do just that. Here’s how we can help you create a healthcare plan that reflects your values and protects your future:

    1. Charting Your Healthcare Course: Advance directives, like living wills and healthcare proxies, allow you to clearly outline your preferences for medical treatments. Imagine a situation where you can’t communicate – having a plan ensures your wishes are known, reducing stress for your loved ones and ensuring the care you want. By clearly documenting your wishes, you alleviate the burden on your loved ones and ensure your healthcare preferences are upheld during challenging times.
    2. Calming the Waters During Storms: Difficult medical situations can strain family bonds. Advance directives can act as a compass, guiding loved ones through complex decisions and minimizing potential conflicts. Knowing your wishes are clear brings peace of mind to everyone involved. Ambiguity in healthcare decisions can fuel family disagreements, adding stress to already difficult situations. Proactively creating advance directives minimizes the potential for conflicts and provides your loved ones with clarity and tranquility.
    3. Empowering Your Trusted Voice:A healthcare proxy is someone you designate to make medical decisions on your behalf if you are unable to do so during a medical emergency or incapacity. Choosing someone who understands your values and healthcare preferences is key. With a trusted advocate by your side, you can be confident your wishes are being heard. A proxy ensures effective advocacy on your behalf during medical emergencies or incapacitation.
    4. A Living Document for a Living World:Life changes, and so can your healthcare needs. Life circumstances evolve, necessitating periodic reviews and updates to your advance directives.

    Regular Review and Updates are recommended.

    We believe advance directives are a crucial part of any estate plan. That’s why they’re included in every plan we create. Take control of your healthcare future – book your “Peace of Mind Planning Session” today! This one-hour consultation allows you to ask questions and explore personalized options. We’ll discuss transparent fees and find the perfect fit for your needs. No pressure – if we’re not a good match, that’s okay too! Book your session and mention this blog to waive the $450 fee. Invest in peace of mind for yourself and your loved ones.

     

  • Will Your Estate Be Subject To Taxes? We Can Help!

    Imagine leaving a legacy for your loved ones, only to have a significant chunk disappear to taxes. Estate taxes can be a real burden, but with smart planning, you can significantly reduce their impact. Here’s how our expertise can help you minimize tax worries, protect your assets and maximize your legacy:

    1. Understanding the Tax Landscape: Estate taxes are levied on estates exceeding a certain dollar threshold at the time of death. We break it down for you. For example, the federal estate tax kicks in for estates exceeding $13.61 million, but in New York, that number drops to $6.94 million. Without proper planning, a tax bill could erode your carefully built estate. Failing to address an estate of such size could lead to substantial tax liabilities, potentially amounting to hundreds of thousands of dollars! Estate tax laws can be complex, and exemption thresholds vary by state.
    2. The Power of Trusts:Trusts are like financial shields, protecting your assets from taxes. We’ll explore options like irrevocable trusts, charitable trusts, and other tax-saving structures to ensure more of your wealth reaches your beneficiaries.
    1. Unlocking Exemptions and Credits:Who doesn’t love a good tax break? We’ll help you leverage available exemptions, like the lifetime gift tax exemption and the marital deduction, to minimize your tax burden. This ensures a larger portion of your estate goes directly to your loved ones, as you intended.
    2. Future-Proofing Your Plan:Estate tax laws are fluid, and change can happen underscoring the importance of periodically reviewing and updating your estate plan. Our team remains vigilant about legislative changes and can adapt your plan accordingly to maintain its effectiveness in minimizing estate taxes.

    Don’t allow estate taxes to erode the wealth you’ve diligently amassed! Kickstart your journey by scheduling a Peace of Mind Planning Session. In this one-hour working session, we will look at your options, discuss our packages, and outline our fixed price legal fees. Should we determine a mutual fit, we’ll proceed to discuss the next steps. And if not, that’s perfectly fine too! Reserve your session here, and mention this blog to waive the $450 session fee!

  • The Importance of Estate Planning now

    As estate planning lawyers, we recognize planning for the future can feel overwhelming. However, the importance of estate planning cannot be overstated. It’s not just about your assets; it’s about securing your legacy and ensuring your loved ones are taken care of in case of tragic events or the unthinkable happens.

    Ever feel a little lost when it comes to planning for the future? You’re not alone. Estate planning can seem daunting, but it’s a crucial step to ensure your wishes are met and your loved ones are protected. Here’s why it’s important to take charge, regardless of your life stage:

    Wealth Preservation: Estate planning empowers you to minimize taxes and other expenses linked to transferring your assets to your beneficiaries. By establishing key documents, you can potentially save your family significant amounts over time.

    Secure Your Legacy: Estate planning goes beyond just dividing assets. It’s about safeguarding your wishes for the future. You can designate guardians for minor children, outline healthcare preferences, and ensure your values are carried forward.

    Loved Ones Protection: Estate planning encompasses vital decisions about guardianship for minor children, healthcare directives, and end-of-life care, beyond financial matters. By clearly expressing your wishes, you alleviate confusion and potential conflicts for your loved ones during challenging times.

    Empower Your Loved Ones: Life can be unpredictable. By having a clear plan in place, you can spare your family from unnecessary stress and confusion during difficult times. Your wishes are known, healthcare decisions are documented, and guardianship is designated, providing them with peace of mind.

    Proper estate planning can spare your heirs from the lengthy and costly probate process, which can consume a significant portion of the estate.

    Save Time and Money: The probate process can be lengthy and expensive, potentially draining a portion of your estate. Proper estate planning can help your heirs bypass probate altogether, saving them time and valuable resources.

    Maintain Privacy: Without an estate plan, your financial details may become public during probate. Careful planning allows you to control the distribution of your assets with discretion, shielding your family from unwanted scrutiny.

    Ready to Take Control? Don’t delay until it’s too late! Take the first step by booking a Peace of Mind Planning Session. During this one-hour working session, we’ll explain your options, review our packages, and discuss our flat fees. If we decide to proceed together, we’ll outline the next steps. Book your session today! Mention this blog to waive the $450 session fee and take the first step towards a secure future for yourself and your loved ones.

  • Blended families

    Blended families, by their very nature, present unique challenges when it comes to estate planning. These challenges stem from the fact that these families often include children from one or more previous relationships. When estate planning is not done carefully, it can lead to unintended consequences and conflict.

    One of the biggest challenges for blended families is that the law often prioritizes the surviving spouse. This means that if you pass away without a will, your entire estate could pass to your surviving spouse, leaving nothing for your children from a prior marriage. This can be a major problem, especially if you have young children or children with special needs.

     

    Another challenge is that blended families may have complex financial arrangements. For example, you may have assets that you brought into the marriage, as well as assets that you acquired after you were married. You may also have debts from a prior marriage. It is important to consider all of these factors when creating your estate plan.

     

    Factors Contributing to Posthumous Family Strife: Several factors contribute to the potential disenfranchisement of children from previous marriages in blended families:

    1. Trust in the New Spouse: Parents may place unwavering trust in their new spouse, failing to anticipate any actions detrimental to the interests of children from prior unions.
    2. Self-Interest of the New Spouse: New spouses may prioritize their own interests or those of their biological children from previous marriages, neglecting the financial welfare of stepchildren.
    3. Lack of Legal Education: Ignorance regarding the ramifications of estate planning decisions, coupled with a failure to seek counsel from competent attorneys, perpetuates vulnerabilities within blended family estates.

     

    So, what can you do to protect your loved ones?

    • Work with an Estate Planning Attorney An experienced estate planning attorney can help you create a plan that reflects your wishes and ensures that all of your loved ones are protected. Your attorney can help you draft a will, trust, or other estate planning documents that will specify how your assets will be distributed after you are gone.
    • Communicate with Your Family It is important to communicate your estate planning wishes with your spouse and your children. This will help to avoid conflict and confusion down the road. Be sure to have open and honest conversations about your finances and your estate planning goals.
    • Consider Using a Trust A trust can be a valuable tool for blended families. A trust allows you to transfer ownership of your assets to a trustee, who will then manage the assets according to your instructions. This can be helpful if you want to ensure that your assets are distributed to your children in a specific way, or if you have concerns about your spouse’s ability to manage the assets.

    Safeguarding Your Family’s Future: To preemptively address the potential ramifications of estate planning oversights within blended families, consider the following proactive steps:

    1. Acknowledge the Inevitability of Death: Embrace the inevitability of mortality and initiate candid discussions surrounding estate planning while one is of sound mind.
    2. Facilitate Family Dialogue: Foster open dialogue among family members to elucidate individual wishes, values, and objectives, thereby preempting posthumous misunderstandings.
    3. Pursue Legal Education: Proactively educate oneself on pertinent estate planning laws and consult with experienced attorneys to formulate informed strategies tailored to the unique dynamics of one’s blended family.
    4. Collaborate with Specialized Legal Counsel: Engage the services of seasoned estate planning attorneys well-versed in navigating the complexities of blended family dynamics. A customized estate plan ensures that the interests of all family members are adequately safeguarded, minimizing the likelihood of posthumous disputes.

     

    By taking the time to create a comprehensive estate plan, you can help to avoid conflict and ensure that your loved ones are taken care of after you are gone.

    Here are some additional tips for estate planning for blended families:

    • Review your estate plan regularly. Your estate plan should be reviewed and updated periodically to reflect changes in your life, such as the birth of a child or grandchild, or a change in your marital status.
    • Name a guardian for your minor children. If you have minor children, you need to name a guardian who will care for them if you and your spouse die. This is an important decision, and you should choose someone you trust to raise your children according to your wishes.

    Estate planning for blended families can be complex, but it is an important process. By following these tips, you can create a plan that protects your loved ones and ensures that your wishes are carried out.

  • The Most Common Disruptions Faced by Seniors in Retirement

    Retirement is a phase of life that many Americans eagerly anticipate, envisioning a time of relaxation and enjoyment. However, unforeseen challenges can disrupt this ideal retirement scenario.

     

    In a recent survey conducted by Edward Jones, nearly half of today’s retirees admitted to experiencing unexpected surprises and difficulties. Let’s look at the most common disruptions faced by seniors in retirement and provide valuable insights to help you navigate these challenges.

    1. Loss of a Family Member or Close Friend

    The Impact on Financial Wellbeing

    The most common disruption faced by retirees is the death of a family member or close friend, which was cited by 42% of respondents.

     

    For those who lose a spouse or partner, this event can be extremely disruptive, as reported by 77% of respondents. It is important to note that many couples plan for retirement together, optimizing their savings.

     

    The death of a spouse or partner, in particular, can disrupt retirement plans and affect income. It’s essential to understand the potential financial consequences and take proactive steps to manage your finances effectively during such difficult times.

     

    Proper estate planning can play a crucial role in mitigating these challenges and ensuring a smoother transition. Establishing a comprehensive estate plan that includes important elements such as wills, trusts, and beneficiary designation can help you clarify your wishes regarding the distribution of assets, property, and financial accounts.

     

    2. Personal Health Issues

    Navigating Medical Costs and Lifestyle Adjustments

    The second most common challenge for retirees is personal health issues, which were experienced by 30% of respondents, with 45% describing them as extremely disruptive. As the population’s longevity increases, there is a higher incidence of long-term illnesses.

    Dealing with personal health issues during retirement can significantly impact both your physical well-being and your financial stability. Medical expenses can quickly accumulate, and lifestyle adjustments may be necessary to accommodate your changing health needs.

     

    Legal tools like healthcare directives and powers of attorney ensure your healthcare decisions align with your personal preferences. By appointing a trusted individual to make medical choices on your behalf, you can have peace of mind knowing that your wishes will be respected.

     

    Options like purchasing long-term care insurance options or structuring your assets strategically can protect your savings from being depleted by medical expenses.

    3. Spouse’s or Partner’s Health Issues

    Ensuring Financial Security

    Health issues affecting a spouse or partner can also have financial implications and potentially disrupt the other partner’s ability to earn income. Approximately 21% of respondents cited this disruption, with 42% considering it extremely disruptive.

     

    Prolonged illness often leads to ballooning healthcare expenses and the need for one partner to step away from their job to become the caretaker. This burden often falls disproportionately on women, impacting their ability to retire on time.

     

    By considering options such as long-term care insurance and Medicaid planning, you can explore strategies to cover the costs of care while preserving your assets and minimizing the impact on your financial stability.

    4. Significant Financial Setbacks

    Mitigating Unexpected Expenses

    Retirement can be accompanied by unexpected financial setbacks, such as inflation, rising living costs, unforeseen medical expenses, home repairs, or providing financial support to family members. These challenges can strain your finances and disrupt your retirement plans.

     

    One aspect of financial planning is creating an emergency fund that can serve as a safety net during unexpected financial crises. By setting aside a portion of your retirement savings for emergencies, you can be better prepared to handle unforeseen expenses without jeopardizing your long-term financial stability.

     

    Additionally, working with a professional who specializes in retirement planning can help you create a realistic budget and explore strategies to reduce debt and increase savings.

    5. Unexpected Retirement

    Planning for Unforeseen Circumstances

    For some retirees, the act of retiring itself can be a major challenge. The study reveals that 30% of retirees retired unexpectedly due to health issues, job loss, or family responsibilities like caregiving.

     

    By considering potential scenarios and having a solid plan in place, you can be better prepared to navigate unexpected retirement and make informed decisions to safeguard your financial future.

     

    Working with an experienced estate planning attorney, you can assess your current financial situation and create contingency plans that address potential challenges. This may involve adjusting your retirement savings strategies, reevaluating your retirement lifestyle expectations, and putting legal documents in place to protect your financial well-being.

    Conclusion

    Retirement should be a time of relaxation and fulfillment, but it’s important to be aware of the common disruptions that seniors may face. By understanding these challenges and taking appropriate steps to address them, you can better protect your future and enjoy a secure retirement.

     

    Let us help you navigate these complexities with our estate planning attorney team, who can provide valuable insights tailored to your unique circumstances. Remember, proactive planning today can help ensure a smoother retirement journey tomorrow. Contact us to get started.

  • Estate Planning for Business Owners: What You Need to Know

    Many business owners overlook estate planning, assuming that it only applies to individuals with significant personal wealth. However, failing to plan for the future of a business can have dire consequences.

     

    Without a solid estate plan, a business owner’s death or incapacitation can leave their company in limbo, potentially causing financial and legal difficulties for their loved ones and employees.

    The Importance of Estate Planning for Business Owners

    Business owners face unique challenges when it comes to estate planning. Unlike individuals who simply need to ensure their assets are distributed according to their wishes, business owners must consider what will happen to their company in the event of their death or incapacity. Without proper planning, a business may be left without leadership, putting the company’s survival and the livelihoods of its employees at risk.

     

    In addition to ensuring the continuity of the business, estate planning can also help reduce the tax burden on heirs and provide for the smooth transfer of ownership. For many business owners, their company is their most valuable asset, and proper estate planning is essential to protecting that asset and ensuring its continued success.

     

    Common Challenges for Business Owners

     

    One of the most significant challenges for business owners is deciding who will take over the company after they are no longer able to manage it. This decision can be complicated by family dynamics, as some owners may have multiple children or heirs who have different levels of involvement and interest in the business.

     

    Another challenge is ensuring that there is enough liquidity to pay any estate taxes or other expenses that may arise. For many small business owners, their personal assets may be tied up in the business, making it difficult to generate the cash needed to cover these expenses.

     

    Guidance for Creating an Effective Estate Plan for Your Business

     

    To create an effective estate plan as a business owner, it’s important to work with an experienced estate planning attorney who can help you navigate the unique challenges you face.

     

    Here are some key steps to consider:

     

    • Identify your goals: What do you want to happen to your business after you are no longer able to manage it? Do you want to pass it down to a family member, sell it, or dissolve it? By identifying your goals, you can develop a plan that aligns with your wishes.

     

    • Choose a successor: If you plan to pass your business down to a family member, it’s important to choose a successor who has the skills and experience needed to run the company effectively. If you plan to sell the business, you’ll need to identify potential buyers and consider the tax implications of the sale.

     

    • Create a buy-sell agreement: A buy-sell agreement is a contract between business owners that outlines what will happen to the company in the event of one owner’s death or incapacitation. This agreement can help ensure that the remaining owners are able to buy out the deceased owner’s share and continue operating the business.

     

    • Consider insurance: Life insurance can provide the liquidity needed to cover estate taxes and other expenses. Business owners may also consider key person insurance, which provides a death benefit if a key employee or owner dies, helping to offset the financial impact of their loss.

     

    • Review and update your plan regularly: As your business evolves and your personal circumstances change, it’s important to review and update your estate plan regularly to ensure that it continues to align with your goals.

    We Can Help Your Business

     

    Estate planning is essential for all individuals, but it’s especially critical for business owners. By creating an effective estate plan, business owners can protect their company’s future, provide for their loved ones, and reduce the tax burden on their heirs.

     

    Don’t wait until it’s too late to start planning for the future of your business. Contact our office today to get started.

  • What is Probate and How Does it Work?

    When you die, your estate goes through a legal process called probate. Probate is the court-supervised process of distributing your assets to your heirs and settling any debts or claims against your estate.

     

    While the specifics of probate can vary from state to state, the general process is similar across the country.

     

    Here’s what you need to know about probate and how it works:

    Step 1: Filing a Petition

    When someone passes away, the probate process typically begins with the filing of a petition with the court. This petition is a formal request to begin the probate process and is filed by someone who has an interest in the estate.

     

    If you have a will, the person who files the petition is typically the executor that you named in your will. The executor is responsible for carrying out the instructions in your will and overseeing the probate process.

    Step 2: Notifying Creditors and Heirs

     

    Once the probate court has received the petition, it will notify your creditors and your heirs that the probate process has begun. The purpose of notifying creditors is to give them a chance to file a claim against your estate for any outstanding debts or bills that you owed at the time of your death. This includes things like credit card debt, medical bills, and funeral expenses. Creditors have a certain amount of time, which varies by state, to file their claim against your estate.

     

    Your heirs have the opportunity to review your will and contest it if they believe it is invalid. Common reasons for contesting a will include claims that you were not of sound mind when you created the will, that you were under duress, or that the will was forged.

    Step 3: Inventorying Assets

    Next, the executor of your will (or the court-appointed administrator if there’s no will) will be responsible for taking an inventory of your assets. This includes a comprehensive list of all your assets, such as bank accounts, investment accounts, real estate properties, personal property, and any other valuable items you may have owned.

    The executor will need to determine the value of each asset, which may involve obtaining appraisals or other professional opinions.

    Step 4: Paying Debts and Taxes

    Once the assets have been identified and valued, the executor will need to use them to pay off any debts you owed at the time of your death. This involves using the assets identified in the previous step to settle any outstanding obligations you may have had at the time of your death.

     

    This includes debts such as credit card bills, medical expenses, and funeral costs. Additionally, any taxes owed by your estate, such as estate taxes or income taxes, must also be paid.

     

    If your estate does not have sufficient assets to pay off all of your debts and obligations, the executor will need to follow state law to determine the order in which debts are paid. This may involve selling off assets or liquidating investments.

    Step 5: Distributing Assets to Heirs

    Step 5 of the probate process involves distributing the remaining assets of your estate to your heirs. Once all of the necessary payments have been made, the executor will move forward with the distribution of assets.

     

    If you left a valid will, the executor will follow the instructions contained within the document for the distribution of your assets. If you did not have a will, your assets will be distributed according to state law.

     

    The distribution of assets can involve selling assets and dividing the proceeds among your heirs or transferring ownership of assets directly. For example, if you owned a home, the executor might sell the property and divide the proceeds among your beneficiaries or transfer ownership of the property directly to the beneficiaries themselves.

     

    If there are disputes among your heirs regarding the distribution of assets, they are often resolved through mediation or arbitration. However, in some cases, they may need to be settled in court.

    Step 6: Closing the Estate

    The final step in the probate process is closing the estate. After all assets have been distributed and debts have been paid, the executor files a final accounting with the probate court. The final accounting must be approved by the court before the estate can be closed. If the court finds issues with the accounting, it may require additional documentation or a hearing to resolve any disputes.

     

    It’s important to note that closing an estate can take several months or even years, depending on the complexity of the assets involved and any legal disputes that may arise.

     

    It’s the executor’s responsibility to ensure that all required documents are filed and all debts are paid in a timely manner, and to keep all interested parties informed of the progress of the probate process.

    Can I Avoid Probate Completely?

    Probate can be a lengthy and expensive process. Many people prefer to avoid it if possible. Here are a few ways to avoid probate:

     

    • Establish a Revocable Living Trust: Transfer your assets into a trust during your lifetime to maintain control and ensure a smooth transfer to beneficiaries without probate.
    • Designate Beneficiaries for Accounts: Name beneficiaries for life insurance policies, retirement accounts, and payable-on-death bank accounts to enable a direct transfer of assets outside of probate.
    • Joint Ownership: Jointly owning property with rights of survivorship allows automatic transfer to surviving owners, bypassing probate.
    • Consider Gifting: Reduce the value of your estate by gifting assets during your lifetime, potentially minimizing the need for probate.

     

    Please note that these strategies may vary in effectiveness depending on state laws and your individual estate. An experienced estate planning attorney can provide personalized guidance to help you navigate probate and probate avoidance.

    We Can Help with Probate and Estate Administration

    While probate can be a complex and time-consuming process, it’s an important part of ensuring that your assets are distributed according to your wishes after you die.

     

    If you want to avoid probate, there are estate planning strategies you can use, such as setting up a trust or making gifts to your heirs during your lifetime. Our experienced estate planning attorney team can help you explore your options and create a plan that’s right for you. Contact us to get started today.

  • Preserving Your Legacy: A Guide to Protecting Assets and Inheritance

    Preserving Your Legacy: A Guide to Protecting Assets and Inheritance

    Navigating an elder law estate plan revolves around crucial questions that shape your choices. Firstly, it addresses the fate of your assets after you pass away.  How does a person bequeath their assets, their personal treasures and lifetime of personal belongings to their loved ones, family, house of worship and charities? Is it through the use of a Last Will and Testament or one or several Trusts?

    Secondly, it anticipates the scenario of needing long-term care and how it might impact your assets. The days of living and dying still occur except it is living longer and dying more slowly. Looking at your own family and the family of friends, we have all seen death preceded by a long-protracted illness.  The type of illness and lack of proper medical insurance or the need for long-term medical insurance is what depletes family assets.

    A well-rounded plan seamlessly addresses both aspects, ensuring not only the smooth transfer of assets to your beneficiaries or loved ones but also safeguarding them from being depleted by long-term care expenses.

    Securing long-term care insurance stands as the most effective defense against the financial challenges associated with extended care needs. When contemplating this insurance option, critical considerations involve defining an appropriate daily benefit amount and incorporating an inflation rider to match the escalating costs of nursing home care. Notably, long-term care insurance goes beyond by covering the expenses of home health aides, empowering individuals to gracefully age within the familiarity and comfort of their own homes, steering clear of the need for relocation to a facility.

     

    In case you’re unable to obtain long-term care insurance, there’s a backup plan called Medicaid Asset Protection (MAPT). Assets held in MAPT for at least five years are shielded from nursing home expenses, and upcoming laws may extend protection to two and a half years for home care.

    Explore the option of using trusts instead of wills to bypass probate, which is a legal process initiated when you pass away with assets solely in your name. Trusts are harder to challenge than wills, especially if you’re disinheriting a child. In general, trusts streamline the estate settlement process, saving both time and money.

    Opt for Inheritance Protection Trusts when leaving assets to your children instead of direct distributions. These trusts serve as a protective measure during your children’s divorces, ensuring that in the unfortunate event of your child’s passing, the inheritance is preserved for your grandchildren rather than being vulnerable to claims from your children’s spouses.

     

    As I practice it, Elder law estate planning is a comprehensive approach tailored to address the unique legal and financial concerns that individuals face as they age. Moreover, elder law estate planning aims to mitigate potential tax liabilities, ensuring that as much of the estate as possible goes to the intended heirs rather than being depleted by taxes or other financial burdens.

     

    In essence, an elder law estate plan does three main things: (1) safeguards your assets from long-term care expenses, (2) passes assets to your heirs while minimizing taxes and legal fees, and (3) ensures your grandchildren inherit while shielding the legacy from your children’s divorces.

     

    Elder law estate planning offers a holistic approach to secure the well-being of seniors, protect their assets, and provide a clear roadmap for the distribution of their estate according to their wishes. By taking a proactive stance, individuals can steer the complexities of aging with confidence and ensure a legacy that aligns with their values and go