The Importance of Estate Planning
Securing Your Legacy for Generations to Come
“The future belongs to those who prepare for it." - Jim Moran
How prepared do you feel for the future? Taking small steps today can have a profound impact for you and your family's future. As estate planning attorneys, our mission is to help individuals plan for the future, ensuring their families are taken care of and providing them with peace of mind.
We have witnessed numerous families endure unnecessary challenges because they were unprepared. Even if you have a will, it's crucial to understand what happens if you don't have a comprehensive estate plan. In this blog, we'll explore insights into preserving your legacy, ensuring your wishes are honored, protecting your loved ones, and leaving a lasting impact.
How do I preserve my legacy?
Begin by creating a comprehensive list of your assets. Estate planning allows you to maintain control over how your assets and belongings are distributed after your passing. By crafting a clear estate plan, you can minimize conflicts among beneficiaries and ensure that your hard-earned wealth benefits the people and causes that matter most to you.
What are steps that I can take to protect my loved ones?
Estate planning goes beyond distributing assets. It enables you to make crucial decisions regarding guardianship for minor children, care for dependents with special needs, and the appointment of a trusted person to make medical or financial decisions on your behalf if you become incapacitated. By addressing these important matters in advance, you can provide your loved ones with peace of mind during challenging times.
How do I minimize taxes and expenses so my wealth is distributed to my family?
Proper estate planning can help reduce the burden of taxes and expenses on your estate. Various strategies, such as setting up trusts or making gifts, can minimize estate and income taxes and ensure that more of your wealth is passed on to your beneficiaries rather than the government.
How do I avoid probate?
Probate is a legal process that validates a will and oversees the distribution of assets. It can be time-consuming, costly, and subject to public scrutiny. However, with a well-crafted estate plan, you can minimize the need for probate and maintain the privacy of your financial affairs.
What happens if I become unable to manage my finances?
No one likes to think about the possibility of incapacitation, but it's important to be prepared. Through estate planning, you can establish powers of attorney, healthcare directives, and living wills that outline your wishes regarding medical treatment and end-of-life decisions. By doing so, you retain control over your own affairs and alleviate the burden on your loved ones during challenging times.
How do I take the first step?
Preparing for the future is easier than you think. Please reach out today and let's connect about protecting your loved ones, preserving your legacy, and gaining peace of mind knowing that your affairs are in order. Our expertise lies in simplifying the complex process and creating a tailored plan that suits your unique circumstances.
Posted by Laura E. Stubberud | Jan 11, 2023 |
A power of attorney (POA) is a legal agreement that gives a person (agent) the ability to act on behalf of another person (principal). A common question asked about POAs is under what circumstances a person can override them.
POAs can be overridden. However, the “who” and “how” depends on whet...
Posted by Laura E. Stubberud | Jan 11, 2023 |
Every three months, those with original Medicare receive a claims statement called a Medicare Summary Notice.
As Medicare.gov explains, this notification describes all the services or supplies that providers or suppliers attributed to Medicare during the preceding three months. The document sh...
Posted by Laura E. Stubberud | Jan 11, 2023 |
Yes. Any account in your husband's name will have to stay below $2,000, so it's necessary to separate your own funds.
Posted by Laura E. Stubberud | Jan 07, 2023 |
If you are enrolled in a Medicare Advantage plan but would like to make a change, you can likely take advantage of the Medicare Advantage Open Enrollment Period.
This Open Enrollment Period occurs each year between January 1 and March 31.
What Is Medicare vs. Medicare Advantage?
Medicare is a...
Posted by Laura E. Stubberud | Jan 07, 2023 |
Probably, yes. While the contract may not permit involuntary transfers, it probably also requires payment. Absent payment by Medicaid or another source, it probably can discharge and move your mother.
However, to be sure, you will need to consult with an elder law attorney or resident advocacy o...
Posted by Laura E. Stubberud | Jan 06, 2023 |
According to a recent national study, nearly a quarter of Americans aged 50 and older say they – or a loved one – needed long-term care in 2022. The findings further suggest that seniors and their caregivers could benefit from more consumer-friendly information and guidance about long-term care...
Posted by Laura E. Stubberud | Jan 06, 2023 |
The person you name as your executor will be accountable for a number of important tasks, even in managing the administration of a small estate. This may include filing tax returns, keeping meticulous records, and distributing assets to your beneficiaries.
At the same time, there are rules abo...
Posted by Laura E. Stubberud | Jan 04, 2023 |
Are you a taxpayer who has purchased long-term care insurance (LTCI)? Take note of your policy details and your premium amount, as you may be able to deduct the cost – or at least part of it – from your 2023 income.
If your total eligible medical expenses (including your LTCI policy premium) f...
Posted by Laura E. Stubberud | Dec 28, 2022 |
The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts.
The bill, which runs more than 4,000 pages and includes a wide variety of legislation, heads to President Biden next for his signoff.
Here is a brea...
Posted by Laura E. Stubberud | Dec 23, 2022 |
Congress established the Medicaid Money Follows the Person (MFP) Program to provide states with federal funding to help seniors who are receiving care in institutions but want to live at home.
However, it is not a permanent program and is due to expire in September 2023. Advocates are pushing for...
Posted by Laura E. Stubberud | Dec 22, 2022 |
If we have learned anything these past few years, it's that life is fleeting. Amid such uncertain times, many of us have realized what – and who – truly means the most to us.
Estate planning allows you to reflect on your family, your priorities, and what actions you can take now to secure your f...
Posted by Laura E. Stubberud | Dec 22, 2022 |
It has been a tumultuous few years. Amid a continuing pandemic, tense midterm elections, and a war in Ukraine, we have grappled with more than our fair share of grim news.
However, with the new year upon us, there are some silver linings — in particular for seniors.
Here are five reasons for se...
Posted by Laura E. Stubberud | Dec 20, 2022 |
Recent news stories may have made you aware of the “step-up in basis” and the current administration's desire to eliminate or adjust it.
If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may a...
Posted by Laura E. Stubberud | Dec 17, 2022 |
Early on in the pandemic, nursing homes across the country found themselves at its devastating bull's eye, with residents and staff of these facilities making up roughly 30 percent of all COVID-19 deaths in the U.S. between May 2020 and February 2021.
A government watchdog's newly released repor...
Posted by Laura E. Stubberud | Dec 16, 2022 |
For people who rely on multiple medications, the expenses accumulate. According to the Kaiser Family Foundation, eight out of 10 adults say prescription medication costs are unreasonable. Three in 10 adults on four or more drugs report difficulty affording them and say they had skipped or reduced...
Posted by Laura E. Stubberud | Dec 16, 2022 |
Yuletide is just around the corner. They say it's the most wonderful time of the year. However, you should take care of yourself during the holiday, especially if you are a senior.
Proper nutrition is key to maintaining good health. This is especially true during the holiday when there are many ...
Posted by Laura E. Stubberud | Dec 08, 2022 |
“Decedent” is a legal term that refers to a person who has died with unsatisfied legal obligations.
At the end of their life, a decedent has some legal duties that must be fulfilled through a representative. For example, decedents remain obligated to satisfy certain debts incurred during their l...
Posted by Laura E. Stubberud | Dec 07, 2022 |
In November 2022, the Centers for Medicare and Medicaid Services (CMS) announced that Medicare coverage will be expanded to include medically necessary dental services.
This change in Medicare rules will allow people with life-threatening conditions to receive dental care and operations related ...
Posted by Laura E. Stubberud | Dec 07, 2022 |
Many older adults face difficulties accessing and preparing meals. Yet eating a nutritious diet is essential for maintaining health, particularly as we age.
For those with barriers getting to the grocery store and preparing food, meal delivery services can help. Meal delivery can support individ...
Posted by Laura E. Stubberud | Dec 07, 2022 |
No. Just one car is noncountable. However, if one of them is really cheap, maybe it will fall within the countable asset limit.
Posted by Laura E. Stubberud | Dec 03, 2022 |
There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan.
What Is a Testamentary Trust?
A testamentary trust allows a testator to manage wealth by giving a trustee instructions for distributing their proper...
Posted by Laura E. Stubberud | Dec 03, 2022 |
Recent findings show an information gap among Medicaid recipients regarding the need to re-enroll for benefits after the COVID-19 Public Health Emergency (PHE) ends. Medicaid recipients are inconsistently informed about the end of the PHE and its effect on their health insurance benefits in terms...
Posted by Laura E. Stubberud | Dec 02, 2022 |
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person (grantor) creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period.
After this time ends, the CLAT's remaining assets are distributed to non-ch...
Posted by Laura E. Stubberud | Nov 29, 2022 |
Assets. But check with your local Medicaid agency or a local elder law attorney to be certain. Sometimes there are local rules that differ from the standard ones.
Posted by Laura E. Stubberud | Nov 29, 2022 |
Yes, to the extent they exceed 7.5 percent of your mother's adjusted gross income and are for care under a plan provided by a licensed health care provider. Check out this article for more information.