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 | 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 |
A sole benefit trust is a helpful estate planning tool if your family has cross-generational support needs.
If a senior with more than $2,000 in assets wants to apply for Medicaid – but also wants to provide for a disabled relative – a sole benefit trust may be a good choice.
What Is a Sole Be...
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 |
While a guardian can support the protected person by making important decisions, in some cases, an individual may wish to change or dissolve the arrangement.
The ward, their family, or other involved people might feel that the guardian is not doing a good job. They may then petition the court fo...
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 | Dec 01, 2022 |
When a person petitions the court for guardianship over an adult, the adult typically benefits from having independent legal counsel. Yet not all states require independent counsel for the proposed protected person.
If you or your loved one are facing a guardianship or conservatorship case in co...
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.
Posted by Laura E. Stubberud | Nov 29, 2022 |
Although Medicaid and Medicare are both public health insurance programs, they have essential differences.
Medicare is a federal program for older adults, people with disabilities, and individuals with end-stage renal failure. Medicaid is federal-state assistance for those with limited incomes.
...
Posted by Laura E. Stubberud | Nov 24, 2022 |
You may be nervous about whether Medicare will cover a second opinion if you wish to confirm whether a medical treatment or surgery is right for you. Given the cost of doctor visits today, the prospect of an out-of-pocket expense for a second opinion is understandably concerning.
Under Medicare P...
Posted by Laura E. Stubberud | Nov 24, 2022 |
Persons living with a disability have the right to engage in full-time, part-time work, or self-employment.
In doing so, they should be able to be paid minimum wage and be part of an environment that has both disabled and non-disabled persons working together, with opportunities for advancement ...
Posted by Laura E. Stubberud | Nov 23, 2022 |
The payments will be considered income and will have to go to the nursing home to contribute to paying for your cost of care.
Posted by Laura E. Stubberud | Nov 23, 2022 |
In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response to inflation.
The IRS issued Notice 2022-55, which describes cost-of-living adjustments for retirement and pension plans. The changes are effective January ...
Posted by Laura E. Stubberud | Nov 19, 2022 |
The Centers for Medicare & Medicaid Services (CMS) has released the 2023 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures.
What Are Spousal Impoverishment Rules?
Spousal impoverishment is a concern for older c...
Posted by Laura E. Stubberud | Nov 19, 2022 |
If the years since the COVID-19 pandemic have taught us anything about isolation, it is loneliness makes life much harder.
A recent study found that loneliness can not only decrease a person's quality of life, but in fact accelerate aging – even more so than smoking. Meanwhile, a separate study...
Posted by Laura E. Stubberud | Nov 17, 2022 |
Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they reached this age before January 1, 2020, or the year in which a person retires (if after age 72).
There are some exce...
Posted by Laura E. Stubberud | Nov 16, 2022 |
Assisted living facilities support older adults with daily living while fostering their independence. Individuals who do not require round-the-clock nursing but need help with everyday activities like bathing, housekeeping, medications, and meal preparation can benefit from assisted living.
Some...
Posted by Laura E. Stubberud | Nov 15, 2022 |
It depends on who the beneficiary of the life insurance was. If it was your dad, which sounds like the case, then it's his money. If he needs to apply for Medicaid benefits during the next five years it could cause a penalty, meaning he would be ineligible for benefits for a period of time based ...
Posted by Laura E. Stubberud | Nov 15, 2022 |
Totten trusts, or payable-on-death bank accounts, are an estate planning tool that allows you to transfer money to a chosen person upon your death. When you make a Totten trust, you put funds into a revocable trust and designate a beneficiary to receive them.
As the individual who made the accou...
Posted by Laura E. Stubberud | Nov 15, 2022 |
As people age, accessing healthy meals can become more challenging. According to Feeding America, one in five older adults was food-insecure in 2020. Some older adults struggle with affording healthy foods, whereas others have difficulty going to the grocery store and preparing meals when recover...
Posted by Laura E. Stubberud | Nov 15, 2022 |
Yes. A transfer of assets may be “cured” by the return of the transferred asset, eliminating the Medicaid transfer penalty.