Even as the coronavirus pandemic wanes, many older adults remain socially isolated and vulnerable to financial victimization. Robocalls, emails scams, and catfishing on social media platforms, con artists bombard the elderly routinely seeking financial gain. However, the National Adult Protective Services Association (NAPSA) reports that most financial exploitation cases the organization receives are from individuals known to the victims, such as relatives, caregivers, friends, and neighbors.
Author Archives: Skvarna Law
Military personnel are entitled to a host of benefits that can significantly impact estate planning. These include pensions, healthcare benefits, survivor benefits, and life insurance programs. These benefits, when properly incorporated into an estate plan, can provide a significant financial safety net for the service member’s family.
Between planning, permitting, and construction, the home remodeling process can take months to complete. But even after the finishing touches have been applied, you may still have work to do. If the home is part of an estate plan, a remodel can affect that plan and require changes to it. To keep your estate plan up to date, make sure to discuss a home remodeling project with an attorney.
When creating your estate plan, decide who to assign as your beneficiaries. These are the individuals who will inherit your money and property when you pass away. Beneficiaries often include a spouse or partner, children and stepchildren, grandchildren, other relatives, friends, charitable organizations, and/or a church.
Raquel Welch had a reported net worth of $40 million. This will presumably go to her two adult children. However, few details reveal Welch’s estate plan. This suggests that she was also savvy about estate planning.
Who would care for your pet if you die or somehow face incapacitation? Would your survivors know how to give your pet the same level of care you provide? A good way to ensure your pet is well cared for if something happens to you is to create a pet trust.
Complex probate processes can be costly and take years to finalize, which is why many individuals retain an estate planning attorney to minimize probate proceedings.
Studies highlight the importance of high-level principles, such as transparency, justice, fairness, and quality of care. Problems arise when there is too much room for interpretation to determine proper and ethical long-term care uses. It’s unclear how AI design in LTC will continue to unfold. We still need more studies evaluating the potential risks and impact of AI technologies used by older adults and their caregivers. Technology is advancing rapidly, but we must take the time to weigh the advantages and disadvantages. Adopting it too quickly and relying on it too heavily initially could have severe consequences.
Although gifts made within three years of your death are generally includible in your estate, an exception exists if a gift tax return was not required to be filed because the value of the gift was less than the annual exclusion amount. Transfers relating to life insurance policies, however, are an exception to this exception.
A last will and testament provides instructions about who should receive a person’s money and property when they die.