From a practical perspective, the grandchildren’s parents often understand how to use the money for the benefit of their children. What’s more, they may spend or invest it appropriately on their children’s behalf.
If something happens, a successor trustee you previously selected steps in without court involvement. In such a case, they manage the trust on your behalf. You can also designate what happens to the trust’s money and property at your death.
Many estate planning attorneys struggle to formulate a concrete definition of the term. Nevertheless, most estate attorneys define elder law by the demographics they serve — the elderly and the disabled.
Even if Congress fails to act, in 2026, the current rate sunsets. This cuts rates in half to about $6 million per individual. This blog post discusses ILIT Trusts. So, read on.
he SECURE Act drastically decreased which individuals could stretch distributions over their life expectancy.
Medicare Part A over covers the first 20 days of nursing home care.
You can create unlimited profiles. Access to immediate information prepares your trusted agents to immediately answer difficult questions. For example, if you’re in an emergency room the app will provide info to your family members, leading to improved health outcomes. Because you can create as many profiles as you want, use MYLO to store info about yourself, your aging parents, spouse, siblings, children, and friends.
Although you may not own millions, your estate needs a proper legal plan, or an estate lesson plan. Estate is a general term referring to everything you own.
Regardless of why a parent would disinherit a child, they should not disinherit as a tool to manipulate. Disinherited children may feel angry. This could lead to turmoil within the family.
Naming your partner as the pay-on-death (POD) or transfer-on-death (TOD) beneficiary often leads to pitfalls. Some of these occur when you name them on beneficiary designation forms. The POD or TOD option allows you to maintain control of the account during your lifetime.