More than half of millennials say they expect to inherit approximately $350,000 or more from their aging parents. But baby boomers say they plan to leave far less than that to their kids. One survey found that many do not plan to leave behind any money.In another study, just 26 percent of Americans, including 22 percent of baby boomers, said they expect to leave an inheritance
Category Archives: Estate Attorney
In January 2024, Jay Leno petitioned the court as the conservator of the estate of his wife, Mavis Leno. His reason for this is so he prepare an estate plan on her behalf and for her benefit. Unfortunately, doctors diagnosed Mrs. Leno with dementia and has impaired memory. Her impairment has made it impossible for her to create her own estate plan or participate in the couple’s joint planning. According to court documents, Mr. Leno wanted to set up a living trust and other estate planning documents to ensure that his wife would have “managed assets sufficient to provide for her care” if he were to die before her. Right now, Mr. Leno is managing the couple’s finances, but he wanted to prepare for a time when he is no longer able to do so.
Communication with attorneys is protected by attorney-client privilege, which ensures confidentiality. Most nonlawyers cannot offer the same level of privacy, potentially jeopardizing sensitive information and creating legal risks.
As part of the estate planning process, you should discuss with your attorney the role they will play during your lifetime and whether they can also assist your loved ones with estate and trust administration when you pass away.
Unless someone carefully declutters throughout their entire lifetime, it is unlikely that they will die without possessions. What’s more, when someone struggles at the end of their life with an ailment or age-related decline, they may require certain medical items:
In more recent years, states simplify probate procedures. For example, the Uniform Probate Code (UPC) consists of laws written by a group of national experts. As such, it helps to standardize and streamline probate. As a result, most states have adopted these standards. Across state lines, the probate process generally works more effectively.
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.
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.
Parents of a special needs child could purchase life insurance for a child to benefit family caregivers.