A last will and testament provides instructions about who should receive a person’s money and property when they die.
Category Archives: Estate Planning
Although starting a business is a significant achievement, small business owners cannot coast on past accomplishments. You must look to the future and plan next steps.
Elder law lawyers may also focus on representing individuals with special needs and their families throughout the process, including attending hearings and communicating with the court. Navigating the legal process can be complex and vary by state. An elder law, disability, or special needs attorney will take all necessary steps and meet all deadlines throughout the legal process.
Do you still own the same property or have the same account balances as when your plan was first created? What will the balances be like at your death?
Parents of a special needs child could purchase life insurance for a child to benefit family caregivers.
Unlike a will, a trust will help keep your estate from going through an expensive, time-consuming, and public probate process. If you set up a trust, with trustees, you still create a will, but it becomes a pour-over will, which moves (pours) your assets into your trust.
Although these two types of law differ and apply to varying stages in life, many handle them simultaneously. This is because many people wait till later in life to start their estate planning process.
In addition to asset distribution, your executor makes a public notice of your death, files your final taxes, and records your will in probate court.
Educating older adults never to give out financial, government ID, or other personal information over the phone or internet is crucial to protect them. The older you become, the greater the risk of elder fraud. Knowing the possible schemes and planning additional oversight of your financial accounts can help protect your or a loved one from elder fraud. Contact our office to talk with an elder law attorney for resources and help to recover from fraudulent activity.
Paying for long-term care planning remains a significant challenge for most older Americans. However, preparing for service payments often proves tricky.