Little in life is as simple as we hope or imagine. Having spent most of my legal career working in the estate planning field, I am still surprised by the little ways that a failure to plan can defeat the language in a legal document. Some people have legal documents, but no plan. This makes it all the more likely that the document will not do what it says. At lot of us become more aware of the need to have an estate plan when we become a parent. We want things to be simple even when we … [Read more...]
Planning to Avoid Too Much SALT
The 2018 changes in the federal tax laws were a mixed bag. One of the disadvantages for many tax payers was the new cap of $10,000 on federal deduction of state and local taxes. For many people this will mean a higher tax bill. Any time there is a change in the tax law, there will be people looking for different ways to get around the cap. I always encourage clients to be cautious. Anything in the tax world that sounds too good to be true, almost certainly is. Some of the ways people … [Read more...]
Why an Executor Should Hire a Probate Lawyer
My most recent posts have focused on the importance of probate avoidance and what approaches might best accomplish this important estate planning goal. Of course, a lot of people don't get to this step of planning, and some people establish a probate avoidance plan and the plan falls out of sync or something unexpected arises and there is still a probate. What happens then? The big thing is not to panic. If you have been named as the executor under a Will, one of the first things that you … [Read more...]
You Never Know: Planning for the Unexpected
This article from my good friend, Steve Hartnett, the Director of Education at the American Academy of Estate Planning Attorneys, examines the deaths of two people who died from doing very typical things. You never know what risks might be around the corner, even in seemingly safe endeavors, so you should be prepared. The article looks at the elements of a basic plan. You Never Know: Planning for the Unexpected … [Read more...]
What is a Revocable Living Trust?
I've talked about probate avoidance in my last two blogs. Among other things, I mentioned that I thought a revocable living trust was the best probate avoidance tool. In truth, there are a number of other important a valuable roles the living trust plays in good estate planning. A revocable living trust is a versatile tool that functions during your life, during the administration of your affairs at your death, and can also provide continuing trusts for your loved ones in the years after your … [Read more...]
What are Some of the Different Ways to Avoid Probate?
I talked in my last blog about the reasons you should consider probate avoidance as part of your estate planning. Today I am going to review some of the dos and don'ts of putting a probate avoidance plan into place. If you are interested in finding ways to avoid probate, the good news is that you have many different options that are available to you. In my experience, there usually is a clear best choice for avoiding probate -- but it will differ depending up the particular asset. The … [Read more...]
Why Avoid Probate?
At Clarity Legal Group, we have a lot of conversations with our clients about probate avoidance. This is really about organizing the ownership of your assets in a way which considers your goals and the most efficient way to manage the transfer of those assets upon your death. Estate planning, when comprehensive in nature, should accomplish much more than just creating a road map for the distribution of your assets after you are gone. Your estate plan should also protect those assets and help … [Read more...]
When Should I Update My Estate Plan?
Creating a comprehensive estate plan which addresses all of your goals and creates the tools and organizational structure you need is one of the best gifts you can give to yourself and to your loved ones. If you have an estate plan in place, do not make the mistake of failing to review and update that plan on a regular basis. Things change, and when change occurs, your plan should be realigned. Whether it is changes in your family, your goals, your health, your assets or the law, any one of … [Read more...]
5 Things You Need to Know about Qualifying for Medicaid As a Senior
Like many people, you may have been fortunate enough to make it through your entire working years covered by employer-sponsored or privately funded health insurance. Consequently, you had no need to qualify for Medicaid. As a senior, however, there is a good chance that might change, and if you are not prepared, your retirement nest egg could be at risk. To help ensure that you are prepared, the Durham Medicaid Lawyers at Clarity Legal Group discuss five things you need to know about qualifying … [Read more...]
What to Know Before Agreeing to be a Trust Administrator
In August, the Trust and Estate Lawyers of Clarity Legal Group held our first Fiduciary School for individuals named as future Trustees, Executors, and Agents under General or Health Care Powers of Attorney. I had long want to address this important gap in the efficient administration of our client's affairs by beginning to prepare these people who play a critical role in the effective management of client affairs. This class was just a beginning, but I think we did effectively define a context … [Read more...]
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