Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys “It’s not fair!”   Parents hear this protest all the time, and it often comes from children who confuse being treated fairly with being treated equally.   One of the challenges of parenting is figuring out how to be fair to your children when, often, that doesn’t mean treating them exactly the same. Here’s an example:   Andy is ten years old and Emma is sixteen. Emma has … [Read more...] about Fair Does Not Always Mean Equal

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There has long been a misconception that nursing homes and Medicaid planning are on opposing sides of the proverbial fence. To the contrary, many nursing homes realize that Medicaid planning actually helps ensure that patients qualify for Medicaid, which in turn ensures that the patient’s financial obligation to the nursing home will be covered. Without Medicaid planning, a nursing home can find itself … [Read more...] about A Nursing Home’s Take on the Need for Medicaid Planning

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys At some point during your retirement years, there is a very good chance you (or your spouse, and perhaps both of you) will need long-term care. There is also a chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process due to the complex eligibility rules. The asset transfer rules, in particular, are a … [Read more...] about Medicaid Gifts to Children

Loaning Family Money – What You Need To Know Written By: The American Academy of Estate Planning Attorneys People lend money to family members for a variety of reasons. For example, lending your son money to buy his first home, or lending your daughter money to start a new business. At some point, you may find yourself in a similar situation. Therefore, it is important to know how this will impact you from a tax standpoint. Are you charging the borrower interest on the loan? If so, you must … [Read more...] about Loaning Family Money – What You Need To Know

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There is no question that a Living Trust allows you to avoid probate – if, of course, the Trust is properly drafted and funded. But does this mean a Living Trust is more cost-effective than a Will? Some people say that a Living Trust offers no net savings over a Will. In their opinion, the cost of preparing a Living Trust plus the cost of Trust Administration at death, equals or exceeds the costs of … [Read more...] about Which Costs More: Probate or Trust Administration?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys You might not realize it, but you already have an estate plan. Even if you’ve  never created a Will, never set foot inside an estate planning attorney’s office, and never given estate planning a second thought. Here’s why: each state provides every citizen with a default estate plan. This estate plan comes in the form of intestacy law – a set of basic, one-size-fits-all rules for what happens to … [Read more...] about Estate Planning is Essential for Unmarried Couples

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys www.aaepa.com Your first meeting with an estate planning attorney may seem a little daunting, especially if you’ve never consulted an attorney before. There’s no need to worry, however. This meeting is just a conversation in which your attorney will find out about you, your family, and your goals. After you’ve shared this information, your attorney will be able to recommend a range of estate … [Read more...] about What to Expect at Your First Estate Planning Consultation

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Once wives were “silent partners” when it came to estate planning. Husbands were the ones in charge of long-term planning and major financial decisions. In fact, estate planning attorneys often advised wealthy men to leave their assets in trust for their wives, so that a trustee other than their wife could manage and preserve the family fortune. It was assumed that a widow would not have the skill … [Read more...] about Five Things Every Woman Should Know About Estate Planning

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys One of the biggest myths about estate planning is that it is something only wealthy people need because the only reason for having an estate plan is to minimize estate taxes. The truth is, estate taxes are only a tiny piece of the estate planning puzzle – and every adult needs an estate plan. Here are just a few non-tax reasons to plan: Put the Appropriate People in Charge. An estate plan allows … [Read more...] about Five Non-Tax Reasons You Need an Estate Plan

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Estate Planning. To many people, it sounds complicated and foreign, something only the wealthy or the elderly need to worry about. It is often not at the top of the priority list for single people or for young couples. Even parents with young children, who know they should at least have a Will, tend to think of estate planning as somehow beyond their reach. In truth, regardless of your age, your situation … [Read more...] about Why Everyone Needs an Estate Plan