Estate planning helps ensure that you and your loved ones will be protected no matter what the future holds. In our blog, we discuss the elements of an estate plan, how an estate plan prepares for possible illness or incapacity, what you can do to leave a lasting legacy for your loved ones, and much more. For answers to questions about your specific estate planning needs, please contact our office to request a free initial consultation.
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The preservation of your inheritable legacy for future generations requires careful planning.Older Americans, the baby boomer generation, in particular, control an enormous stockpile of money.
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Estate planning is often viewed by Americans as a one-time task that can be filed away once completed.Without modifying your will after gifting cash during your lifetime, the named individual will still get the gift when the will enters probate.
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Even in cases of inheritance, American families often treat stepchildren the same as biological children.Estate planning for blended families is key to a smooth inheritance process, especially since probate rules and intestate succession law do not treat step and biological children the same when it comes to inheriting.
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Plan Your Estate and Avoid Undue InfluenceOften, family members do not find out about a change in estate plan until after their loved one has died.
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How Estate Planning Reduces Probate IssuesA revocable living trust transfers assets to the trust but allows access to them during your lifetime.
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Estate Planning and Tax ReformSince 2018, federal tax assessment on estates above $11.7 million, indexed for inflation every year, will default back to pre-2018 exemption levels on the first day of 2026.
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Estate Planning for the LGBTQIA+ CommunityWith proper estate planning, married same-sex couples may receive all federal and state benefits of marriage, including unlimited marital deductions for federal estate and gift taxes.
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Estate Planning for All AgesIn addition to thinking that estate planning is only for people in their later years, younger people often put off creating their estate plans because they aren’t thinking about the end of their lives or simply don’t want to think about death.
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Dying Intestate or Without a WillÂ67 percent of Americans are currently leaving the outcome of their life to the laws of their state should they become incapacitated or die.
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Living Wills vs. the Medical Power of AttorneyA comprehensive estate plan could help you preserve your independence in the event that you are ever physically or mentally incapacitated.
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Estate Planning For Blended FamiliesThe other two-thirds are non-traditional families experiencing unique needs that challenge current estate planning models.
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The Value of a Family Vacation HomeTo avoid turmoil and preserve the property within the family system for continued generations, begin with a family conversation to gauge beneficiaries' interest level.