In estate planning, we are usually talking about how an individual can create an estate plan that will pass on their assets to their beneficiaries, usually their children. With seniors living longer, many parents may need help from their children to pay for medical bills, caregivers, mortgage payments, etc. There…
Estate planning is important whether you are single, married, divorced or separated. For the sake of your minor children, there are a number of issues that warrant discussing with your ex. Here are some of the issues to consider when doing estate planning after a divorce: Guardianship. If you pass…
Acting as a trustee is a very important job and choosing your trustee can be a difficult decision. In addition to this person handling your estate upon your death, you also have to think about the possibility that this individual may have to take over the management of your affairs…
A revocable living trust is an important part of your estate plan when you have children. Children under the age of 18 cannot inherit large sums of money. If you have assets in your estate which would go to your minor children and you have no trust, the Probate Court…
A Power of Attorney is a document that lets you appoint someone to either handle a specific task or act with general powers to handle your finances if you become incapacitated. Here are the answers to some frequently asked questions about the second type of power of attorney: 1. What…
The new federal estate tax system signed into law by President Obama last December has an interesting and advantageous break for married couples. Starting this year, widows and widowers can add to their own estate tax exemption the unused exemption of their spouse. This “portability”provision together with an increase in…
The new Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was signed by President Obama on December 17, 2010. Part of this new law sets the federal estate exemption amount at $5 million. This change is set to stay in effect until the end of 2012 unless…
At Scott C. Soady, A Professional Corporation, we frequently see clients who have made estate planning mistakes. Sometimes we are able to correct those and sometimes, unfortunately, it is too late. Here are some of the most common estate planning mistakes: 1. Not having an estate plan at all. Probably…
A Grantor Retained Trust (“GRAT”) is an advanced estate planning technique used by the wealthy to gift rapidly appreciating assets to another individual or charity without having to pay estate or gift tax. It is a special type of irrevocable trust that allows the creator of the trust, the “Trustor”,…
Scientists are studying how caregivers deal with people who have dementia, focusing on what they can do rather than what they’ve lost. A study by a speech professor at Ohio State University, who is studying communication with dementia patients, showed that making memory flashcards helps Alzheimer patients remember. A caregiver…