Transfers of property from one person or estate to another are considered taxable events by the Internal Revenue Service. These taxes are often referred to as gift taxes and estate taxes. They include any asset such as cash and property. The…
My two children are both capable of handling my medical and financial needs, but I can't decide who will be my power of attorney. Can't I just name them both? Certainly, but it depends. For medical decisions, it is recommended…
COVID-19 has made Americans more aware of the importance of having a will, a living will, and perhaps even a living trust. However, this knowledge is not translating into action. No matter your age or asset level, having a will…
The practice of estate planning is evolving due to changing family structures. As recently as thirty years ago, a traditional family comprised a husband and wife who married young, purchased a home, had children, and worked toward financial stability and security.…
American consumers are seeking affordable long-term support services at a higher rate than before. Costs are exorbitantly expensive whether you struggle to pay premiums for a long-term care insurance policy or monthly bills from a nursing home. The US Department…
Parents of children with mental/physical disabilities and elderly people can benefit from the use of third-party special needs trusts or supplemental needs trusts as estate planning tools. This type of trust will receive assets from you or another benefactor expressly for…
Life’s biggest challenge is facing our own death. Yet it is very important to think carefully about the medical treatment we would want for that challenging time. Medical technology can now keep us alive long after we have ceased to…
Powers of attorney are designed to authorize trusted individuals to make decisions or handle transactions on your behalf. They could be related to personal finances, business operations, or medical needs and used for a single immediate purpose or an ongoing situation.…
As you plan for any future situation where you may become incapacitated and require someone to manage your affairs for you, power of attorney can be an extremely useful tool. These legal documents can grant broad authority to one or…
An elder law attorney can help you plan for the future, whether you have an older adult loved one or are concerned about your own financial health and well-being. Elder law is a highly specialized area of law focusing on…
