With the rapid increase in the older population in the United States, legal issues related to the elderly and to those who care for them have taken on a heightened importance. Given that elder law is such a relatively new area of the law though, you may not even recognize the need for an elder law attorney. To help you know when you need one, a Davenport elder law attorney at Nash, Bean, Ford & Brown, LLP discusses common reasons why you might need an elder law attorney. The Need for … [Read more...] about Reasons You Might Need an Elder Law Attorney
When you create, or update, your estate plan, it is important to take into account the impact federal (and state) gift and estate taxes could have on your estate. Failing to anticipate your estate’s tax obligation, and plan to limit that obligation, could result in your loved one’s receiving a significantly less valuable estate than you intended to pass down. If you are married, you may be planning to rely heavily on the marital deduction to avoid taxes; however, doing so creates its own set of … [Read more...] about The Marital Deduction –What You Need to Know
Do you have an estate plan in place? If not, the reason may be based on the mistaken belief that you don’t need one. People often put off creating an estate plan because they think estate planning is only necessary for those who have acquired a significant amount of assets. To help dispel that myth, a estate planning attorney at Nash Bean Ford & Brown, LLP explains why the value of your estate has nothing to do with the need for an estate plan. Estate Planning Misconceptions Most people … [Read more...] about Why Do I Need an Estate Plan If I Have Very Few Assets?
Were you recently informed that you are the Trustee of a trust? If so, and this is the first time you have served as a Trustee, the prospect of administering a trust may sound daunting. That may cause you to wonder if you need an attorney to help you. A trust administration attorney at Nash Bean Ford & Brown, LLP explains why retaining the services of an attorney would likely be a wise choice on your part. Trust Basics – Elements of a Trust If you have been named as the Trustee of a … [Read more...] about Do I Need a Lawyer to Help Me Administer a Trust?
Although the primary focus of your estate plan may be to ensure that your estate assets are distributed according to your wishes after you are gone, there are other goals that you may wish to consider when creating your estate plan as well. For example, you may wish to consider the impact probate will have on your estate and on the people you leave behind. Specifically, it is wise to know which estate assets will be part of the probate process when it comes time to probate your estate. Toward … [Read more...] about Are All Assets Subject to Probate?
If you have taken the time to create an estate plan, you have given a valuable gift to your loved ones and to yourself. Your estate plan can help grow your assets, protect you in the event of incapacity, and provide for your family in your absence. That plan, however, must be current in order for you and your loved ones to truly benefit from it. A estate planning attorney at Nash Bean Ford & Brown, LLP explains why updating your estate plan is almost as important as creating the plan in the … [Read more...] about Why Updating Your Estate Plan Is Important
If you are a Baby Boomer, you are certainly old enough to understand the value in having an estate plan in place. In fact, you may be old enough that it’s past time to update your plan if you haven’t done so in the last few years. Toward that end, the estate planning attorneys at Nash Bean Ford & Brown, LLP offer several reasons why Baby Boomers need to review and revise their estate plans. Baby Boomers Head into Retirement The Baby Boomer generation is larger, by far, than any previous … [Read more...] about Baby Boomers — Why It’s Time to Update Your Estate Plan
A well-rounded and comprehensive estate plan will incorporate a wide variety of estate planning tools and strategies. Among the most common of those tools is a trust, due in large part to the fact that trusts can help achieve so many different estate planning goals. Working with an experienced estate planning attorney is the best way to ensure that the trust you create is successful and error-free. It may, however, be beneficial for you to understand the most common steps involved in creating a … [Read more...] about Steps Involved in Creating a Trust
If you have a dog, cat, or any other type of pet that you consider to be part of the family, you likely spend a considerable amount of time, energy, and money to ensure that your family pet is happy and healthy. Have you taken the time to consider what would happen to your beloved pet if something happened to you? Sadly, many people do not which is why the estate planning attorneys at Nash Bean Ford & Brown, LLP would like to remind you to include your pets in your estate plan. Doing so … [Read more...] about Estate Planning Attorneys Remind You to Include Your Pets in Your Plan
A comprehensive estate plan will almost always employ ancillary documents in addition to a Last Will and Testament in order to accomplish all of the plan’s goals and objective. One of the most popular of these ancillary documents is a Living Trust. In fact, your estate plan may include more than one trust agreement given how flexible a trust can be. Of course, most people also find that their estate planning needs and goals change as they move through the various stages of their life. What … [Read more...] about Living Trust Attorneys Explain How to Modify or Revoke a Trust