If you have an estate plan in place you are better prepared than over half of all Americans, according to the most recent surveys. For that plan to continue to protect you and your loved ones as intended, however, it needs to be updated from time to time. Knowing how often to review your estate plan, and when a life event should trigger an immediate revision, is the key to a successful estate plan. As you enter your retirement years, for example, you should take the time to update your existing … [Read more...] about Do I Need to Update My Estate Plan When I Retire?
The Basics: Powers of Attorney for Healthcare
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. This article concerns the Healthcare Powers of Attorney and Advance Directives. Read on to learn more … [Read more...] about The Basics: Powers of Attorney for Healthcare
The Basics: “HIPAA” Powers
This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. Read on to learn more … [Read more...] about The Basics: “HIPAA” Powers
The Basics: Financial Power of Attorney
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. Read on to learn more … [Read more...] about The Basics: Financial Power of Attorney
What Is the Medicaid Minimum Monthly Maintenance Needs Allowance?
One of the most important components of any comprehensive estate plan is a long-term care planning component. Planning for the likelihood that you (or a spouse) will need long-term care ensures that you can pay for that care when the time comes. If you are concerned about how your spouse will fare financially if you enter a LTC facility, a better understanding of the Medicaid spousal impoverishment rules may put your mind at ease. Toward that end, the Henry County Medicaid planning attorneys at … [Read more...] about What Is the Medicaid Minimum Monthly Maintenance Needs Allowance?
Reasons You Might Need an Elder Law Attorney
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
The Marital Deduction –What You Need to Know
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
Why Do I Need an Estate Plan If I Have Very Few Assets?
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?
Do I Need a Lawyer to Help Me Administer a Trust?
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?
Are All Assets Subject to Probate?
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?
