Despite some overlap, estate planning and elder law serve different purposes, yet both are equally vital to protect yourself and your family. The two terms tend to go hand in hand, but there are some differences. The biggest difference is…
You may need to update your estate plan annually to take into account changes in federal estate tax law, gifts, and GST exemptions. Since 2018, federal tax assessment on estates above $11.7 million, indexed for inflation every year, will default…
Living wills are not last wills and testaments that indicate how you want your assets to be distributed after your death. Instead, it is a mechanism to communicate to your family and doctors how you want medical care conducted when…
Most people can communicate their wants and needs, but some people lose that ability when they are ill, injured, or afflicted. When this happens, they need someone they trust to advocate for them. You can prepare the proper legal documents…
It is common for Americans to view estate planning as a one-time task that, once completed, can be filed away until they pass away. However, without being aware of the potential impact, people will make gifts during their lifetime or…
Even if your insurance covers you, you might still be forced to pay huge medical bills after an emergency. For example, suppose that you underwent emergency surgery for some reason. You scheduled it at a hospital that participated in your…
Over the course of their working lives, American workers contribute to the Social Security fund through payroll taxes. Individuals may opt to receive Social Security benefits as early as age 62. However, claiming SS benefits before the full retirement age…
A ward of a guardianship proceeding could lose their right to vote, which is a fundamental right for all US citizens. You could also lose control of your finances to someone you don’t fully trust. By nominating an agent and…
Planning for succession and estate planning for farm and ranch land, livestock, equipment, and other personal property can be challenging. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing assets from getting to rightful…
Upon your death, your will addresses who will inherit your assets and properties. Wills are legally binding when properly filled out. Your will names a personal representative (executor) who will carry out your directives. In addition to asset distribution, your…
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