Choosing whether assisted living would be the right option can be a complex decision requiring a dispassionate evaluation of the situation and careful consideration.
The challenges of helping an aging parent plan for their late-in-life care can be strenuous. There are financial, medical and even emotional aspects of this type of planning.
By way of a primer, consider reading (and sharing) a recent Forbes article titled “The Basics: Assisted Living For Your Parent.”
Death of the borrower triggers the loan payoff, but the estate and heirs will never owe more than what the home is worth.
Family homes are unique assets. And like many assets, family homes can be as complicated as they are meaningful. Even when heirs inherit a home with no strings attached, issues can arise.
But what about when there are strings that come with inheriting the family home? What if there is still a mortgage or, increasingly common, a reverse mortgage? Notably, when a reverse mortgage is in play there are a few more things an heir needs to know.
Estate freezing, under the right circumstances, can become a vital component of an intelligent wealth preservation strategy.
A “frozen asset” can be viewed as an investment that refuses to move with the market. Fewer things are more annoying to a savvy investor! If an investment isn't growing, what is the point?
No, Gordon Gekko is not the only one to see it this way, either. Then again, if you are not investing in growth, but in your family and a powerful estate plan, there are some times when capping or transferring growth and, yes, even “freezing” assets is a definite boon.
"Understanding that AD may contribute to almost as many deaths as the two leading killers in America, heart disease and cancer, is an eye-opening figure that may convince the public and policy makers that AD funding should be increased," James said.
As you plan for old age, and even while planning for the estate itself, it is essential to plan accordingly. Unfortunately, some recently released news regarding Alzheimer’s deaths has brought the need for proper planning up a notch.
Earlier this month, Reuters reported on a recent Alzheimer’s study in an article titled “Alzheimer's deaths much more common than realized: study.”
Suzanne M. Cheney performed many services for her stepfather, Anthony R. Turco, expecting to receive a share of his estate. However, to her great disappointment, he left her nothing.
There is a difference between care given out of responsibility and that given out of expectation of payment. Similarly, there is a difference between payments for services and an inheritance. Even if you do not live in Massachusetts, if you are caring for an elderly loved one and may or may not be an heir apparent, there is something to be learned from a recent case in the Bay State, Cheney v. Flood (84 Mass. App. Ct. 1134, Feb. 7, 2014).
ElderLawAnswers considered the Cheney case in an article titled “Don't Just Hope for an Inheritance; Get It in Writing.”
A no-contest clause may be a good idea if you have a beneficiary who may be upset by the property distributed to him or her.
Consider this common estate plan predicament: you are drafting a will and know that if it is challenged by a spurned heir or for anyone for any reason, it will end up potentially ruined on the shoals of probate for all to see. What can you do?
This scenario is a all too common. Fortunately, a well-drafted will in many states can include a powerful tool such as a No-Contest Clause. Recently, ElderLawAnswers considered this approach in an “answer” titled “Using a No-Contest Clause to Prevent Heirs from Challenging a Will or Trust.”
The buyers and the sellers couldn’t agree on how much the company was worth.
A business is essentially an asset, but assigning a value to this type of asset tends to be very complex. If your retirement plan (and maybe your estate plan for your heirs) relies upon the business, do you know what your business is truly worth?
For a sobering problem many business owners end up facing when it comes to valuing their business, be sure to read a recent article in Forbes titled “Is Your Business Worth As Much As You Think? Many Aren't.”
When it comes to estate planning, one of the primary goals is to transfer as much of a person's assets to their intended beneficiaries at the lowest cost or, in other words, by paying the least amount of tax.
Giving your assets to your heirs is all about timing. When to do it and how to do it depends on your situation. Is it best to maximize your gifting strategy while you are living? Or should you plan your gifts for after death?
Formerly, the primary concern was the estate tax. The strategy was to gift during life using the annual gift tax exclusion, currently $14,000 per donee per year. After all, gifting lets you incrementally slide under that onerous estate tax ceiling.
One of the most common themes among my affluent clients is a desire to see their children make it on their own. Over 90% of these clients are first-generation wealth builders, meaning they didn’t inherit their money but accumulated it from saving, investing or building a business. They value hard work and frugality and feel leaving a large inheritance to a child is more hurtful than helpful.
When it comes to planning for one's estate, most children assume their parents will leave it all to them. Is that really in the cards?
A recent Forbes article takes a different tack and asks “Why Bother Leaving an Inheritance for the Kids?”
Under the President’s plan, in 2018 the tax would revert to the rates that were in effect in 2009.
Budget buzz is spreading across Capitol Hill. For example, did you know that President Obama's proposed budget is seeking a reduction of the estate tax exemption back to $3.5 million?
Just when taxpayers and estate planning attorneys thought the estate tax exemption level had become settled law (except for inflation increases), President Obama would like to throw a monkey wrench into estate plans past, present and future. In addition, he would like to double down on some traditional estate planning techniques, too.
