Why Is ‘When’ the Big Question in Estate Planning?
People approaching retirement ponder numerous questions. However, I’ve found that many of the most important questions revolve around the word ‘when.’
Johnson Law Firm
People approaching retirement ponder numerous questions. However, I’ve found that many of the most important questions revolve around the word ‘when.’
Nobody likes thinking about what happens if they should become incapacitated or die. However, we all need to have a plan in place for just these possibilities.
It is a common misconception that only the ‘uber rich’ need an estate plan, when in actuality, everyone should have a plan.
Many families discover that trying to mitigate the cost of long-term care can conflict with another common retirement concern—reducing taxes for retirees and their heirs.
Although there is certainly no shortage of people with selfish or malevolent intent, a great number of estate plans that end in disaster are due to unintended consequences.
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
With the possibility of needing long-term care in the future, many people are interested in proactive planning.
How this is handled now depends on the plans the deceased made when they were alive. For some people, that might mean probate.
A life estate is a type of property ownership or tenancy that grants an individual the right to use and enjoy a property for the remainder of their life. It gives an ownership interest to someone else.
There are certain provisions that people often forget to put in a will or estate plan that can have a big impact on a family.
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