Johnson Law Firm
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.
Joint accounts may seem like an effective way to prepare if parents need help with finances as they get older, but unexpected problems could crop up.
Aging solo is about those individuals who are widowed or not married, live alone and have no family or none they can count on. They are going through the last years of their lives on their own. It can be just fine until one’s health declines and the usual activities and access to friends get out of reach.
The primary benefits of revocable trusts only are available if a revocable trust is FUNDED during life. Unfortunately, experienced estate planning attorneys often have clients who delay the funding of their revocable trusts until it is too late and miss many of the benefits that these trusts provide.
While it may not seem necessary when a special needs child is young, setting up a trust to ensure their financial stability is better to be done sooner rather than later.
