Takeaways Many high-net-worth families make the costly mistake of not filing an estate tax return when the first spouse dies, even when no taxes are due. If they fail to file IRS Form 706, the surviving spouse loses the valuable benefit of estate tax portability, which allows them to inherit any unused portion of the
Takeaways You do not need to have every estate planning decision finalized before meeting with an attorney. A basic inventory of your assets can help you avoid overlooking important property or accounts. Identifying potential beneficiaries and an executor can make the conversation with your attorney more productive. Blended families, minor children, beneficiaries with disabilities, and
Takeaways Estate planning is crucial for everyone, regardless of age or wealth, to protect your family, money, property, and wishes. Many common myths about estate planning can lead to significant problems. Consult a professional and regularly update your plan to ensure your wishes are honored and loved ones are protected. Many people delay estate planning
An executor is the person named in a Last Will & Testament who is responsible for managing the administration and distribution of the estate of a deceased individual, the “decedent”. For persons who die without a will, the court appoints an administrator to perform that function. Although the time and effort involved will vary with
Many older adults have life insurance that they no longer need. With children grown and no debt, the purpose for which the insurance was acquired no longer exists. Life insurance is an asset that many older adults have. According to Vital Life, 57 percent of Americans aged 65 and older have life insurance policies. In
Takeaways When a child turns 18, parents no longer have automatic access to their medical records or financial accounts. Powers of attorney with HIPAA authorization provisions can help parents assist in an emergency. These documents should be completed before the student leaves for college When your child turns 18, something changes that most families don’t
Takeaways Long-term care is common and expensive — and for many families, a few years of paid care can erase decades of savings. Medicare does not pay for long-term care. Medicaid does, but poverty is the price for admission into the Medicaid program. Elder Law attorneys who do Medicaid planning (not all do) can help
Takeaways Home care services offer older adults assistance with daily activities, medication management, and transportation, allowing them to age in place as an alternative to assisted living. Hiring professional caregivers can reduce stress and burnout for family caregivers and may foster a greater sense of independence for the older adult. Key signs that it is
Takeaways Estate planning is essential for stepfamilies and blended families to prevent accidental and sometimes, intentional disinheritance of children from prior relationships and to reduce family conflict. Tools like wills, trusts, and updated beneficiary designations are crucial for ensuring the surviving spouse and children from all relationships are provided for according to the parents’ wishes. Many couples enter
Takeaways Even large estates come down to the same core questions: who inherits, who’s in charge, and what happens if heirs disagree. Shared ownership can create conflict; complex assets need clear rules and buyouts. A will can transfer property, but it may not protect long-term goals. “Fair” planning doesn’t always mean identical roles; responsibilities can
