Articles Posted in Estate Planning

There are a number of risks associated with the estate planning process. Some of the risks involved with estate plans include how interest rates will change and how old the creator of the estate lan is when they die.  Not to mentions, tax laws change frequently and depending on the alterations to the law that occur, a person’s estate plan could be greatly affected.

Fortunately, by following some important suggests, it is possible to greatly reduce the risks associated with successful estate planning.

# 1 – Determine What Risk Factors Exist

In February 2019. The 2nd Circuit Court of Appeals heard the case of Pappas v. Phillip Morris, in which the plaintiff pursued Connecticut state law liability claim on behalf of her deceased husband’s estate. The district court previously dismissed some of the plaintiff’s claim on the basis that Connecticut did not allow the plaintiff to represent the estate of her husband pro se.

The conflict of the case, however, concerned Connecticut and federal law which when applied had different results to whether the plaintiff would be allowed to represent the estate pro se.

New York Pro Se Estate Lawsuits

Annual nursing home costs on the rise according to the New York Department of Health. As a result, the costs for nursing home care is beyond the financial resources of many New York residents. To pay the costs of Medicaid, many elderly individuals are dependent on Medicaid, which pays for residential nursing services and assisted living facilities.

To qualify for Medicaid, it often becomes essential for a person to spend down their savings until they qualify to receive Medicaid. Early planning and the assistance of a knowledgeable estate planning attorney are the best way to make sure that you qualify for Medicaid.

This article reviews some of the other important pieces of advice that a person should take into consideration when planning to spend down assets.

There are a number of potential scams about which you be mindful when performing estate planning. In addition to things like large fees and trust mills, estate planning scams can also include advisors who offer inaccurate legal advice. The purpose of this article to review some of the most tips that you should follow to decrease your chances of following victim to an estate planning scam.

# 1 Do Not Wait to Create an Estate Planning

Most people have some wish or desire that they want to reflect in an estate plan. This can include the creation of a special needs trust or assets that a person would like to pass to loved ones. Even though it is true that estate planning documents help to avoid the uncertainty about how a person’s estate should be handled, a large number of people wait to create an effective estate plan. This increases a person’s chances of ending up victim of an estate plan because elderly individuals are the group most susceptible to estate planning scams. This is because a large number of elderly individuals suffer from reduced capacity and more likely than others to end up making poor decisions about how their estate should be handled.

Estate planning has the potential to be a very complex process. As a result, it can be difficult to asset what estate planning terms a person needs. By focusing on some critical issues in estate planning topics, you will be able to create as strong an estate plan as possible. As a result, this article focuses on three of the most important issues that you should take into consideration when performing estate planning. It is also worth understanding the assistance of an experienced estate planning lawyer can be particularly valuable no matter what your estate planning goals are.

# 1 – Beneficiaries

A large number of estate disputes arise because there are arguments about who is entitled to be a beneficiary or who should obtain assets. In addition to wills or trusts that are used to transfer assets to beneficiaries, it is also important to create a number of other supporting documents including living wills, financial power of attorneys, and healthcare power of attorneys. These additional documents can answer important questions about beneficiaries including who will control how assets are received in case a person becomes incapacitated. To make sure that assets are properly transferred to beneficiaries, it is also often important to make sure that other estate planning documents are written including brokerage accounts, joint accounts, and individual accounts.

It is an unfortunate truth that not all in-laws enjoy positive relationships with one another. In fact, a number of people experience hostile or acrimonious relationships with their relatives. While there is no requirement that you like your in-laws or treat them well, this situation can be made much more complex if you have a good relationship with your child and want to make sure that this child receives something through your estate plan. Additionally, if you decide to completely exclude a child from an estate plan, it is likely that a court of law will focus on whether you lawfully removed your child from receiving any assets.

Deciding whether to Disinherit a Child

It can be difficult to decide whether to exclude a child from receiving assets through an estate plan if a problematic in-law is involved. In some situations, parents find it impossible to move past the in-law and resolve to disinherit the child as a punishment. If you are debating disinheriting a spouse, however, this decision should not be made lightly. Disinheriting a child frequently results in a number of complex emotions. If you decide to disinherit a child through a will rather than a trust, the words found in the will will be the controlling factor that prevents a child from receiving assets. To avoid the complications of disinheritance, it is often a much better decision to other options. For example, assets intended for a beneficiary can be held in a trust in such a way that a spouse is not able to access this amount. It is also possible to be assets to grandchildren instead of the child. While skipping a generation in this manner can be insulting, sometimes it is the best possible solution.

The simple truth is that everyone dies. It is also true that many young people try to avoid this fact, which frequently means that they delay engaging in estate planning. Not only do many young people fail to engage in estate planning, however, statistics compiled by Budget Insurance reveal that 82% of young individuals are not aware of the purpose behind life insurance. As people age, it is absolutely critical to understand not just the purpose of estate planning but also understand what the individual elements of estate planning include. One of the most commonly misunderstood or not appreciated is life insurance, but is particularly important for all people including younger individuals.

Why Young Individuals Need Life Insurance

The reason why life insurance exists is to protect your family’s finances in case the primary supporter of the family dies. As a result, for young individuals who are beginning to create families, life insurance still plays an important role. Statistics compiled by Pew Research reveal that a large number of households in the United States depend on either both or one spouse to survive, which means that life insurance has the potential to play a very important role.