Tag: estate planning

Helping Your Loved One Plan After a Chronic Condition Diagnosis

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Did you know that approximately 60 percent of Older Americans live with a chronic condition? Conditions such as arthritis, asthma, and diabetes can require frequent medical treatment, close monitoring, and costly medications. As such, your loved one may feel overwhelmed with the increasing cost of care and new challenges he or she may be facing. One of the best ways to put your loved one’s mind at ease is to help him or her with the planning process. To help get you started, let us share with you a few tips for helping your loved one plan after a chronic condition diagnosis.

Perhaps the most important first step is to talk to your loved one about his or her diagnosis. Your loved one may be uncertain about the impact this could have on his or her life. To help educate you both about the condition in question, we encourage you to take some time to research the condition together. Be sure to determine the symptoms your loved one may present and the challenges he or she may face as a result of the condition. You may also wish to research treatment plans that may help make your loved one more comfortable as the condition progresses. 

Once you and your loved one have a better understanding of your loved one’s condition, it is important to review any planning he or she has already completed. Evaluate whether his or her current estate plan has protections in place, right now, for this type of unexpected situation, including any long-term care plans. Some important components to look out for include your loved one’s health care coverage, insurance, and whether he or she has a durable power of attorney.

Above all, do not hesitate to speak with an experienced estate planning attorney to help guide you and your loved one through this challenging time. Further, an estate planning attorney can advise you on the steps you could take to plan for a loved one with a chronic condition and account for his or her specific needs.

If this article raises more questions than it answers for you, do not hesitate to ask us your questions. Your loved one’s safety is important to us, and we are here to be a resource for you. We look forward to discussing your questions and supporting you with your particular needs.

Make a New Year’s Resolution to Update Your Estate Plan

As another year comes to a close and a new one begins, it’s a great time to take stock of the many changes life has brought your way and what’s to come. It’s also a good time to think about your estate plan. Many people review their estate plan at a regular frequency, often when they go over their whole financial plan. Anne Desormier-Cartwright of Elder and Estate Planning Attorneys, PA says ‘In addition to regular reviews, it’s a good idea to review and update your plan at life events, like the birth of a child, when a child or grandchild becomes an adult or when they go to college, if you have to care for an adult, if there are changes in your financial goals, illness or disability of your spouse. And of course, marriage or divorce.’

She continues to say that there are many others reasons and that reviewing your plan goes beyond major life events. She suggests you should check your plan at regular intervals, such as a new year. This will help ensure that your legacy, both financial and otherwise, is passed on in accordance with your wishes and that your beneficiaries receive their benefits as smoothly as possible.

Elder and Estate Planning Attorneys, PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs. Do not wait to contact their office for support.

A basic estate plan typically starts with a Revocable Living Trust

To paraphrase, Ben Franklin said it best. In this world, nothing is certain except death and taxes. Since death is inevitable, it is something we must prepare for. A basic estate plan typically starts with a revocable living trust. A revocable living trust is one of the best methods for protecting assets for your loved ones both during and after your lifetime. Such trusts do not go through probate court, transferring assets seamlessly with minimal effect from estate and administrative taxes, fees, and regulations, both state and federal, says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA.

The advantages of a revocable living trust are you eliminate the high cost associated with probate, assets are distributed more quickly, your affairs remain private, and there is no estate tax return to be filed at your death. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.

Why estate planning is the most important gift you can give to your family.

The holidays are a great time to make a list of what you’re grateful for. More than likely, family is at the top of the list. It can be frightening to consider how your loved ones will fare after you’re gone, but a sound estate plan can provide a sense of security your family deserves.

“Estate planning reduces the costs associated with Guardianship and probate, preserving available tax exemptions. When appropriate, it provides an umbrella of wealth protection for your surviving spouse, children and grandchildren. It is an ongoing process that allows you to change, add, and cancel details at will.” says Anne Desormier Cartwright of Elder and Estate Planning Attorneys, PA..

When you’re exchanging gifts with family this holiday season, start thinking about how to plan your estate. It could be the most important gift your family will ever get from you.

Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.

Why you should make estate planning a New Year’s resolution

At the end of the calendar year, many of us reflect, think of ways we can improve our lives, and make resolutions to be better in the new year. If we do this with our own lives, why can’t we do the same for our loved ones?

An estate plan ensures your family is taken care of after you’re gone. Regardless of whether you have one in place, a new year is a great time to make a plan or review your existing one.

“No matter what your age, Estate Planning is essential to distributing assets according to your wishes and not that of the government’s laws and statutes. Estate Planning is very complicated where myths abound and they can be harmful to you and your loved ones.” says Anne Desormier Cartwright of Elder and Estate Planning Attorneys PA.

There will come a time when you’re not able to think clearly and make your own decisions, so it’s best to put together a plan now.

Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.

The importance of a business succession agreement… And how it can protect you.

An important part of any estate plan is the consideration of what will happen to your business. A business succession agreement can protect the interests of the business owners, as well as help facilitate the continuation of the business. Before deciding on a business succession plan, you must ask yourself a few questions first. Will succession management be willing and able to operate the business? Will your family receive a satisfactory return on investment? Does your family wish to continue to be involved? You’ve worked hard to build your legacy. The time to protect it after you are gone, is now. Elder and Estate Planning Attorneys, PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.

Life Insurance Trusts

Estate taxes can be expensive, but if you plan ahead, you can reduce or even eliminate these taxes. A life insurance trust can be one way for you to greatly reduce or eliminate the estate taxes so more of your estate can go to your loved ones. “The insurance trust owns your insurance policies for you. “Since you don’t personally own the insurance “or have any incidents of ownership, “it will not be included in your estate, “so your estate taxes are reduced” says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA. An irrevocable life insurance trust give you more control over your insurance policies and the money that is paid from them. It also can provide your survivors immediate cash to pay expenses following your death. Also, this can create an inexpensive way to pay estate taxes. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.

Dynasty Trusts

A dynasty trust is a long term trust created to pass wealth from generation to generation without incurring transfer taxes such as estate and gift tax. The dynasty trust defining characteristic is it’s term. The trust can survive for 21 years after the death of the last beneficiary who was alive when the trust was set up and it can theoretically last for more that one hundred years. The trust’s operation is controlled by the trustee who is appointed by the grantor. The dynasty trust is irrevocable, which means that once it is funded, the grantor will not have any control over the assets or be permitted to amend the trust terms says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA. The beneficiaries of a dynasty trust are usually the grantor’s children and after the death of the last child, the grantor’s grandchildren or great-grandchildren, generally become the beneficiaries. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.

The importance of trust administration in estate planning

Managing the expectations of beneficiaries is one of the most important aspects of trust administration. Many people having heard that living trusts avoid probate, assume that a trust administration is simple, and that the trust property somehow passes to them automatically, because of this many people are disappointed to learn the process can take months, which is why it is important to address unrealistic expectations early in the process. Trust distribution can occur in several stages. It’s important to obtain appraisals and project tax liabilities with accuracy to be sure all debts are paid. This needs to happen before the beneficiaries receive funds, says Anné Desormier-Cartwright of Elder and Estate Planning Attorneys PA. If a beneficiary challenges a trustees actions, or can test the validity of the trust, the trustee may have to withhold distributions until the dispute is resolved. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.

The importance of adding your digital assets to your estate plan

Every 60 seconds there are millions of Facebook posts, tweets, and Google searches. Additionally, more than three million emails are sent out every second. Our lives are becoming more and more virtual. If you have an email address, a Facebook account, or bank online, then you have an online presence and valuable digital assets. Many aspects of our lives are digital and controlling these assets in the event of our incapacity or death raises new issues never experienced before. “If you become incapacitated, “grow seriously ill or pass away, “Chapter 740 of the Florida Statutes outlines “how your agents can access your digital records, “and grants custodians authorization to release such assets. “Without proper planning, your loved ones “may have trouble tracking down and accessing “your online accounts that may have sentimental, “practical, or monetary value,” says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA.

You should consider updating your estate planning documents and seek to broaden the powers to your fiduciaries and appoint a separate, tech-friendly person to manage your digital assets in the event of your incapacity or death. You may also want to consider using tools offered by Google, Facebook, and others, to designate a representative for your digital assets on these sites. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.