Estates
Estates
Estates
What Does ‘Per Stirpes’ Mean?
Q. I noticed a provision in my will that divides my estate “per stirpes.” What does this mean? A. While the phrase “per stirpes” may sound complex, the concept is pretty simple. Per stirpes comes from Latin. It means by branch or by representation. The purpose of including a per stirpes provision in your will is to […]
Estates
Ten Reasons to Have a Will and Estate Plan
If you already have a last will and testament, then you are among the minority of the population. Great planning! However, for those of you who do not have a will, we understand some of the reasons why you hesitate to formally plan your estate. Here are some of the reasons people cite for not […]
Estates
Be Cautious If You Plan Your Own Funeral
Generally we don’t like to think about our mortality, but many people do just that when they include a prepaid funeral in their estate plan to take the burden off their loved ones. A Years-Long Scam The Federal Bureau of Investigation (FBI) cautions consumers about a scam involving prepaid funerals. In one case, six individuals […]
Estates
Protecting Assets When a Spouse Receives Medicaid
Many couples, in their golden years, find themselves wondering: What if one or both of them is admitted into a nursing home and needs Medicaid? After saving throughout their lives, they are fearful that if one of them enters a nursing home, they will have to dissipate their life savings to pay for the cost […]
Estates
Estate Planning for Singles: Current Rules May Dictate Changes
Legislation enacted a few years ago made permanent changes to the federal estate and gift tax rules. Specifically, here are the significant estate changes in the American Taxpayer Relief Act: What is Included In Your Taxable Estate? First, calculate the value of assets including: Cash, stocks and bonds; Intangible investments such as patents, trademarks and […]
Estates
Disputes Arising Over a Power of Attorney
As members of the Baby Boomer generation continue to age, many of them are making sure that their estate plans are in order. One important document that fits into an estate plan is a power of attorney. However, while creating a power of attorney for someone to act on your behalf is generally a good […]
Estates
Plan Now So Guardianship Is Not Necessary
Here’s a scenario that some family members sadly face: They contact their estate planning attorney to explain that an elderly relative is no longer able to care for himself or herself. Perhaps the family members just went to visit the loved one and found filthy living conditions, bills piled up, and little food in the […]
Estates