The decisions made when creating an estate plan are highly personal decisions. Understandably, it may be uncomfortable to discuss these decisions with a stranger which is why it is important to develop a lifelong relationship with your estate planning attorney. You will, however, need to share things with your estate planning attorney that you may prefer not to share. Failing to be open and honest with your attorney, however, could jeopardize the success of your overall estate plan. To help … [Read more...] about Important Subjects to Discuss with Your Estate Planning Attorney
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Planning for the Possibility of Dementia
Just as most people would prefer not to have to spend much time contemplating their own death, most people would also prefer not to envision a life suffering from Alzheimer’s disease. If you have avoided thinking about the possibility, you are hardly alone; however, from an estate planning perspective it is imperative that you do consider the possibility. If you develop Alzheimer’s in the future, someone else will need to take over control of your assets and make important decisions for you … [Read more...] about Planning for the Possibility of Dementia
How to Prepare for Retirement
It seems as though we are all told to start retirement planning the moment we enter the work force. Of course, there are good reasons for that sage advice. The earlier you begin your retirement plan, the more comfortable you will be during your retirement years. If you are now nearing your “Golden Years,” however, there are additional steps you should take to ensure that your affairs are in order. To help you get started, the elder law attorneys at Augulis Law Firm suggest that you take the … [Read more...] about How to Prepare for Retirement
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what, if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
What’s Retirement Got to Do with it?
As more and more Baby Boomers retire, many wonder where they should spend their golden years. Each person’s unique facts and circumstances should inform that decision, including, without limitation, the various taxes imposed by each state. The findings in this article might surprise you. Read on to learn more. … [Read more...] about What’s Retirement Got to Do with it?
Advantages of Including a Spendthrift Provision Your Trust
Given the numerous and varied estate planning goals that a trust can help you achieve, there is a very good chance you will include at least one trust in your plan. The popularity of trusts also means there is an equally good chance that you will find yourself as a beneficiary of a trust at some point. Whether you create the trust or you benefit from the trust, you may find a spendthrift clause in the trust agreement. To ensure that you understand what that means, the attorneys at Augulis Law … [Read more...] about Advantages of Including a Spendthrift Provision Your Trust
Should I Invest in a Pre-Paid Funeral Plan?
You would undoubtedly prefer to spare your loved ones from having to go through additional grief and stress following your own death. While you cannot entirely spare them from the emotional impact of your passing, you can spare them additional stress and anxiety by incorporating a funeral planning component into your estate plan. As part of that component, you may consider investing in a pre-paid funeral plan with a local funeral home. The estate planning attorneys at Augulis Law Firm discuss … [Read more...] about Should I Invest in a Pre-Paid Funeral Plan?
What Is the Best Way to Plan for Incapacity?
Ideally, your estate plan should accomplish numerous inter-related goals that go beyond simply planning for the disposition of your estate assets after you are gone. For example, a comprehensive estate plan should also protect you, and your assets, in the event of incapacity while you are alive. The living trust lawyers at Augulis Law Firm explain why a living trust often makes an ideal incapacity planning tool. I’m Too Young to Worry about Incapacity This is a common, yet mistaken, … [Read more...] about What Is the Best Way to Plan for Incapacity?
What Is an ILIT?
One of the first orders of business that you must address when you are planning your estate is the matter of potential taxation. There is a federal estate tax that high net worth people must contend with, and it can significantly erode the wealth that you are passing along to your loved ones. At the time of this writing in 2014, the amount of the federal estate tax credit or exclusion is $5.34 million. This is the amount that you could transfer to your heirs tax-free. If your estate exceeds … [Read more...] about What Is an ILIT?
Estate Planning for the Beginner
Although you probably understand the importance of having an estate plan in place, the prospect of creating that plan can be a bit daunting for the uninitiated. Estate planning incorporated a wide range of goals and objectives into one comprehensive plan. That plan may utilize numerous estate planning tools and strategies. All of that can be overwhelming. To help you feel more comfortable with the concept of estate planning, an estate planning attorney at Augulis Law Firm offers a list of top 10 … [Read more...] about Estate Planning for the Beginner
