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?
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?
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
Although you may not realize it yet, there is a very good chance that you (or a spouse) will need to qualify for Medicaid as a senior to help cover the high cost of long-term care. With that in mind, it is a good idea to clear up some of the numerous myths and misconceptions about Medicaid eligibility and benefits. One of the most common of those misconceptions is the belief that you cannot own a home and qualify for Medicaid. The Medicaid planning attorneys at Augulis Law Firm clear up the … [Read more...] about Will I Lose My Home If I Need to Qualify for Medicaid?
If you are the parent of a child with special needs, you need to address your child’s needs in your estate plan to ensure that he or she is well protected both during your lifetime and after you are gone. Care must be taken, however, to ensure that your child will actually benefit from the financial assistance you intend to gift to him/her. To help you get started, the special needs planning attorneys at Augulis Law Firm explain how you can provide for your special needs child in your estate … [Read more...] about What Is the Difference between a First-Party and a Third-Party Special Needs Trust?
Throughout your life, you will likely review and revise your estate plan numerous times to reflect the changes to your family and to your assets. At some point, there is a good chance that you will consider adding a living trust to your estate plan. Working with an experienced trust attorney is the best way to ensure that your trust is drafted and executed correctly. In the meantime, however, a living trust attorney explains the steps involved in creating a living trust. Narrow down your … [Read more...] about 5 Steps to Create a Trust
As you may already know, a Last Will and Testament is not the only estate planning tool available for gifting assets to loved ones or other beneficiaries. Many people choose to use a living trust in addition to, or in lieu of, a Will to pass down estate assets. One reason people often choose to use a trust to distribute assets is the ability to direct when assets are distributed and even how assets are used by the beneficiaries. The benefit you gain by being able to dictate how trust assets are … [Read more...] about Can a Beneficiary Sell Her Trust Benefits?
Most of the time there are no real surprises in the Will left behind by a loved one who recently passed away. In fact, it is not uncommon for the decedent to have discussed the terms of the Will with loved ones prior to his/her death. What happens though if the decedent made a death bed Will at the last minute that changed those terms? Is that Will valid? An attorney at Augulis Law Firm discusses the validity of a deathbed Will in New Jersey. What Is a “Deathbed” Will? Ideally, a Last Will … [Read more...] about New Jersey Law and a “Deathbed” Will
For most people, the first estate planning document they create is a Last Will and Testament. If you are planning to execute a Will for the first time, you need to spend some time thinking about what terms you want to include in your Will ahead of time. To help you, estate planning attorneys at Augulis Law Firm help you prepare for creating your Will by discussing some questions to think about ahead of time. What Is a Will? At its most basic, a Last Will and Testament is a legal document … [Read more...] about What to Consider When Creating Your Will
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...] about Updating Your Plan: Powers of Attorney