Over half of all seniors in long-term care (LTC) rely on Medicaid to cover the high cost of that care. Again, because you are statistically more likely to outlive your spouse, you need to plan for the possibility that you will one day need LTC. Conversely, Medicaid planning is also important to ensure that your spouse does not deplete your entire nest egg with his LTC expenses, leaving you with nothing. … [Read more...] about What about Medicaid planning?
This is often overlooked by couples. The way in which you title assets can determine whether the asset is required to go through the probate process or is automatically transferred to the surviving spouse upon the death of one spouse. Titling assets as joint owners with rights of survivorship means that the asset will bypass probate upon the death of one owner and that owner’s interest in the asset will transfer directly to the surviving owner (spouse). … [Read more...] about How should my spouse and I title assets for estate planning purposes?
The odds are good that you will outlive your spouse. This makes retirement planning even more important for you as a woman. You need to be certain that you will have sufficient assets and income to live comfortably if your spouse is the first to go. Because retirement planning and estate planning are so closely related, and a change in one plan almost always affects the other plan, it is always best to combine your retirement and estate planning into one cohesive plan. … [Read more...] about Do I need a retirement plan in my estate plan?
Incapacity planning should be part of your estate plan from the beginning because incapacity can strike at any time and to anybody. Without an incapacity plan in place, you have no way of knowing who will make health care decisions for you, who will take over control of your assets, or who will make personal decisions if you cannot make them yourself. … [Read more...] about Do I need to include incapacity planning?
Ultimately, this is a decision you must make after consulting with your estate planning attorney; however, as a rule, it is usually better for spouses to create plans that work in harmony with one another but that remain separate. Because there is no way to know, with certainty, what the future will bring, you do not want to create an estate plan that is completely dependent on your spouse’s plan to function properly. … [Read more...] about Should I create a joint plan with my spouse?
The most well-known benefit of executing a Will is knowing that you will not die intestate. If you fail to execute at least a basic Will prior to your death, the state intestate succession laws will decide how your estate assets are distributed. Typically, this means that only a spouse and/or close relatives will inherit from your estate. Close friends, charities, and more distant relatives will receive nothing from your estate. In addition, executing a Will allows you the only official … [Read more...] about Do I need a Last Will and Testament?
Statistically, women are more likely to outlive their spouse, ultimately leaving them to be the one to pass down the marital assets to children and other beneficiaries. Women also tend to me the caretakers of the family, making them more likely to be concerned with issues such as guardians for minor children and even plans for again parents. Finally, more and more women are becoming entrepreneurs, adding in another important estate planning consideration into an already lengthy list of estate … [Read more...] about Reasons why estate planning is important for women?
Although estate planning is important for everyone, it is particularly important for women for several reasons. To explain why you should have an estate plan in place if you are a woman, the estate planning attorneys at Augulis Law Firm have put together some basic questions and answers related to estate planning for women. If you have specific questions, please do not hesitate to contact our office to schedule a consultation. … [Read more...] about Estate Planning for Women
For small business owners that do not plan to pass the business down to the next generation, it is a good idea to plan ahead for the sale of the business in the event of your death or capacity. One option is to enter into a Buy-Sell agreement. A Buy-Sell agreement guarantees that you (or your loved ones) will receive the fair market value of your interest in the business in the event you, or your surviving loved ones, must sell it later. In essence, a Buy-Sell agreement is a binding agreement … [Read more...] about What is a Buy-Sell Agreement?
One popular method used to transfer ownership of your business from one generation to the next is to create a Family Limited Partnership (FLP). An FLP allows you to transfer your legal interest in the business to the next generation slowly, over time, while maintaining control over the day-to-day management of the operation until such time as you are ready to retire. In addition, you may be able to gain tax advantages by using an FLP to transfer interest in your business to future generations. … [Read more...] about What is a Family Limited Partnership?