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Profit Law Firm
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“Many people think estate planning means deciding what happens to your things when you die. For that reason, many young families do not consider estate planning to be a priority. However, it may be one of the most important things young parents can do!” A last will and testament is... Continue reading
Posted Sep 5, 2018 at Profit Law Firm
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“Advance care planning is making preparations and decisions about the medical care you want to receive, if you become unable to speak for yourself.” Talking with your family and your physician ahead of time about what you would want if you should become incapacitated, is a difficult but necessary conversation,... Continue reading
Posted Sep 3, 2018 at Profit Law Firm
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“The most common need of those preparing to step into retirement isn't what you think: it's confirmation that all the hard work, discipline and saving was enough.” People getting ready to retire really want to be reassured that they did a good job and were good stewards of their money,... Continue reading
Posted Aug 31, 2018 at Profit Law Firm
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“……we often receive community questions surrounding powers of attorney (POA), so we decided to take a look at some of the most common misconceptions surrounding a POA.” Most people understand the basic concept of a last will and testament: a document that directs how assets are to be distributed after... Continue reading
Posted Aug 30, 2018 at Profit Law Firm
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“It's easy to put off because it can be morbid and often doesn't kick in until late in our lives, but it's an important piece to be thinking about for those of us who want to make sure our families are provided for.” A well-prepared estate plan can help you... Continue reading
Posted Aug 29, 2018 at Profit Law Firm
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“In an attempt to take a step toward countering some of the negative impact of elder financial abuse, the government recently passed the Senior Safe Act in May 2018, as part of a bipartisan banking reform set of laws. “ Elder abuse costs millions of Americans an estimated $2.9 billion... Continue reading
Posted Aug 17, 2018 at Profit Law Firm
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“If you say “I do” a second time and have children, your partnership acquires new stakeholders—not necessarily willing ones. Adult children have expectations about how much they’ll inherit and how soon. A new spouse scrambles that calculus. When you marry, you’re entering a partnership that is emotional and financial. When... Continue reading
Posted Aug 16, 2018 at Profit Law Firm
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“Here’s one answer to the “Where to go next?” question being asked by those inching toward retirement, or those looking to escape the increasing cost of Seattle living and combine resources with a like-minded community.” For those living in high-cost areas, like Seattle, San Francisco, New York, Los Angeles and... Continue reading
Posted Aug 15, 2018 at Profit Law Firm
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“There's nothing wrong with looking forward to retirement and even planning an early exit from the workforce. However, Americans may be a bit misguided, when it comes to this particular milestone.” If you work for a living, chances are good you like to daydream about what your life will be... Continue reading
Posted Aug 14, 2018 at Profit Law Firm
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“All working Americans need retirement savings, regardless of gender. However, the need is particularly strong for women, since they have a tendency to live longer than their male counterparts. Therefore, they're also more likely to require paid care at some point—since a spouse may not be around to provide care.”... Continue reading
Posted Aug 10, 2018 at Profit Law Firm
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“A financial planner’s client was traumatized in the dentist’s chair, but it was not the drill that scared her. It was the dentist’s bad news.” The frightening news was that she needed thousands of dollars of dental work, a cost she had not anticipated when she retired a few months... Continue reading
Posted Aug 9, 2018 at Profit Law Firm
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“There still are many sound nontax reasons to revisit estate planning and possibly update your prior documents.” Even with the doubling of the individual estate gift and GST tax exemptions to about $11.2 million per person (and double the amount for married couples), you still need a will, says Forbes... Continue reading
Posted Aug 3, 2018 at Profit Law Firm
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“Even if you’re not a millionaire, you may have reached a stage where you think, It’s enough. It could even be a bit too much. A second car may sit mostly in your garage. A beloved vacation home may have transformed from a place to relax to a place to... Continue reading
Posted Aug 2, 2018 at Profit Law Firm
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“Anyone saving for retirement has probably had to decide between saving in a Roth account versus a traditional retirement account.” If you think your income in retirement will be higher than it is right now, that’s a reason to put retirement savings into a Roth IRA. However,, if you’re already... Continue reading
Posted Aug 1, 2018 at Profit Law Firm
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“Ever since his untimely death, the press and the public hasn't been able to get enough of Anthony Bourdain. His name caused another commotion this week, when his will was probated in New York.” There’s something about a rebel who lives life on his own terms that is like a... Continue reading
Posted Jul 31, 2018 at Profit Law Firm
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“There are documents pertaining to health, money, and college records, that your child can sign to give you some peace of mind. Not all of these are required, but you may want to consider if you need them or not.” There’s no end to what parents and grandparents can worry... Continue reading
Posted Jul 31, 2018 at Profit Law Firm
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When a loved one passes away, it is a good idea to get the assistance of an estate attorney, if for no other reason than to deal with all of the paperwork. The government has many things it is very particular about. However, you are not likely to notice one... Continue reading
Posted Jul 13, 2018 at Profit Law Firm
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The recently passed federal tax overhaul limits deductions for state and local taxes to $10,000. It has not been popular with those affected. Estate planning attorneys might have found a way around it. The new tax laws that were passed in December of 2017 have been controversial. Some people are... Continue reading
Posted Jul 12, 2018 at Profit Law Firm
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Staying both mentally and physically active has positive health benefits for elderly people. However, many have forgotten how to do that in enjoyable ways. If you go to any park or recreational center, you are likely to see a lot of young people enjoying themselves. Kids know how to play.... Continue reading
Posted Jul 11, 2018 at Profit Law Firm
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People who are opposed to the Social Security system claim that it is about to go broke and disappear soon. That is not true. Social Security opponents and opponents of government spending in general, like to make the claim that Social Security is going to go broke or bankrupt. They... Continue reading
Posted Jul 10, 2018 at Profit Law Firm
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Two recent celebrity deaths highlight a potential issue in estate planning. What happens when a couple does not get divorced but separates amicably? The recent deaths of fashion designer Kate Spade and celebrity chef Anthony Bourdain have elicited an outpouring of grief. They both committed suicide, which came as a... Continue reading
Posted Jul 9, 2018 at Profit Law Firm
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After creating a trust, you need to fund it. That does not have to be a difficult process. One of the many problems of “discount” trusts, either from a trust service or an online document service, is that they never get around to funding the trust. When the settlor passes... Continue reading
Posted Jun 29, 2018 at Profit Law Firm
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The Michael Jackson estate has seen so much litigation that it should probably get bulk discounts for court and lawyer's fees. The latest litigation has the estate suing the Walt Disney Company. There might never have been a more contentious estate than that of Michael Jackson. Every few months, just... Continue reading
Posted Jun 25, 2018 at Profit Law Firm
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It is important that you talk to your children about what you want to happen, if you ever become terminally ill and what you want to happen, after you pass away Most parents dread the thought their children might become ill and pass away before the parents. No matter how... Continue reading
Posted Jun 18, 2018 at Profit Law Firm
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Why You Need an Estate Planning Attorney You might think that you do not need professional assistance for your estate plan because you know who you want to get what. There is more to estate planning than that. It is actually easy to create an estate plan for yourself. You... Continue reading
Posted Jun 16, 2018 at Profit Law Firm