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Legacy Counsellors, P.C.
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Welcoming a new pet into the home, is always a happy occasion. Planning for a furry friend’s life after its owner has passed, is as important as any other aspect of pet care. It’s interesting that so many Americans still don’t have wills, yet a recent survey of pet owners... Continue reading
Posted yesterday at Legacy Counsellors, P.C.
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When most people in their 50s don’t have a will, it’s no surprise that people in their 20s and 30s don’t think they need a will. However, they do, especially if they have small children. Most of us live for a long time, before we come in contact with the... Continue reading
Posted 2 days ago at Legacy Counsellors, P.C.
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An estate plan is the perfect solution to making sure that your assets are passed on to your children from a prior marriage—if you make sure that is addressed in your estate plan. If you neglect to do this, you could disinherit your own children. Here are some interesting statistics:... Continue reading
Posted 4 days ago at Legacy Counsellors, P.C.
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An incentive trust makes it necessary for your heirs to follow certain paths in life. Make sure it’s done correctly and that you pick the right trustee to make it work. More than one person has said they don’t want their kids to be spoiled by a large inheritance. However,... Continue reading
Posted 5 days ago at Legacy Counsellors, P.C.
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Whether your prize assets are dairy cows, acres of cropland or manufacturing, a business succession plan takes a lot of time to map out. Business plans are often by-products of good succession plans. Planning to hand over a business takes more than one meeting with one professional. It can take... Continue reading
Posted Feb 8, 2019 at Legacy Counsellors, P.C.
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There are similarities and differences between the 403(b) and the 401(k) plans, but both offer a good path to retirement savings. For those who work in a non-profit organization, like a school, social service agency, college, hospital system or a museum, the 403(b) plan is the retirement plan offered by... Continue reading
Posted Feb 6, 2019 at Legacy Counsellors, P.C.
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Some strategies are no longer available, but there are still ways to maximize benefits. The trick is knowing what to do, and when, so you don’t miss out. Make the wrong move, and you could put a strain on your retirement finances. How can you get the most out of... Continue reading
Posted Feb 5, 2019 at Legacy Counsellors, P.C.
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Finding the right estate planning attorney is a lot like looking for a medical specialist. They don’t have to be your best friend, but they must inspire confidence that they are looking out for you and your family. There are a number of ways to find an estate planning attorney,... Continue reading
Posted Feb 4, 2019 at Legacy Counsellors, P.C.
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For one family, the court’s reach back to a legal principle from centuries ago had to have been a surprise. The father’s second wife was not in the will, but the court said she was entitled to a third of his assets. Based on a legal principle from 1783, updated... Continue reading
Posted Feb 4, 2019 at Legacy Counsellors, P.C.
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A will is the cornerstone of estate planning. It reflects your wishes for the distribution of your assets, must comply with your state’s laws and helps your family after you have died. Despite its importance and the inevitable need, AARP did a survey that showed that two of five Americans... Continue reading
Posted Jan 31, 2019 at Legacy Counsellors, P.C.
Long-Term Care insurance is the insurance that no one wants to consider, but when you need it, you’ll be glad to have it. LTC protects your health and your retirement savings. Most people receive Long-Term Care (LTC) insurance as part of their employment benefits package and often confuse it with... Continue reading
Posted Jan 29, 2019 at Legacy Counsellors, P.C.
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If you don’t care what happens to family members, go ahead and die in debt. However, if you do, then you’ll want to understand what happens when you pass away, and your debt lives on. Studies show that Americans are dying with an average of $62,000 in debt. That’s not... Continue reading
Posted Jan 25, 2019 at Legacy Counsellors, P.C.
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Congratulations—there’s nothing like a new baby to bring excitement and joy to your family. However, now you’ve got some preparation to do, and it’s not just decorating the nursery. Preparing for a new addition to the family includes a wide range of lifestyle and financial decisions, says a recent article... Continue reading
Posted Jan 24, 2019 at Legacy Counsellors, P.C.
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People who try do-it-yourself Medicaid planning often fail, in a big way. It’s a complex system, and not easily gamed. It is best to work with an elder lawyer. When someone applies for Medicaid, the government wants to be sure that they need the benefits. If you own an investment... Continue reading
Posted Jan 23, 2019 at Legacy Counsellors, P.C.
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It’s easy to focus on your home and personal possessions when doing estate planning, but your retirement accounts might constitute the majority of your assets. The rules are different for this class of assets, so work closely with an advisor to make sure retirement accounts are aligned with the rest... Continue reading
Posted Jan 22, 2019 at Legacy Counsellors, P.C.
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Starting to save early and saving routinely, is your best route to a comfortable retirement. Before you know it, retirement will be around the corner. It seems impossibly far away when you are in your thirties. Why should you start putting away money for retirement now, when you’re young and... Continue reading
Posted Jan 18, 2019 at Legacy Counsellors, P.C.
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Now that the holiday season is winding down, it’s time to get back to business—and that includes making sure you and your loved ones have your estate plans all set. If you’ve got older parents or relatives, says Fox 5 NY in its article “Why estate planning is important regardless... Continue reading
Posted Jan 16, 2019 at Legacy Counsellors, P.C.
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There are a lot of myths about caregiving costs, and the wrong information can add up fast. Protect yourself and your loved one, by learning what resources are available for what services. Here’s a number that will give you something to think about, if you are a caregiver or are... Continue reading
Posted Jan 15, 2019 at Legacy Counsellors, P.C.
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The last quarter of 2018 has been quite a dizzying ride, with headlines rattling even the most optimistic of us. Let’s take a look at the coming year’s hot topics. It’s that time of year, when New Year’s resolutions and predictions for the coming year are on everyone’s mind. In... Continue reading
Posted Jan 10, 2019 at Legacy Counsellors, P.C.
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Ask almost any millennial if they’ve thought about estate planning or having a will, and chances are they’ll tell you they don’t need it, don’t want it and can get it online. Boomer parents of millennials are trying to get their adult kids to understand the importance of having an... Continue reading
Posted Jan 8, 2019 at Legacy Counsellors, P.C.
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It’s a common response to a concerned parent: the millennial says they don’t need an estate plan. After all, they are young, and life is long. However, as older people know, unexpected events happen. It was about a year ago that a tragic shooting took the lives of 58 people... Continue reading
Posted Jan 4, 2019 at Legacy Counsellors, P.C.
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Your assets and your legacy may not be what you had wanted. Your loved ones won’t be able to do much about it. That’s probably not how you want to be remembered. One of many reasons to have a will, is the ability to name the person you want to... Continue reading
Posted Jan 3, 2019 at Legacy Counsellors, P.C.
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There’s more to your estate plan than distributing tangible assets, like your home or stamp and coin collection. For many people, retirement accounts, like 401(k)s or IRAs, make up the lion’s share of their estate. Don’t neglect your retirement accounts, when creating or reviewing your estate plan. Knowing who is... Continue reading
Posted Jan 2, 2019 at Legacy Counsellors, P.C.
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An estate planning attorney will tell you that assets need to be properly titled, so that your estate plan aligns with the assets. In some cases, you can use joint ownership of an asset to have the asset pass directly to an heir at the time of your death. However,... Continue reading
Posted Dec 28, 2018 at Legacy Counsellors, P.C.
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If your estate plan is more than three or four years old, it could be out of date, and that could cost your heirs plenty. Is that worse than not having an estate plan at all? Not having an estate plan is a bad thing. Having an out-of-date estate plan... Continue reading
Posted Dec 27, 2018 at Legacy Counsellors, P.C.