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Legacy Counsellors, P.C.
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“By definition, a Will accounts for a person’s wishes of how their assets and estate should be distributed and handled once they die. It spells out who should get what and who should do what, after the benefactor’s demise.” A last will and testament is used to point out the... Continue reading
Posted 2 hours ago at Legacy Counsellors, P.C.
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“If the durable power of attorney can't be transferred, what needs to be done to establish a new durable power of attorney for my aunt despite her mental incapacity?” The situation facing one family is all too common. An aunt is now incapacitated with severe Alzheimer’s disease. Her brother has... Continue reading
Posted 6 days ago at Legacy Counsellors, P.C.
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“Many timeshare contracts include a perpetuity clause, which means the contract and all its fees and obligations are yours for life. It may not end there.” Ask anyone who ever purchased a timeshare and changed their mind about it. Getting rid of a timeshare can be problematic. However, imagine if... Continue reading
Posted Feb 24, 2021 at Legacy Counsellors, P.C.
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“Now that there is a Democratic majority in the Senate and the House of Representatives, estate and gift tax law changes are expected to occur in 2021 or 2022.” Changes in the White House and the Senate have many people wondering how federal estate and gift tax laws may change... Continue reading
Posted Feb 22, 2021 at Legacy Counsellors, P.C.
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“After the divorce, Mike logged onto the employer’s benefits system and tried, but failed, to delete Wendy as the beneficiary of his life insurance.” This estate battle shows how small details can become huge headaches. Four courts and several years after this estate battle began, a family won a case... Continue reading
Posted Feb 19, 2021 at Legacy Counsellors, P.C.
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“The couple needs to create an appropriate estate plan. If they truly want inheritance rights, they need to execute testamentary documents, such as wills.” For unmarried couples, having an estate plan might be even more important than for married couples, especially if there are children in the family. The unmarried... Continue reading
Posted Feb 17, 2021 at Legacy Counsellors, P.C.
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“Avoiding probate usually is the main appeal for living trusts. Trusts also can provide a gentler transition, if the grantor becomes incapacitated.” Any trust created while the person, known as the “grantor,” is living, is known as a “living trust.” However, the term is also used interchangeably with “revocable trusts,”... Continue reading
Posted Feb 15, 2021 at Legacy Counsellors, P.C.
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“No one wants a nursing home but the longer we live, the higher the chance we may need a nursing home at the end of life.” Nursing home care is expensive, costing between $12,000 to $20,000 per month, so most seniors should do all they can to prepare for this... Continue reading
Posted Feb 12, 2021 at Legacy Counsellors, P.C.
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“Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.” Estate planning is not just about making a will, nor is it just for people who live in mansions. Estate planning is best described in... Continue reading
Posted Feb 10, 2021 at Legacy Counsellors, P.C.
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“If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.” Thinking you have divided assets equally between children by creating a trust that names all as equal heirs, while placing only one child’s name on other assets... Continue reading
Posted Feb 8, 2021 at Legacy Counsellors, P.C.
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“What happens to all your digital accounts, services and property after you die? The official name for all these is a Digital Estate Plan. With the lines increasingly blurred between our on-and off-line lives, it's more important than ever to have a plan for your digital holdings.” Just as you... Continue reading
Posted Feb 5, 2021 at Legacy Counsellors, P.C.
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“Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax... Continue reading
Posted Feb 3, 2021 at Legacy Counsellors, P.C.
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“Obviously, the first step is to work with your doctor to slow the progression. However, there are legal steps you need to take as quickly as possible.” A diagnosis of Alzheimer’s or any serious progressive disease takes some time to absorb. However, during the days and weeks after the diagnosis,... Continue reading
Posted Feb 1, 2021 at Legacy Counsellors, P.C.
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“Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.” If you reviewed or created your estate plan in 2020, you are ahead of most Americans, but you’re not done yet. If you... Continue reading
Posted Jan 29, 2021 at Legacy Counsellors, P.C.
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“If you haven't reviewed your beneficiary designations recently, you may be setting your heirs and estate up for some unpleasant surprises.” It’s a simple question: do you know who your retirement account beneficiaries are? These tax-deferred accounts are complex, with significant tax implications for heirs that become more challenging if... Continue reading
Posted Jan 27, 2021 at Legacy Counsellors, P.C.
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“Drafting a last will and testament can help to ensure that your assets are distributed according to your wishes after you pass away. You can also use your will to name a legal guardian for minor children or choose an executor for your estate.” The executor of a last will... Continue reading
Posted Jan 25, 2021 at Legacy Counsellors, P.C.
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“Everything each spouse earns during their marriage is community property. Fortunately, a gift or inheritance is separate property. However, that’s only half the battle.” Families with concerns about the durability of a child’s marriage are right to be concerned about protecting their children’s assets. For one family, where a mother... Continue reading
Posted Jan 22, 2021 at Legacy Counsellors, P.C.
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While direct giving has an immediate impact, some individuals may be considering charitable planning strategies that will have a larger and longer-lasting impact not only on charities, but on their own lives or that of their families. A charitable trust can provide an alternative to meeting your wishes for charities... Continue reading
Posted Jan 20, 2021 at Legacy Counsellors, P.C.
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“A majority of retirees—53%—have a last will and testament. However, most lack six other crucial legal documents.” You might think that the coronavirus pandemic has caused everyone to get their estate planning documents in order, but the 20th annual Transamerica Retirement Survey of Retirees found that 30% of all retirees... Continue reading
Posted Jan 18, 2021 at Legacy Counsellors, P.C.
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“Many people plan their estates diligently, with input from legal, tax and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth.” Estate planning for any sized estate is an important responsibility to loved ones. Done correctly, it can help... Continue reading
Posted Jan 15, 2021 at Legacy Counsellors, P.C.
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“No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.” If two adult children in a blended family receive a lot more financial help from their parent and stepparents than other children, there may be... Continue reading
Posted Jan 13, 2021 at Legacy Counsellors, P.C.
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“When something is tailored to one’s needs, everything can go smoother.” Just as a custom-tailored suit fits better than one off the rack, a custom-tailored estate plan works better for families. Making sure assets pass to the right person is more likely to occur when documents are created just for... Continue reading
Posted Jan 11, 2021 at Legacy Counsellors, P.C.
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“A comfortable, secure retirement is one of the biggest financial goals you can strive for. Therefore, as you're saving and investing in pursuit of it, it's crucial to separate fact from fiction—otherwise, your plan could go off track.” While you’re busy planning to retire, chances are good you’ll run into... Continue reading
Posted Jan 9, 2021 at Legacy Counsellors, P.C.
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“The tragic recent death of Tony Hsieh, the 46-year-old former CEO of Zappos, reminds us of the importance of estate planning.” Hsieh, former CEO of Zappos, left behind an estate worth an estimated $840 million and no estate plan, reports Forbes in a recent article titled “Lessons From The Rich... Continue reading
Posted Jan 8, 2021 at Legacy Counsellors, P.C.
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“Holiday season is often a time when out-of-town children visit their parents for the first time in a while and notice that one of their parents has declined since they last saw them.” Covid-19 has made travelling more difficult, so holiday visits this year may not have been the same... Continue reading
Posted Jan 7, 2021 at Legacy Counsellors, P.C.