The family vacation home is often a point of pride, a place for reconnecting and making memories. A vacation home, whether it’s in the mountains, near the sea, on a lake, or on a farm, can have sentimental as much as economic value.
If you haven’t properly accounted for these things, your heirs may not be able to access these assets when you’re gone.
The heirs of an estate can be liable to pay the estate or income taxes (and perhaps other obligations) of the estate.
When was the last time you updated, or even thought about, the beneficiary designations listed on your retirement accounts, life insurance, or annuity contracts? If you don’t remember, it’s time for a review!
An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.
The ability to age in place — or live in your own home or community as you age — is based on health, home accessibility, social support, and financial considerations. Therefore, it’s important to carefully assess your unique situation and make informed decisions about aging in place or other housing options in Omaha, based on specific needs and circumstances. A report from the University of Michigan cited in Seasons’ article entitled “Pandemic has made seniors more confident about aging in place, study reports” found that only 15% of seniors had given home modification much consideration. However, it’s a good idea for families to use this time to plan ahead for either aging in place or choosing other housing options based on the choice of the senior and key considerations. It’s important to center seniors in the decision-making process and talk to them about their needs early. “A portion of seniors are aging in place but are also stuck in place. They don’t have the financial resources to help them move or relocate or downsize, or they cannot afford to live in the nursing homes.” Kiplinger’s recent article, “Six Key Housing Factors to Consider as You Age,” advises that where you…
Gathering with the family for a Fourth of July celebration is a heartwarming time for the family’s oldest members. It’s a day to celebrate our great nation’s independence, but also a time to take a long look at the generations of the family gathered around the table, making you proud and hopeful for the future. This is also the time to consider what plans are in place to ensure you can maintain your own independence in the coming years. This includes creating or updating your estate plan, to be sure it reflects your wishes for your future and your family’s future. Your planning may also include preparing for long-term care and taxes. Planning for incapacity is an important part of your estate plan. It makes it possible for your family to take care of you, should you become too sick or injured to be able to manage your own affairs or communicate your wishes. Use the following checklist to know which documents to look for in a review of your existing plan or to create a new one with our Iowa Falls elder law office. Medical Power of Attorney: This document names a primary and secondary person to make health…
The term ‘estate planning’ conjures specific ideas about leaving assets to heirs, fighting over Mom’s jewelry and lengthy entanglements with the probate court.
In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount of gifts one may give to any one person each year.
Elvis’ estate planning failures certainly adversely affected the life of his daughter, Lisa Marie, and have carried over into issues with her estate.
