Storing and Maintaining Original Estate Planning Documents

Creating and maintaining a comprehensive estate plan is essential to preserving assets and ensuring that a beneficiary’s financial needs are met in the event that a person should die. A thorough estate plan can be created at any age and should include a Last Will & Testament and advanced directives such as a Health Care […]

Update Your Power Of Attorney to Reflect Changes in the Law

A power of attorney is a standardized legal form created by statute that gives an agent the ability to act on behalf of the principal in the event that he or she becomes disabled or incapacitated. It is particularly important to keep a Power of Attorney up to date as well as periodically review the […]

Purpose of a Trust

The main purpose of every trust is to preserve assets that will eventually pass or transfer to beneficiaries. In order for the trust to be valid, the terms must clearly recognize that the assets will be transferred to beneficiaries. In addition, trusts are also used to:

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Authorization for Final Disposition

An authorization for final dispositions is a document that allows a person to designate who will be in charge of their body and funeral arrangements upon his or her death. In addition, the document provides family members and loved ones with specific instructions regarding a person’s wishes for their funeral and body disposition. The document […]

Trust Basics

Estate planning is a complex process. Estate planning often includes a Last Will and Testament and may also include utilizing a trust as well as advance directives such as a power of attorney, health care proxy, living will, and HIPPA release form, among others. While these concepts may be foreign, these estate-planning tools assist with […]

Do Not Use Funds from an Irrevocable Trust to Cover the Cost of an Assisted Living Facility

Oftentimes, individuals will put the proceeds from the sale of a house into an irrevocable trust. When the time comes, an elderly person may move into an assisted living facility, which can be expensive. A trustee of an irrevocable trust may look to use the funds in an irrevocable trust to cover the cost of […]

Utilizing An In Terrorem Provision In A Last Will And Testament

An in terrorem is a Latin word meaning “in fear”. It refers to a provision within a Decedent’s Will to disinherit a beneficiary if he or she challenges the Will in any way. Instead of a beneficiary receiving what he or she may have been entitled to within the Will, the individual will receive nothing, […]

Having Assets in Multiple States

Today, it is common for retirees to have residences in multiple states. Some choose to keep his or her family home and acquire a small home in Florida to visit during the cold months. When a person who owns residences or financial accounts in two different states passes, an ancillary probate proceeding must be commenced […]

Difference Between A Gross Taxable Estate And Probate Estate

A gross taxable estate includes assets that maintain an interest upon an individual’s death, regardless of whether the assets pass by way of a last will and testament. A gross taxable estate includes gifts made during an individual’s lifetime that exceed $14,000 per person per year. Also, a gross taxable estate includes property transferred during […]

It Is Best To Have An Attorney Execute A Health Care Proxy

A health care proxy is a signed document that gives an agent or agents the power to make medical decisions for someone in the event that he or she becomes incapacitated. Oftentimes, many people ask whether or not an attorney is required to sign a health care proxy for it to be valid. The answer […]

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