Elder Law attorneys handle many types of issues such as estate planning, probate, drafting trust agreements, business succession planning, Medicaid and Medicare, and long-term care planning.
A trust is a document created by a grantor that holds assets and appoints a trustee to manage those assets for the benefit of the intended beneficiaries.
Most people tend to think of bringing in a mediator for divorce or contract disputes, but do not realize how beneficial it can be during the estate planning process. The potential for family conflict arises in many estate plans, especially large estates and those with family businesses.
For those who own Bitcoins and other digital currency, those assets are part of their estate after death. They will be distributed to the heirs according to the owner’s will, or via laws of intestate succession if the owner died without a will.
As Baby Boomers continue to age, their Gen X children and millennial grandchildren may expect to receive an inheritance. Counting on such an inheritance is not wise financial planning. More than half of those who expect to inherit do not.
We recently discussed deed language in our post, Is Your Title to Real Property Consistent with Your Estate Planning Goals?, and noted that the title of a deed may allow the property to bypass probate.
When entering into a subsequent marriage, it is wise to execute a prenuptial agreement. This not only lays out the details of asset allocation in the event of divorce, but even more importantly, it determines how your estate will be distributed if one spouse dies.
When working with clients on estate planning issues, most parents attempt to ensure their estate planning efforts end up providing for the children in a fair, equitable manner.
