Estate Planning
ASK TOM: To Give or Not to Give Big Gifts?
A Time to Give: If one spouse has a catastrophic illness or is trending in that direction (say due to declining ability to keep track of things), it is a time to consider large gifts. The gifts are expedient if there is no resource with which to pay nursing home care as the sick spouse…
Read MoreAsk Tom: What are the advantages and disadvantages of a pot trust?
What is a pot trust? A pot trust is a trust for children, who are still depending on their parents who passed away before the children reach adulthood. The purpose of a pot trust is so the trustee can determine the financial needs of the children who still haven’t made it to adulthood. Essentially the…
Read MoreWhat Will 2017 Bring to Seniors and Persons with Disabilities?
Donald Trump’s election and Republican majorities in both houses of Congress surprised much of the nation. With control of legislative and executive branches of government, the expectation is Republicans will finally be able to push through long-awaited legislation, as well as follow through on promises made by candidate Trump. And they are expected to move…
Read MoreASK TOM: Do I Really Need a Lawyer For Estate Planning?
In a culture of Do-It-Yourself, does it make sense to retain an attorney to complete your estate planning? We are all aware of the availability of legal documents on the Internet and the ease with which you can purchase a legal package to complete your own Will and some related documents. I read an article…
Read MoreWhen Should Your Estate Planning Documents Be Reviewed By An Attorney?
Although a comprehensive estate plan should not require frequent extensive review, we recommend that a periodic review of your estate plan is made to ensure that your plan is still in compliance with the law, and that your personal or financial situation has not changed. The rule of thumb in the industry is that you…
Read MorePlanning In Second Marriages
We all know someone who is in a second marriage and many of us are in a second marriage. Second marriages can be exciting and fulfilling while at the same time present special planning challenges. A second marriage may include his children, her children, and sometimes our children. How will the new spouse be provided…
Read MoreCan I Prevent My Children From Fighting Over My Personal Assets After I Die?
Chances are, you own items of personal property that have monetary and sentimental value, such as jewelry, antiques, art, heirlooms, furniture, and sporting goods that you want a certain child, grandchild, relative, friend, charity, or other organization to receive after your death. Perhaps you are not concerned about the distribution of certain items, but would…
Read MoreSpecial Needs Trust – What Can I Do For My Child?
Several clients ask what they can do for a child who qualifies for means-based government assistance due to a disability. The simple answer is a Special Needs Trust, sometimes referred to as a Supplemental Needs Trust. The primary purpose of a Special Needs Trust is to shelter assets that will sustain an improved quality of…
Read MoreEstate Planning: … Do I Really Need a Lawyer?
In the world of Do-It-Yourself, does it make sense to retain an attorney to complete your estate planning? We are all aware of the availability of legal documents on the Internet and the ease with which you can purchase a legal package to complete your own Will and some related documents. I read an article…
Read MoreEstate Planning In Second Marriages
We all know someone who is in a second marriage and many of us are in a second marriage. Second marriages can be exciting and fulfilling while at the same time present special planning challenges. A second marriage may include his children, her children, and sometimes our children. How will the new spouse be…
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