Estate Planning
ASK TOM: How do I know if I need a Guardianship for my Parent?
It is difficult to watch a parent struggle with daily life as they get older. We spend most of our lives looking up to them and benefiting from their experience. We forget that eventually, our parents may need us to take care of them. It is important to regularly review and update our estate planning…
Read MoreASK TOM: What is the SECURE Act?
The SECURE Act was signed into law on December 20, 2019, and significantly changes estate planning choices for retirement benefits. With the SECURE Act there are generally three categories of beneficiaries. This article will briefly address a category known as eligible designated beneficiaries which has 5 subcategories. These categories include: 1. The surviving spouse of…
Read MoreASK TOM: Estate Planning Seems Like a Complicated Task. How do I Start?
This is a common question that our clients ask. Starting to plan your estate can be a daunting, and even emotional process. Many people avoid thinking or talking about anything that reminds them they are not 18 anymore. We cannot look into a crystal ball to know the time of our inevitable death, but it…
Read MoreASK TOM: How Will my Divorce Affect my Estate Planning?
No matter the reason for divorce it is always emotionally taxing and comes with a long list of things to do. It is important to have all of your ducks in a row and accounted for while undertaking the long process. One update that might not cross your mind during this time is your estate…
Read MoreAsk Tom: Is Estate Planning Just for the Financially Wealthy or the Long-lived?
Death is a topic that is pushed to the back of our minds unless forced by an event or reality in our lives. It is a topic that might not be in the minds of the rising generation. With all of the expectations that are placed upon them by their peers and themselves it is…
Read MoreAsk Tom: What Law Changes Require me to Update my Estate Plan?
Estate planning is an ongoing process that needs to evolve with you as your family and circumstances change. Some things that are likely under your control are: the growth of your estate, getting married or starting a business, or choosing to relocate to another state. Other situations which are not in your control may include:…
Read MoreASK 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…
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