In a season of economic unease, inflation, and changing state laws, strategies like trusts, trust protectors, and a clear purpose statement in your estate plan ensure that your assets and values transfer according to your wishes.
Thorough communication with heirs about values and various elements of your estate plan could help younger generations better manage their inherited wealth.
The fact that many baby boomers lack the robust pension and Social Security benefits enjoyed by their predecessors underscores the importance of working with an elder law attorney to plan for financing long-term care and guarding existing assets as they age.
Incapacity planning is a crucial aspect of managing your estate and ensuring that your wishes are honored if you cannot make decisions for yourself. This article will examine the various components of incapacity planning, offering comprehensive help.
Life insurance is a pivotal component of a comprehensive estate plan. Integrating life insurance policies into estate planning can provide financial security for your heirs and ensure that your estate is distributed according to your wishes. When used effectively, life insurance can help.
Whether you’re a parent with a special needs child or an adult caring for an elderly or special needs loved one, understanding the benefits of a comprehensive Special Needs Plan is crucial. Careful planning ensures that the individual with special needs has clear financial security upon your death, as well as specific goals to address the needs of your child or loved one so that they can be successful in the future. From guardianship and living arrangements to managing finances and planning for adulthood, each element of a special needs plan plays a crucial role in ensuring a secure and…
Losing the founder or long-time owner of an enterprise can leave the business adrift and shatter family relationships. However, it doesn’t have to be that way.
This is a great way for people over 70 to both give money to charity and save on taxes. The taxpayer is essentially giving pretax money to a worthy cause, which in effect creates a dollar-for-dollar income tax deduction they’d otherwise not receive.
A subtrust is a separate entity created under the umbrella of a primary trust or a will. A subtrust becomes active based on the terms of the trust or will when certain events happen, such as the death of the primary grantor, or creator. Subtrusts are one tool that estate planning attorneys use to help families pass on inheritances and protect their heirs from creditors or issues such as lawsuits or divorce. Subtrusts serve various purposes depending on…
Estate planning is a crucial aspect of financial management, aiming to ensure the orderly transfer of assets upon one’s passing. A key component in this process is the use of a pour-over will. This article delves into what pour-over wills are, how they work in conjunction with trusts, particularly revocable trusts and their importance in an effective estate plan…
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