Sometimes you can get some insight from a relevant court case that you read about, and with this in mind we would like to share a ruling that recently took place in the state of Connecticut that is of interest to people within the elder law community. South Carolina elder law attorneys will always tell you to engage legal advice before entering into contracts that could have serious financial implications. The case that we are referring to (Cook Willow Health Center v. Judy Andrien) revolves … [Read more...] about Consult With Lawyer Before Signing Nursing Home Contract
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Obtain Your South Carolina Estate Planning Report
Far too many families find themselves in difficult situations due to a provider's lack of long-term planning. There are a number of reasons why so many individuals do not take action to put an estate plan in place. One of them is the simple fact that they don't understand some of the consequences that go along with a failure to prepare for the future. To help people gain an understanding of estate planning, all that it entails, and why it is important we have prepared a report. We are offering … [Read more...] about Obtain Your South Carolina Estate Planning Report
Paving the Way for Your Grandchildren
When you are planning your estate there are going to be different people on your inheritance list who are going through different stages of life. The ages of the people that you are leaving inheritances to can help dictate how you should proceed with regard to each individual. When it comes to grandchildren you have various options. If you are interested in leaving behind resources for minor grandchildren you could give gifts in trust. If you go this route you could utilize the $13,000 annual … [Read more...] about Paving the Way for Your Grandchildren
Consult With Your Attorney Before Remarrying
Once you have been able to accumulate a significant store of financial resources you must be very diligent about preserving your wealth. If you engage the services of a good financial planning attorney you always have the support that you need when you have questions. Your attorney will gain an understanding of your situation and give you ongoing advice as you take steps to protect and build on the financial foundation that you have been able to put in place. With the above in mind life events … [Read more...] about Consult With Your Attorney Before Remarrying
Making Life More Comfortable for a Person With Disabilities
An inquiry was recently conducted by the respected magazine Consumer Reports that is of interest to people within the estate planning community. They wanted to find out if do-it-yourself estate planning documents were really valid replacements for wills and trusts created by licensed attorneys. Staff members created last wills using downloads or worksheets provided by three of the leading online purveyors of legal documents. Three legal professors were asked to examine these documents and share … [Read more...] about Making Life More Comfortable for a Person With Disabilities
As 2012 Wanes Gifting Opportunity Fading Away
The year is rapidly coming to a close and when it does the unified gift/estate tax exclusion is going to be reduced to just $1 million. This is a very significant reduction because the exclusion has been $5.12 million throughout 2012. Because of the above giving gifts in 2012 can provide you with tax efficiency if your resources exceed $1 million in value. Once the new year arrives anything that you were to give away while you are alive or after your passing that is in excess of $1 million … [Read more...] about As 2012 Wanes Gifting Opportunity Fading Away
Survivor Benefit Plan Protects Spouses of Military Retirees
You must have a thorough understanding of the benefits that are available to you when you are planning for retirement as a military veteran. Most people are aware of the fact that you are entitled to a retirement pension after 20 years of service. If you do retire after serving 20 years your pension benefit will be based on a percentage of your base pay. The longer you stay in the higher the percentage will be when you do begin to draw your pension benefit. After 40 years of service you would … [Read more...] about Survivor Benefit Plan Protects Spouses of Military Retirees
Senior Citizen Loses Long-Term Care Insurance Suit
There was a court case resolved in the state of Kentucky recently that is interesting to people who are in the field of elder law. This case underscores the reason why it is a good idea to discuss matters with a legal professional before you take actions that you may regret later on. Back in 1992 Jeanne Crutchfield obtained long-term care insurance in anticipation of the possibility of the need for living assistance at some point in the future. Unfortunately Ms. Crutchfield was diagnosed with … [Read more...] about Senior Citizen Loses Long-Term Care Insurance Suit
Senior Lifestyle Trend Has Estate Planning Implications
There are intestacy rules of succession in place that would hold sway if you were to pass away without having executed any estate planning documents. Most people are going to have more specific designs so it is not a good idea to rely on the probate court to distribute your assets in accordance with intestacy laws. However, if you are married your spouse would be provided for under these laws. But if you are in a committed live-in relationship with someone without being married this individual … [Read more...] about Senior Lifestyle Trend Has Estate Planning Implications
Is Inheritance Received From Spouse Taxable?
There is an estate tax on the federal level that is poised to consume a significant portion of your legacy if you do not take preventative actions, but there are some exemptions. This year the first $5.12 million that you pass along is exempt. However, next year this figure goes down to $1 million. A common tax exemption question arises about bequests that you leave to your spouse. If you bequeath resources to your husband or wife will these assets be subject to the federal estate tax? The … [Read more...] about Is Inheritance Received From Spouse Taxable?
