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The cornerstone of philanthropy has long been charitable giving. People enjoy making meaningful contributions to causes that are close to their hearts. For those who wish to support charitable organizations while also benefiting from tax advantages and income streams, charitable remainder annuity trusts (CRATs) and charitable remainder unitrusts (CRUTs) are two compelling options. These useful…
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There is a growing trend toward Americans aging in place when it comes to housing arrangements for the elderly. Nearly all older adults prefer to age in the comfort of their long-time homes and familiar community surroundings. Aging in place often means living alone. Pew Research findings show that older people are more likely to…
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A person’s estate is the aggregate of any property they own, and most everyone owns something when it comes to estate planning. Property ownership includes individual as well as jointly owned bank accounts, stocks and bonds, retirement accounts, real estate, jewelry, vehicles, your online digital footprint, and even pets. Short of being utterly destitute, you…
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Rivalry among siblings, most families cannot avoid it. Depending on your particular family members and the dynamic between them, old rivalries from the past can become more significant when a parent passes. Adult children who are emotionally upset and in the unfamiliar territory of an inheritance process can invent new problems or magnify existing ones.…
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A will and a trust have specific and quite different estate planning benefits. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should complement the other. As a standalone, it is not accurate to say one is better than…
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In the course of aging, many parents lose the ability to make intelligent and meaningful decisions about their lives. This growing inability may occur due to Alzheimer’s disease, other forms of dementia, mental illness, stroke, brain injury, or other severe health or disability conditions. In the absence of your parent preparing for their elder years…
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Elderly people are often the targets of financial fraud and abuse. Sadly, the elderly are often taken advantage of by strangers — and sometimes even their own family members. That’s why it’s important that planning is in place to help seniors protect themselves and their assets. As we age, it can become increasingly difficult to…
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Family members with special needs can benefit from special needs trusts (SNTs) by ensuring they have the resources to thrive long-term. A special needs trust can provide fiduciary management and oversight for a loved one unable to manage property or funds due to physical or cognitive limitations. This avoids any financial worry about a lack…
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It is essential at the beginning of the probate process to know the role of the lawyer, regardless of whether you are the Executor or an heir. One of the biggest sources of conflict in probating the estate is understanding the role of the lawyer hired by the Executor of a probate estate. Many Executors…
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Senior consumerism is evolving into a market centered on wellness and solutions at an affordable price. Improving and maintaining greater physical and mental health lifestyles through proactive and preventative measures is increasing. For seniors to thrive and flourish in retirement, technology and reliance on community and home-centered care is a game changer for wellness, financial…
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