Estate Planning Articles

The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place....

When you’re planning your estate, among other things, you decide who should inherit your assets. You choose your beneficiaries, typically your children, grandchildren, or other close relatives. But what if all the beneficiaries you’ve chosen and all their descendants have died? Then it would fall to the “contingent remainder” beneficiary. Often the “contingent remainder” beneficiary has a slang nickname, like the “atom bomb” beneficiary or...

The star of multiple films, including the blockbuster superhero film “Black Panther,” died on August 28 of colon cancer. “Black Panther” by Marvel was nominated for 6 Academy Awards, including Best Picture. The film grossed over $1.3 billion worldwide. Chadwick Boseman became a role model for millions by playing Marvel Studio’s first Black superhero. Boseman also starred in films portraying real-life heroes, like Jackie Robinson...

When deciding how to split your assets among your children at death, there are many different factors to consider. Equality is certainly one of those factors. But it’s not the only factor. Fair doesn’t always mean equal and vice versa. Here are some situations in which some parents might think an equal division isn’t necessarily the fairest result: One of the children has greater need...

In the United States alone, the pandemic has infected nearly 7 million people and has killed nearly 200,000 of them. In today’s pandemic, it’s more important than ever to make sure your estate planning documents are current. It’s especially important to ensure your documents relating to your health are up-to-date. Those documents are the Health Care Power of Attorney, the Advance Directive, and the HIPAA...

As Autumn arrives, it’s not too early to consider end-of-year planning. Fundamental to end-of-year planning is deciding whether to shift income or expenses from this year to the next, to the extent possible. All other things being equal, typically you’d want to defer income (and the taxation on it) until the following year. However, if your income is lower in the current year, you may...

Every year, many people in the United States are unable to manage their own affairs due to incapacity. They might be young or old. They may have had a gradual decline or a sudden onset. They might have had a stroke, heart attack, or some disabling disease such as Parkinson’s, Alzheimer’s, or COVID-19. If you are incapacitated without having prepared, it can be an ordeal...

In 2020, each person can give away $11.58 million during life. Whatever portion they haven’t used during life, they can use it at death. However, that generous exclusion will be cut in half at the end of 2025. Beginning in 2026, the exclusion will be only $5 million adjusted for inflation from the 2011 base year. If you use the exclusion before it falls back,...

Before the pandemic, Americans were as mobile as ever. In the prior decade, millions of Americans moved each year. Here’s a link for more information on moving in America. Often, people wonder, “What happens to my estate plan if I move?” Well, it depends. If you move within the same state, your documents are valid and the planning will still be intact, as well. If you move...

When you prepare your estate plan, typically there are formalities required. In most states, a Will must be signed by the testator (the person whose property is governed by the Will) and that signature must be witnessed by two people. The rules vary a little from state to state. For example, in some states, three witnesses are required. In other states, a Will need not...