Elder law is another aspect of estate planning, focusing primarily on the needs of families and individuals as they age. Issues of aging include senior housing and home care, long-term (or nursing home) care, guardianships and health care documents, and Medicare, long term health care pre-planning.
There are many legal strategies involved in estate planning, including wills, revocable living trusts, irrevocable trusts, durable powers of attorney, and health care documents.
Probate is the legal process of administering the property of a decedent according to the instructions in the decedent's last will and testament.
Special Needs Estate Planning focuses on providing for the special needs of our loved ones with disabilities when we are no longer here to organize and advocate on their behalf. Parents of children with special needs must make careful estate planning choices to coordinate all of the legal, financial, and special care needs of their children – both now and in the future.
Guardianship is the appointment of one person, called the “Guardian,” to exercise the rights of another person who is incapacitated, called the “Ward.” The appointment is made by a Court, and can be for the rights related to personal care, called “Guardian of the Person,” rights related to finance and business rights, called “Guardian of the Property,” or all rights, called a “Plenary Guardian.”
Asset protection planning involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. This type of legal planning is especially prudent for professionals and business owners, whose personal assets could be at risk due the nature of their employment.
Linda spent fifteen years working for non-profits organizations planning tax-wise giving, and now encourages and assists her clients who chose to support charitable causes. In addition to the many personal rewards inherent in making a charitable gift, most gifts also provide a current charitable income tax deduction. Some also can save capital gains taxes, increase income, and provide you, or whomever you designate, with an income for life. Additionally, these types of gifts may provide an estate tax deduction — an important consideration in planning your estate.
Family businesses are the backbone of the American economy. From agriculture to services, technology and manufacturing, family businesses generate an estimated one-half of the U.S. Gross National Product and pay half of all wages earned in this country.
Traditionally, a woman is likely to be the nurturer or caregiver, especially in her family relationships. While she is busy meeting the needs of others, a woman may forget to take care of her own needs - even needs as fundamental as her own life and estate planning as well as her financial planning.
If you are a blended family member, you are in good company. Blended families now outnumber traditional nuclear families. And the number is likely to grow based on current statistics and trends. There are many challenges that come with this situation.
It is an unfortunate fact of life: airplanes plummet, trains derail, ships sink and automobiles crash. Sometimes there are survivors, sometimes there are no survivors. What is left when a tragedy claims both parents of minor children? Orphans and assets.
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