Right now — during a pandemic — is actually a great time to do your estate planning! Uncertainty during these times may create anxiety in your life. Instead of avoiding the unsure future, plan for it.

Whether you are looking for information about basic estate planning or something more complex such as Medicaid qualification, there is a lot out there. Beware! The most common piece of advice we give is along the lines of: Every situation is different. Every family dynamic is different. Just because Google/Your Neighbor/Your Son/Your CPA said you should do this or that, does not mean you should!

Estate planning “triggers” are essentially any milestones that increase your wealth or impact how you want your assets distributed after death. Each time you approach one of these life events, make sure these additions are accounted for by updating your Estate Plan. After all, life can change quickly and it is important to reflect that with proper planning. A good rule of thumb is to revisit and update your estate plan every three to five years.

What is a joint will and should you have one?

Learn more about why shou should plan for your special needs child or family member.

Do you want to increase the likelihood that your wishes for end-of-life care will be honored by you family, friends and medical providers? If so, you should have a living will and a health-care power of attorney. These are legal documents that you use to make known your wishes.

The beginning of the year is a great time to plan for your future. If you have already done some estate planning, it is time to review your documents. Here is a quick five-step plan!

Occasionally, a client wants to disinherit a family member. This could be for a variety of reasons: the family member does not need the money, the family member is a bad apple, or there is someone else who needs the inheritance more.

There is a popular misconception that the client must leave these disinherited individuals an inheritance of $1.00. Such a bequest is completely unnecessary and could actually cost your estate.

The reading of the will as featured in movies and television is a common legal myth. Generally, after someone dies and the will is located, the executor will file to have the Will Probated. He or she will likely send copies to the beneficiaries or other family members. There will not be an official day where everyone goes to the attorney’s office and sits in fancy leather chairs while an attorney reads every clause in the will.

We, as elder law attorneys, are often asked to explain the differences between a legitimate asset preservation plan and elder financial abuse. The key factors to look for are the intent of the elder adult and the intent of the recipient, usually an adult child or children, who are involved in transfer of assets.

The main way most American families save for the future is through private retirement savings plans such as 401(k)s and IRAs. These plans offer the opportunity to designate a beneficiary upon the death of the account holder. These designations allow the account assets to bypass probate and pass directly to the named beneficiaries. Often, individuals make these decisions when initially setting up the account and never reconsider them.