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Category: Estate Planning

Estate planning services refer to the process of managing and distributing one's assets and properties after their death, in a way that ensures the smooth transfer of wealth to the intended beneficiaries while minimizing taxes and other expenses. Estate planning services may include drafting legal documents such as wills, trusts, and powers of attorney, as well as providing guidance and advice on strategies for asset protection and wealth transfer. These services may be provided by lawyers, financial advisors, or other professionals with expertise in estate planning. Effective estate planning can help individuals achieve their long-term financial goals and provide peace of mind for themselves and their loved ones.

What Is the Primary Purpose of a Revocable Trust?

What Is the Primary Purpose of a Revocable Trust?

POSTED ON: May 9, 2024 BY: Troy Werner
Revocable trusts are much more common than irrevocable trusts because they provide many important estate planning benefits.
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Estate Planning and Long-Term Care: How can Seniors Afford Skilled Nursing in Their Senior Years

Estate Planning and Long-Term Care: How can Seniors Afford Skilled Nursing in Their Senior Years

POSTED ON: May 8, 2024 BY: Troy Werner
High healthcare costs often do not align with the fixed income of older individuals, raising concerns about affordability and accessibility. We explore the need for long-term care, why Medicare and Medicaid are not long-term options, and estate planning to plan for skilled nursing care proactively.
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An Estate Plan Question How Do My Heirs Receive Their Money?

An Estate Plan Question: How Do My Heirs Receive Their Money?

POSTED ON: May 7, 2024 BY: Troy Werner
This article explores trusts, distribution methods, and how a trust can make it easier or harder for heirs to receive the money.
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Why Communities Want Small Businesses to Have a Succession Plan in 2024

Why Communities Want Small Businesses to Have a Succession Plan in 2024

POSTED ON: May 6, 2024 BY: Troy Werner
Succession planning is elemental for small business owners, much like estate planning is for anyone with assets. Owners should have a plan ahead of retirement if they become incapacitated or pass away unexpectedly.
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Safeguarding against Financial Exploitation: Estate Planning for Cognitive Decline

Safeguarding against Financial Exploitation: Estate Planning for Cognitive Decline

POSTED ON: May 3, 2024 BY: Troy Werner
As family members and caregivers notice signs of cognitive decline in loved ones, it is essential to take proactive steps to safeguard assets.  Seeking guidance from an elder law attorney to navigate complex planning issues as well as guard against financial exploitation reduces vulnerability to fraud.
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Why are Inheritance Conversations Necessary?

Why are Inheritance Conversations Necessary?

POSTED ON: May 2, 2024 BY: Troy Werner
Death and money aren’t fun subjects to bring up over dinner. However, families who make time for that awkward chat now can spare deep regrets and potentially millions in lost dollars.
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Can You Support a Child with Special Needs

Can You Support a Child with Special Needs?

POSTED ON: May 1, 2024 BY: Troy Werner
Families that include individuals with special needs require planning to secure their loved ones’ security in the future, both in legal and financial terms. There’s usually no expectation of the child becoming an independent adult, so careful planning is needed, as advised in the recent article “Financial Planning for Families with Disabilities” from Wealth Management. Many families neglect planning for their retirement, focusing all their resources on developing a plan for their disabled child. However, retirement and their child’s future need to be secured, which is where an estate planning attorney can help. In 2014, Congress created The Achieving a…
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What are the Disadvantages of Dying without a Will?

What are the Disadvantages of Dying without a Will?

POSTED ON: April 30, 2024 BY: Troy Werner
People who die without a will can leave a thicket of probate problems for loved ones.
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Why is a Will Important?

Why is a Will Important?

POSTED ON: April 29, 2024 BY: Troy Werner
While many people put off wills until the unattainable ‘later,’ many others simply fail to create a will because they do not really understand what and how the document works.
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Three Estate Planning Strategies You Might Not Know - but Should - SPATs, SLATs, and DAPTs

Three Estate Planning Strategies You Might Not Know - But Should - SPATs, SLATs, and DAPTs

POSTED ON: April 26, 2024 BY: Troy Werner
Learn about three types of trusts specifically for wealthy individuals to prepare for the 2026 estate tax exemption: Domestic Asset Protection Trust (DAPT), Special Power of Appointment Trust (SPAT), and Spousal Lifetime Access Trust (SLAT).
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