Vicknair Law Firm Blog
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Vicknair Law Firm, under the leadership of Louisiana Attorney Ted Vicknair, specializes in comprehensive estate planning, including elder law, tax planning, and asset protection. With Ted's dual expertise as a CPA and attorney, the firm aims to safeguard families' wealth and assets while minimizing taxes and legal risks.
Vicknair Law Firm Blog
1y ago
Inflation Reduction Act Puts Prescription Drug Relief in Sight for Seniors
The goal for the Inflation Reduction Act of 2022 (IRA 2022) is to slow inflation, a great benefit to low-income seniors and those living on a fixed income, says a recent article titled “How the Inflation Reduction Act Impacts Retirees” from U.S. News & World Report. But there’s more for seniors.
The bill will help tackle health care costs for seniors, which have skyrocketed in recent years. So many of these provisions don’t go into effect for a few years, but something in the near future is better than nothing.
Othe ..read more
Vicknair Law Firm Blog
1y ago
Ask Mom if She has a Will
The family was baffled. Not only was the will out of date, but it was also unsigned and the person named as executor had died a decade before their mother died. Grandchildren born after the will was created were not mentioned and personal possessions left to some people in the will had been given away years ago.
This scenario, as described in the article “Mom, Do You Have a Will?” from Next Avenue, is not unusual because many older adults and their children are equally reticent to discuss death. It’s a hard topic to address, but without these conversations, how can yo ..read more
Vicknair Law Firm Blog
1y ago
What Should I Know About Long-Term Care?
Long-term care insurance is a specialty type of insurance that helps pay for costs that are typically connected with long-term care. This can include items such as care given in a hospital, nursing home services, medical services provided in your home and treatment for dementia.
WGN’s recent article entitled “10 Crucial Things to Know about Long-Term Care“ looks at these important items.
The Biggest Financial Threat. The most significant threat to your financial nest egg is long-term care. About 70% of people over 65 will need some kind of long-term ca ..read more
Vicknair Law Firm Blog
1y ago
What Do Seniors Say About Aging in Place?
A new study published in the Journal of the American Geriatrics Society found that the challenges posed to seniors – many of whom were left sequestered alone in their homes – actually increased the amount of trust they were able to place in themselves and their abilities.
Seasons’s recent article entitled “Pandemic has made seniors more confident about aging in place, study reports” reported on this survey.
In fact, the survey was a part of a larger study, which asked 214 respondents to rate their general self-confidence as well as their confidence in ..read more
Vicknair Law Firm Blog
1y ago
What Do People Think About Government-Paid Long-Term Care?
About 50% of adults say that assistance for older adults should be funded by Medicare and Medicaid, according to an Associated Press-NORC Center poll.
MSN’s recent article entitled “Bipartisan support for policies to pay long-term care costs: Poll” says that 75% of adults surveyed say long-term care should be funded through Medicare Advantage or supplemental insurance programs. Close to two-thirds of respondents also said they’d support a government-administered insurance program, government funding for low-income people to receive lon ..read more
Vicknair Law Firm Blog
1y ago
The Difference between Revocable and Irrevocable Trust
A living trust can be revocable or irrevocable, says Yahoo Finance’s recent article entitled “Revocable vs. Irrevocable Trusts: Which Is Better?” And not everyone needs a trust. For some, a will may be enough. However, if you have substantial assets you plan to pass on to family members or to charity, a trust can make this much easier. Keep in mind that both revocable trusts and irrevocable trusts avoid probate for the assets that are transferred to them.
A revocable trust is a trust that can be changed or terminated at any time during the ..read more
Vicknair Law Firm Blog
1y ago
What Is Asset Protection Planning?
Yahoo’s recent article entitled “How to Protect Your Money, Even If You’re Not Rich” says that contrary to what many people believe, asset protection planning isn’t just for the wealthy. The estates of anyone, in any income group, can be sued or suffer from hefty taxation.
The following strategies in a good asset protection plan can mitigate the effect of creditor claims and other issues on your wealth.
If you want and need to protect your assets, you should be proactive. However, if you have significant debt and few assets and you are subject to a lawsuit, i ..read more
Vicknair Law Firm Blog
1y ago
Do I Need a Prenup?
Forbes’ recent article entitled “Prenuptial Agreement: What Is A Prenup & How Do I Get One?” explains that a prenup contemplates the end of the marriage, so the couple can divide assets with an objective mindset. A pre-nup can even help protect a business.
Prenups allow you to determine if alimony will be due if the marriage ends, as well as the amount and terms of those payments. A pre-nup can also say what kind of bequests you leave to each other in your will. It can also be good for couples trying to keep separate significant pieces of personal property, including fu ..read more
Vicknair Law Firm Blog
1y ago
Can You Prevent Family Fights over Inheritance?
Inheritance battles can create new conflicts, inflame long-standing resentments and squander assets intended to make heir’s lives better. What can families do to prevent estate battles when a loved one’s intentions aren’t accepted is the question asked by the recent article, “Warning Signs Of Estate Disputes—And Ways to Avoid Them,” from mondaq.com.
Here are the more common scenarios leading to family estate battles:
Siblings who are always fighting over something
Second or third marriages
Disparate treatment of children, whether real or perceiv ..read more
Vicknair Law Firm Blog
1y ago
Top Five Estate Planning Mistakes
Everyone should have an estate plan, whether it’s a simple will or a detailed and complex one with trusts and strategies for multiple generations. The more care and thought put into the plan, says a recent article, “5 Common Estate Planning Mistakes to Avoid” from Kiplinger, the better the outcome. There are some common mistakes you can avoid with a little foreknowledge.
Failing to plan for incapacity. People think about creating wills and trusts with their mortality in mind. However, incapacity planning is just as important, in some cases, more important, tha ..read more