Many people believe estate plans are only for extremely wealthy families who are looking to reap tax benefits. Or they may delay estate planning because they are young. Others do not understand why an estate plan is important in the... The post 11 Reasons You Need to Create an Estate Plan appeared first on Larson, Brown & Ebert, P.A ..read more

Probate is a legal process that happens after someone dies. While probate can be complex, lengthy, and expensive, an estate planning attorney or probate attorney can help mitigate unwanted risks. They will be able to anticipate what might happen and... The post Proper Estate Planning Reduces Issues of Probate appeared first on Larson, Brown & Ebert, P.A ..read more

After much anticipation, the Treasury Department and the Internal Revenue Service (IRS) have issued final regulations relating to the 10-year required minimum distribution (RMD) rule for people who inherit individual retirement account (IRA) assets. The newly published guidelines generally reflect... The post IRS Finalizes 10-Year RMD Rules for Inherited IRAs appeared first on Larson, Brown & Ebert, P.A ..read more

Estate planning involves creating a plan for where – and to whom – your assets will go upon your death. The process can include making a will, designating which of your loved ones should receive your retirement accounts and life... The post Why Trusts Are Important Estate Planning Tools appeared first on Larson, Brown & Ebert, P.A ..read more

Probate is the legal process of formally recognizing a will after a person dies, naming or validating an executor to administer the estate, and distributing assets to intended beneficiaries. It also requires paying the decedent’s outstanding debts and federal and state... The post Probate Process: A General Timeline appeared first on Larson, Brown & Ebert, P.A ..read more

The most recent data from the National Center for Health Statistics (NCHS) indicates more than 3,400,000 deaths in the United States in 2021. When someone dies, the local government issues a formal document known as a death certificate. The death certificate provides the date, location, and cause of death. Most state forms follow the Centers for Disease Control and Prevention’s (CDC) U.S. standard certificate of death. When a loved one passes away, it’s important to get a death certificate. This document is necessary to handle the financial and legal affairs of the deceased person. Most end-of ..read more

Your most valuable property may be your home, which is true for many people. You likelywant your children to inherit that value when you pass away. However, you may also have concerns about planning for the future, especially if your health declines and you need expensive long-term care. You may be aware that Medicaid can pay for these services. However, Medicaid rules say you can own no more than around $2,000 in assets to be eligible – now what? Medicaid Planning Using an Irrevocable Trust One solution is to take your home out of your name whilereserving your right to live in it. This is pos ..read more

Many family circumstances can increase the risk of probate litigation. High-risk factors that often bring about probate litigation can include sibling rivalry, second marriages without a prenuptial agreement, and dysfunctional family dynamics. Also, a non-standard estate plan may treat children differently, omit a child, maintain an overly detailed trust, or appoint a substandard fiduciary. There are two fundamental reasons for probate litigation: Disputes about how to handle an incapacitated family member Disagreements regarding the dissolution of the estate after death Risk Assessment ..read more

Creating a living will ensures your future healthcare decisions and plans are respected. A living will, or advance directive, is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself. Everyone should have an advance directive, as end-of-life situations can happen at any age due to accident or illness. Medical Treatment Decisions This document identifies medical treatments you would (or wouldn’t) accept to keep you alive. It may include other medical decisions, such as pain management. Consider the following: How im ..read more

Visiting your attorney to get your estate plan done is one New Year’s resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick. But if it does happen, you may not be able to speak for yourself. That’s why it is so important to prepare your estate planning documents well in advance of emergencies. Powers of Attorney and Advance Directives For one, you can prepare for an unforeseen medical emergency with documents known as advance directives. These include a living will and powers of attorney. These documents can prove essential ..read more