Buy enough life insurance. A parent is irreplaceable, but someone will have to fill in if the worst happens. It may be siblings or other relatives. In all likelihood, that family will have to pay for at least some services the parent or parents had provided when able. If the estate is not large enough for this purpose, it can be made large enough through life insurance proceeds. Premiums for second-to-die insurance (which pays off only when the second of two parents passes away) can be surprisingly low. Set up a trust. Any funds left for a child with special needs, whether from an e ..read more

May is National Elder Law Month! Elder law attorneys may specialize in estate planning, incapacity planning, and end-of-life care for seniors. They also help older adults remain in their homes as they age and protect them from abuse. These practitioners are essential because they work to protect a vulnerable population. To plan for their future and their care, seniors and their families should consider hiring an elder law attorney.  How Can an Elder Law Attorney Help My Aging Loved One? Having a plan for your aging loved one’s care can relieve anxiety for you and the senior. Elder law at ..read more

In helping clients prepare for their future, estate planning and elder law attorneys use many acronyms. Understanding some of the common medical and legal terms in this field can give you added confidence in your approach to planning for your own future or that of your loved ones. 1. AEP (Accredited Estate Planner)An AEP is an estate planning professional who has attained a graduate-level designation in estate planning. Attorneys and other estate planning experts, including accountants, financial advisors, and financial planners, can seek this accreditation. Although accreditation is not nece ..read more

Americans are living longer than they did in years past, including those with disabilities. Planning by parents can make all the difference in the life of a child with a disability, as well as that of their siblings who may be left with the responsibility for caretaking, on top of their own careers and caring for their own families.Supplemental Needs Trusts Special needs trusts (also known as "supplemental needs trusts") are an important component of planning for a child with a disability, even though the child may be an adult by the time the trust is created or funded. These trusts allow a b ..read more

Parents want their children to be taken care of after they die. But children with disabilities have increased financial and care needs, so ensuring their long-term welfare can be tricky. Proper planning by parents is necessary to benefit the child with a disability, including an adult child, as well as assist any siblings who may be left with the caretaking responsibility. Special Needs Trusts The best and most comprehensive option to protect a loved one is to set up a special needs trust (also called a supplemental needs trust). These trusts allow beneficiaries to receive inheritances, gifts ..read more

November is National Veterans’ Month. Although death benefits are available to veterans, as well as their families and veterans who did not engage in combat, less than half of those who are eligible for death benefits use them, according to the American Association of Retired People. Available veterans death benefits may include burial in a national cemetery, compensation for expenses, or grave markers for private cemeteries.   Burial in VA National Cemeteries: Who Is Eligible? Veterans Burial Benefits: Help for Families  A headstone or marker A burial flag  A&nb ..read more

November is National Veterans Month. Long-term care costs can add up quickly for families. For veterans (and their surviving spouses) who need in-home care or are in a nursing home, help is often available. The Veterans Administration (VA) has an underused pension benefit called Aid and Attendance. This benefit provides money to those who need assistance performing everyday tasks. Even veterans whose income is above the legal limit for a VA pension may qualify for the Aid and Attendance benefit if they have large medical expenses for which they do not receive reimbursement.  Aid and Atte ..read more

October is Estate Planning Awareness Month. Your will is a legally-binding statement directing who will receive your property at your death. It also appoints a legal representative to carry out your wishes. However, the will covers only probate property. (Probate is the court process by which a deceased person's property is passed to his or her heirs and people named in the will.) Many types of property or forms of ownership pass outside of probate. Jointly-owned property, property in trust, life insurance proceeds and property with a named beneficiary, such as IRAs or 401(k) plans, all pass ..read more

October is Estate Planning Awareness Month. Everyone has heard the terms "will" and "trust," but not everyone knows the differences between the two.  Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan.  Will vs Trust: When They Go Into Effect One main difference between a will and a trust is that a will goes into effect only after you die, while a trust takes effect as soon as you create it.  A will is a document that directs who will receive your property at your death and it appoints a legal repre ..read more

Once you've created an estate plan, it is important to keep it up to date. You will need to revisit your plan after certain key life events, including marriage, the birth of children, divorce or the death of a spouse, and a significant increase or decrease in assets.  Here's why. Marriage Whether it is your first or a later marriage, you will need to update your estate plan after you get married. A spouse does not automatically become your heir once you get married. Depending on state law, your spouse may get one-third to one-half of your estate, and the rest will go to other relati ..read more