As a small business owner, you understand how important each of your employees is to the success of your enterprise. And often, the most valuable, experienced employees are in their 40’s and 50’s – just the group that’s also likely to be part of the “sandwich generation.” So, what happens when one of your employees has an elderly parent who falls ill, and needs substantial care and support? Caring for an elderly parent, particularly while running a household that includes children or … [Read more...] about The Crossroads Between Small Business and Family Caregiving
Profile of an Elder Financial Abuse Victim
MetLife has released the MetLife Study of Elder Financial Abuse: Crimes of Occasion, Desperation, and Predation Against America’s Elders, and it contains some pretty eye-opening findings. For instance, did you know that women are twice as likely as men to be victims of elder financial abuse and that most victims: Are in their 80’s Live alone Need some form of help with health care or home maintenance In the vast majority of cases studied, two factors seemed to combine to make … [Read more...] about Profile of an Elder Financial Abuse Victim
What’s Next for the Helmsley Estate?
Do you remember all the hubbub a few years ago when Leona Helmsley, the “Queen of Mean,” died leaving $12 million in trust for her little dog, Trouble? Trouble Has Died, What Now? The bequest was challenged, and the court ultimately reduced the value of the dog’s trust fund to $2 million. Sadly, Trouble has died, and the death of the little Maltese raised the question, what happens to the money left in Trouble’s trust? In accordance with Helmsley’s estate plan, the remaining funds will … [Read more...] about What’s Next for the Helmsley Estate?
The Limits of a Living Trust
Depending on your situation, a living trust can be a valuable – even essential – estate planning tool. But as useful as a living trust can be, there are limits to what it can do. For example: Probate Avoidance Isn’t Automatic One of the main benefits of a living trust is that it can help you avoid probate. But simply drawing up and signing a trust doesn’t automatically ensure probate avoidance. Instead, you need to transfer into the trust any property that would otherwise be subject to the … [Read more...] about The Limits of a Living Trust
Worried About Long-Term Care? Don’t Become a Deer in the Headlights
The specter of long-term care looms large for many people. Whether or not you’re facing an immediate need for nursing home care or assisted living, it’s likely that some form of long-term care will be a reality for you or a loved one at some point during your lifetime. Like so many other topics that are related to elder law and estate planning, long-term care is tough to think about. For one thing, no one looks forward to losing their health, not to mention losing some degree of control over … [Read more...] about Worried About Long-Term Care? Don’t Become a Deer in the Headlights
Texas Adopts Loser Pays!
The Texas Legislature recently passed two important laws. The first law requires the Texas Supreme Court to adopt rules that provide for the dismissal of cases that have no basis in law or fact. This is a significant step for Texas because it brings Texas more in line with the federal courts who have had such a rule for years. The second law is known as the “Loser Pays” law. Under this law, the Texas Supreme Court is required to adopt rules for the award of attorneys’ fees to the … [Read more...] about Texas Adopts Loser Pays!
Why an IRA Trust?
Your IRA allows you to designate one or more beneficiaries to receive your account funds in the event of your death, so why would you want to go one step further and create an IRA trust? There are a couple of reasons why you might opt to include this tool in your estate plan. First, a brief overview of how an IRA trust works: it’s a revocable trust that you establish, naming the trustee as beneficiary of your IRA. When you pass away, the balance of your IRA will pass to your trustee, who will … [Read more...] about Why an IRA Trust?
Do You Qualify for Veteran’s Aid and Attendance Benefits?
If you’re a disabled veteran who served at least 90 days on active duty (with at least one of those days occurring during wartime, as defined by the Veteran’s Administration), and you were discharged from the military under other than dishonorable conditions, you might qualify for Aid and Attendance (A&A) Benefits. These benefits can help you cover the costs of in-home care or care at an assisted living facility or nursing home. Your disability does not need to be caused by or related to … [Read more...] about Do You Qualify for Veteran’s Aid and Attendance Benefits?
Worried About a Will Contest? A Trust May be the Way to Go
Do you have your suspicions that one of your heirs might be dissatisfied with the way you’ve structured your estate plan? Are your children apt to fight over their inheritances? If you’re worried that your loved ones might be unhappy enough with your will to contest it in court, you might want to meet with an estate planning attorney and talk about whether a living trust would be a better option. Unlike a will, a properly funded living trust allows your assets to avoid probate. And, while this … [Read more...] about Worried About a Will Contest? A Trust May be the Way to Go
Census Numbers Reveal a Need for Estate Planning
According to the 2010 Census, married couples now represent less than half of U.S. households – 48%, to be exact. As the marriage rate declines, the prevalence of same-sex couples and cohabiting heterosexual couples is on the rise, and these couples are urgently in need of good estate plans. The census numbers may reflect a shift in the way Americans are choosing to structure their families, but the laws that govern estate planning issues are still geared toward married couples. So, if you’re … [Read more...] about Census Numbers Reveal a Need for Estate Planning
