Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys You might not realize it, but you already have an estate plan. Even if you’ve  never created a Will, never set foot inside an estate planning attorney’s office, and never given estate planning a second thought. Here’s why: each state provides every citizen with a default estate plan. This estate plan comes in the form of intestacy law – a set of basic, one-size-fits-all rules for what happens to … [Read more...] about Estate Planning is Essential for Same-Sex Couples

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Ask the parent of an eighteen-year-old whether their child is an adult, and you’re likely to get a wry smile. Eighteen-year-olds like to think of themselves as adults, but parents tend to look at their young adult offspring and see… teenagers. Legally speaking, however, your child’s eighteenth birthday is a huge milestone. This is when your child reaches the age of majority in most … [Read more...] about Eighteen: The Magic Number?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Irrevocable trusts are a common estate planning tool, and they provide valuable benefits in a variety of planning situations. For example, irrevocable trusts can be used: To transfer assets to a beneficiary, while restricting the circumstances under which that person can access the trust property. To make property available for a beneficiary to use, while shielding the property from … [Read more...] about Is an Irrevocable Life Insurance Trust Right for You?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There is a common misconception that as long as you’re healthy, there’s not much need to think about who would make medical decisions on your behalf, should you be unable to make them. When you are healthy, you discuss your health care concerns with your doctor and are able to express your own wishes. But who would voice your decisions in the event of an illness or accident? Imagine you were … [Read more...] about Protect Your Right to Make Medical Decisions

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys www.aaepa.com • blog.aaepa.com Your first meeting with an estate planning attorney may seem a little daunting, especially if you’ve never consulted an attorney before. There’s no need to worry, however. This meeting is just a conversation in which your attorney will find out about you, your family, and your goals. After you’ve shared this information, your attorney will be able to recommend a … [Read more...] about What to Expect at Your First Estate Planning Consultation

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Not long ago, wives were “silent partners” when it came to estate planning. Husbands were the ones in charge of long-term planning and major financial decisions. In fact, estate planning attorneys often advised wealthy men to leave their assets in trust for their wives, so that a trustee other than their wife could manage and preserve the family fortune. It was assumed that a widow would … [Read more...] about Five Things Every Woman Should Know About Estate Planning

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys With the fiscal cliff looming, Congress passed the American Taxpayer Relief Act of 2012 on January 1, 2013. This law averts a number of the automatic tax increases set to take effect at the beginning of this year. If you’re among the 77% of Americans who are affected by the end of the Payroll Tax Cut, you’ve likely noticed a slight decrease in your paycheck. The social security payroll tax returned to 6.2% this … [Read more...] about How the American Taxpayer Relief Act Will Affect You

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys One of the biggest myths about estate planning is that it is something only wealthy people need because the only reason for having an estate plan is to minimize estate taxes. The truth is, estate taxes are only a tiny piece of the estate planning puzzle – and every adult needs an estate plan. Here are just a few non-tax reasons to plan: Put the Appropriate People in Charge. An estate plan allows … [Read more...] about Five Non-Tax Reasons You Need an Estate Plan

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys The holiday whirlwind is over, you’ve packed up the decorations, and life is settling into its familiar routine. Your thoughts are likely turning to the coming year, and the things you’d like to accomplish over the next twelve months. Maybe you have ten pounds to lose. Perhaps you want to learn a new language, or set aside more time for family and friends. No matter what your resolutions are this New … [Read more...] about This New Year, Resolve to Review Your Estate Planning Options

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Avoid Information Overload Estate planning is a complex topic, and it can involve abstract concepts that are only familiar to experienced estate planning attorneys. If you Google “estate planning,” “will” or “living trust,” you’ll likely be faced with information overload. You’ll have mountains of loosely related bits of information, but no real way to connect all the dots to form a clear picture of what … [Read more...] about What You Should Know About Seminars on Wills & Living Trusts