Gift Taxes When Transferring a House in an Estate
Your home or vacation home may be one of your most valuable assets. If you think you may face a gift tax issue, you may want a qualified personal residence trust (QPRT) —a type of irrevocable trust that can remove a house from an estate to reduce gift taxes when transferring it. Here’s how it works: The […]
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Protecting Vulnerable Elders
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 […]
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Notarizing Documents When There is a Dementia Diagnosis
An Alzheimer’s or dementia diagnosis can be a challenging journey for the person and family alike. When the diagnosis occurs, a ticking clock begins on the timeline for getting proper and sound notarizations done for crucial legal documents. What Does It Mean to Get a Document Notarized? According to the National Notary Association, having a document […]
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Should You Make a Large Home Downpayment?
Depending on the loan type, you can qualify for a mortgage with a downpayment that is as low as 3% of your home’s final purchase price. And for some loans — such as a VA loan or USDA mortgage — you don’t need any downpayment at all. But what if you can afford a larger […]
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Cultural Issues in Estate Planning
Approaches to death and dying are often affected by cultural perspectives and cultural traditions. It can be difficult to discuss death with your family if there is a cultural reluctance to do so. Younger family members may see the need for estate planning and legal documentation and want to help their parents, but don’t want […]
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Using Donor-Advised Funds for Multigenerational Estate Planning
An estate plan affects you, your children, your grandchildren and even your parents. How can you use a multigenerational estate plan to help everyone meet their financial goals? Research shows that about 60% of wealthy families exhaust the greater part of their estate by the second generation. By the third generation, nine out of 10 […]
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Take Control of Your Homeowner’s Property Insurance Bill
Congratulations, you are a homeowner! If you financed the purchase of your home with a mortgage loan, you must carry homeowners’ insurance. Lenders won’t approve you for a mortgage loan if you don’t have an active insurance policy. The cost of your homeowners’ insurance policy will vary, depending on your home’s location, size, age and other […]
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Long-Term Help for Special Needs Children
Estate planning may be more complex for parents whose heirs have special needs or other impairments that limit their ability to take care of themselves. The unique requirements of special needs children constitute a large and growing niche. The U.S. Census Bureau reports that 10 percent of American families have a special needs child with […]
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Estate Planning for Stepfamilies
Estate planning in second marriages can be complex in a blended family. It can be difficult to decide on both an emotional and a legal level. After all, you must consider how to make sure your assets are working in everyone’s favor in two families. Three types of property to consider If you want to […]
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An Overview of the Different Kinds of Trusts
Trusts are legal arrangements that ensure the administration of a deceased person’s assets align with what they would have wanted. Additionally, trusts work on behalf of your beneficiaries in your absence. Not all trusts are the same, however. The three main types of trusts are living trusts (aka revocable trusts), testamentary trusts, revocable trusts and […]
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