Category Archives: Estate Planning
Women & Retirement Security
The U.S. Government Accountability Office (GAO) published an interesting report on concerns women have about their retirement security. Generally, women live longer than men, and many women marry men who are at least a few years older. This combination results in women usually outliving their husbands by several years. And for women who never… Read More »
5 Mistakes to Avoid with a Trust
Trusts are a popular estate planning tool, as they provide flexibility and more options than a standard will. For example, some trusts can reduce estate taxes, while others can make it possible for your beneficiaries to continue to receive government benefits. Creating a trust is not a “one size fits all” process, which is… Read More »
Benefits of Including Life Insurance in Your Estate Plan
Few people think of life insurance as part of an estate plan, but many of our clients would benefit from buying a policy. Life insurance also has many attractive tax features and can ensure that your loved ones are provided for in the event you die. At Millhorn Elder Law Planning Group, our estate… Read More »
Will You See a Bump in Social Security Check for 2021?
The cost of everyday goods like groceries and medicine only seem to go up. But will seniors see any increase in their Social Security checks for 2021 to help offset these increases? According to The Street, there is a strong possibility that retirees will see a cost of living adjustment (COLA) of around 1.3%… Read More »
Estate Planning Considerations for Unmarried Couples
Increasingly, people are choosing to cohabitate without marrying. This is an especially attractive option for seniors who might already have been married and see no allure in the prospect of another trip down the aisle. However, unmarried couples need to carefully create an estate plan, otherwise your partner could be left with few assets… Read More »
Revocable versus Irrevocable Trust: Which is Right for You
Many of our clients use a trust as part of their overall estate plan. A trust is a legal vehicle in which a trustee holds and manages property for the benefit of someone else, called the beneficiary. There are generally two types of trusts: revocable and irrevocable. Below, our estate planning lawyer in The… Read More »
Waiver on Required Minimum Distributions for 2020
Taxed-deferred retirement plans are a great way to save. However, the government must wait until a person retires before they can begin taxing the money invested in them (along with any gains generated). To avoid waiting forever, Congress stepped in and mandated required minimum distributions (RMDs). The RMD is the amount that a person… Read More »
Providing for a Caregiver in a Will
Many elderly people want to leave something to their caregiver out of gratitude for the care they have received. However, leaving gifts to a caregiver is a legal landmine, and we encourage all people to meet with an attorney. Leaving a gift to a caregiver can raise concerns about “undue influence,” which your heirs… Read More »
How to Discuss Your Estate Plan with Your Children
If you die with a will, your family will probably gather around in a lawyer’s office to hear the will read. This can be a tense moment for all involved, and if people do not get what they were expecting, they could become angry. At Millhorn Elder Law Planning Group, we encourage our clients… Read More »
How an Attorney Can Help a Personal Representative
Serving as a personal representative is often much harder than people expect. Named in a will, the personal representative is tasked with collecting all estate assets, safekeeping them, and paying off creditor claims made against the estate. At the end of the process, the personal representative distributes assets to the named beneficiaries. Under Fla…. Read More »
