Financial plans versus estate plans
Summary People often confuse financial planning and estate planning, but they are different types of planning that involve different goals and decisions. This article explains what financial plans and estate plans are and lists the main components of each type of plan. It then says what kinds of professionals help to create financial and estate […]
Estate and inheritance taxes
Summary Estate and inheritance taxes are federal and state taxes on a person’s assets after they die. This article explains how the federal estate tax works and how much the federal estate tax exemption is. It then explains state estate and inheritance taxes. What are estate and inheritance taxes? Estate and inheritance taxes are federal […]
Engaging an attorney
Summary Engaging an attorney or lawyer is a helpful step for anyone planning for their elder years and end of life. This article lists what kinds of attorneys are best for elder-care planning and how to find a good attorney. Why should a person hire an attorney? Engaging an attorney or lawyer is a helpful […]
Creating legal documents
Summary Creating legal documents is a central part of estate and end-of-life planning. Documents such as trusts are only valid if they are drawn up by a lawyer or attorney, and a lawyer’s involvement is recommended in the creation of other documents. This article explains which documents require or benefit from a lawyer’s involvement and […]
Communicating with an older adult about their wishes
Summary Caregivers who want to help a person create legal documents for end-of-life and estate planning must be able to find out what their wishes are. This article explains some tips for having those conversations and then describes the kinds of topics that need to be discussed for the main end-of-life and estate-planning legal documents. […]
Charitable trust
Summary A charitable trust is a type of trust that gives some of its assets to groups that the IRS defines as charitable organizations. This article describes the two main kinds of charitable trusts and then explains how they lower taxes and fees. What is a charitable trust? A charitable trust is a type of […]
Asset protection trust
Summary An asset protection trust is a type of trust that keeps creditors from being able to access a person’s assets, such as houses, money, or a business. This article explains how regular and Medicaid asset protection trusts work, with sample scenarios. It goes on to cover who should consider creating an asset protection trust […]
Gift trust
Summary A gift trust is a legal entity that allows a person or couple to give their children, grandchildren, or other loved ones gifts of money, property, and other assets through a trust, instead of giving the assets to them directly. This article explains what a gift trust is, how it works, and the limits […]
Trusts
Summary A trust is a legal creation that can own assets such as money, property, and stocks. When a person transfers assets into the trust, those assets now belong to the trust, not the person. This article names the basic types of trusts, as well as some common specific kinds. It then lists some of […]
Will and testament
Summary A will is a legal document that states what a person wants done with their assets after they die. This article explains the main contents of most wills, the limits on a will’s legal power, and what happens when someone dies without a will. It then briefly describes the most common ways of making […]
