Planning for Incapacity and Long-Term Care – A Short Guide
At the Slaton Schauer Law Firm, PLLC, we believe in solid planning for considerations of incapacity and potential long-term care needs. These issues become increasingly important as people age. How we can plan for these issues? Let’s start with definitions. What do we actually mean by “incapacity?” In the estate planning context, someone’s “capacity” refers […]
Estate Tax Planning – 4 Tools to Minimize Your Liability
You’ve probably heard of “estate tax,” but how much do you know about it? What is the estate tax? How can it affect you? In this article, we’ll give you a quick overview of estate tax. Estate taxes are, broadly speaking, taxes imposed on the transfer of assets from a deceased person to their beneficiaries. […]
What is Probate? How do I Avoid it?
Probate is the legal process by which a court validates a deceased person’s will and oversees the distribution of their assets to their beneficiaries. At the Slaton Schauer Law Firm, PLLC, we know that this process can be time-consuming and costly in financial terms. Even worse, it puts a deceased person’s family through emotional distress. […]
Choosing Your Executor
Let’s say that you’ve decided to set up a will (in lieu of a living trust) and you need to choose an executor. Who will you pick? What are their duties? How will you choose the right person? Someone has to ensure that your final bills are paid and that your beneficiaries get their due. […]
Common Mistakes in Estate Planning – IV
With the proliferation of the internet has come a plethora of websites claiming that individuals may take a “Do It Yourself” approach to Estate Planning. While individuals may think that a plan created by one of these companies will meet their needs and save them money, the opposite is true. These plans often fail to contain necessary provisions and usually cost the family more in attorneys’ fees. In addition, a Trusts and Estate practitioner can alert a family to techniques designed to lower the tax burden upon the death of an individual. It’s easy to make costly mistakes if you don’t have an attorney both at the drafting stage and the administration stage of Estate Planning.
Review Your Estate Plan Today for a Better Tomorrow
Is creating an estate plan a single action or a continuous process? Once you’ve created an estate plan, you must take the time to review it as often as necessary! In addition to annual reviews, review your estate plan when major life events occur. Examples of these events can include divorce, marriage, or bringing a […]
Common Mistakes in Estate Planning – Part II
When people think about an Estate Plan, they often have tunnel vision and focus on just a few of the many considerations that influence the plan. Most individuals focus on their assets and figuring out to whom they want those assets to pass. While those things matter, thinking about the intended beneficiary and their individual circumstances also matters. Certain types of beneficiaries require additional planning.
Common Mistakes in Estate Planning – Part I
Despite knowing that they should have an estate plan, many individuals look for shortcuts to creating an Estate Plan. They rely upon advice from seemingly well-intentioned individuals that if avoiding probate is their main goal and they don’t have a taxable estate, they need not seek out an attorney to create an Estate Plan. While options exist to avoid probate, probate avoidance is just one of many considerations in creating an Estate Plan.