The President’s bout with COVID-19 demonstrates the importance of keeping planning current. A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. Read on to learn more. … [Read more...]
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What Is a HIPAA Release?
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will demonstrate why this piece of legislation is something to consider when planning your estate. Advance Directives for Health Care Even though most people are aware that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people might not realize,that a proper estate plan addresses eventualities that you may face toward the end of your … [Read more...]
Generational Wealth is Key to Leveling the Playing Field
Generational wealth is wealth earned by one generation and passed on to the next. Generational wealth is key to allowing the next generation to be free from the burden of having to live hand-to-mouth and allows them to pursue an education and build a career or business to build a better life for themselves. Read on to learn more. … [Read more...]
Use the Exclusion or Lose It
In 2020, each person can give away $11.58 million during life. Whatever portion they haven’t used during life, they can use it at death. However, that generous exclusion will be cut in half at the end of 2025. Beginning in 2026, the exclusion will be only $5 million adjusted for inflation from the 2011 base year. If you use the exclusion before it falls back, you won’t be penalized by a “clawback” upon your death in 2026 or later. For example, let’s say Mary has $11.58 million and gives it … [Read more...]
Will Your Estate Plan Still Work If You Move?
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation. Read on to learn more. … [Read more...]
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