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Indiana Lawyer recently published “Do-it-yourself dangers” that explains how do-it-yourself estate planning He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn There are also document-recording peculiarities in each state that estate planning attorneys know and Many people may start with simple estate planning documents online but then see that they need to purchase meet your goals and provide the peace of mind that comes from not worrying about whether the estate plan

For 2015, the exemptions were set at $5.43 million for a single person and $10.86 million for a married couple. The exemptions for 2016 have been raised to $5.45 million for a single person and $10.9 million for a married couple. It is important to note that the gift tax exemption is the total amount of gifts that may be made during a person’s lifetime. The amount that may be given to any individual in a single year in 2016 will remain the same as it is in 2015 at $14,000. Forbes reported on this announcement in “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” To take advantage of these exemptions you will want to speak with qualified attorneys and accountants to make sure all paperwork is filed properly. For example, the higher exemption only applies to married people if a surviving spouse files correctly when his or her spouse passes away. There are also certain gifts that do not count against the limits if properly made, including gifts for medical and educational expenses if made directly to the provider. Thus if your spouse passes away or before giving someone a gift, consult with an expert so the estate can transfer and the gift can be made with as little applicable tax as possible. Reference: Forbes (October 22, 2015) “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” #EstateTaxExemptions #GiftTaxExemptions #HoustonEstatePlanningAttorney #HoustonEstateTax

Eddie planned on scheduling an assessment for his aunt in Houston, as his aunt wanted to prove that there At Your Legacy Legal Care, we meet with many caregivers to discuss long-term care planning for their

In addition, you can ask your estate planning attorney to help you with the process. If something changes, contact your estate planning attorney to change your guardian choice.

Families react to what is going on when it happens, rather than proactively plan for it. Construct a Plan for Long-Term Care Most seniors will need some form of long-term care as they age. It is important to address this plan with your parents. Speak with your parents about plans for how to pay for their care as they age. Planning now can help reduce stress, confusion, and complications later on.

Bloomberg BNA’s recent article, “Future of Popular Estate-Planning Tool May Hinge on Election,” discusses presidential nominee Donald Trump wins the election, the proposals on GRATs would go away because Trump’s tax plan GRATs are sophisticated estate planning tools. Be sure to secure the help of an experienced estate planning attorney to determine if this is right for Reference: Bloomberg BNA (May 31, 2016) “Future of Popular Estate-Planning Tool May Hinge on Election

If you are married and own property you intend to gift, ask your estate planning attorney to check state This includes retirement plans (401(k)s, 403(b)s, etc.), IRAs, bank accounts, and insurance policies. Consult with an experienced estate planning attorney for help in creating this documentation as part of your estate plan. Reference: Sonoma County Gazette (March 1, 2016) “6 Basic Steps to Legacy Planning” #HealthCareDirective

your assets and passing them on to the next generation, it is time to talk to an experienced estate planning You can take the law into your own hands by crafting a custom-made asset protection plan that fulfils It is unnecessarily risky to rely on the default legal rules or a cookie-cutter plan you could print

Meet with an experienced estate planning attorney to determine if these wealth transfer strategies make Reference: NASDAQ (December 23, 2015) “Estate Planning: How to Adjust to Rising Rates” #EstatePlanningLawyer

Your Trust Options Depending on your retirement plan and other existing accounts, different types of Estate planning can be stressful and at times emotional process, but when it comes to trusts, an experienced Estate planning can be complicated. If you have questions about the benefits of trusts or estate planning in general, please feel free to

gift from being re-gifted or sold out of the family is to place a condition on the gift in your estate plan

Elder law attorneys who are also well-credentialed in estate planning can assist you plan for retirement