Estate Law News

Thanksgiving is a time when many families come together. About 45 percent of adults surveyed said they planned to travel for the holiday. With multiple generations gathering around the table, the annual meal presents an opportunity to broach sensitive but important topics with your aging loved ones. By communicating with them and knowing their wishes, you can help them plan for their future.

Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children as they forge their financial plans. Knowing their general inheritance situation can change their decision-making process and lead to better outcomes.

With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service.

A death doula, or end-of-life doula, is a person who serves as a companion for a dying person and typically assists their loved ones in providing comprehensive and supportive care.

Qualified terminable interest property (QTIP) trusts enable individuals to maintain control over the assets they leave their spouse while preserving wealth and leaving a meaningful legacy for children and charities.

Creating a living will ensures your future health care decisions and plans are respected. A living will, or advance directive, is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself. Everyone should have an advance directive, as end-of-life situations can happen at any age due to accident or illness.

By creating Physician Orders for Life-Sustaining Treatment (POLST), individuals with long-lasting or terminal conditions can ensure they receive their desired treatment should their health decline. 

Many couples in their 30s and 40s are providing for their families and balancing care duties between the needs of children and parents. Managing it all takes preparation, organization, and communication.

Someone who is incapacitated cannot make personal decisions or understand legal documents. An incapacitated person requires a surrogate decision-maker, such as an agent under a health care power of attorney or a guardian.

Preparing and organizing your financial information for when you are no longer capable will bring peace of mind to you today. At the same time, it may relieve your loved ones’ burden in the future.