While it is smart to set funds aside for your children’s or grandchildren’s future education expenses, there is still the possibility that not every penny you have set aside will actually be used for college. Some people earn scholarships and no longer need all of the money set aside, while others may attend a trade school that costs substantially less than what you planned for. If you are wondering what you can do with money leftover in a college savings plan, the answer will depend on how you managed the funds. Add Funds To A Health Education Exclusion Trust Funds that are…Read More
At Legacy Law Centers, we understand how important it is to plan for your children’s post-secondary education. That is why we are here to help you determine which legal tools you need to include in your estate plan to provide for your family’s particular education needs. Health & Education Exclusion Trust A health and education exclusion trust (HEET) is a type of irrevocable trust that you customize to you avoid paying gift and generation-skipping transfer (GST) taxes on tuition and medical care expenses for your grandchildren and great-grandchildren. If you pay tuition fees from a HEET directly to an educational institution on…Read More
After you pass away, your assets and property will be distributed to the beneficiaries named in your will or the state’s default distribution scheme. Following the death of a loved one, most people just want to get through the probate process as soon as possible so that they can grieve in peace. However, the entire probate process can take between 18 and 24 months to complete. During his time, your loved ones can be forced to endure unnecessary stress as they try to obtain access to your accounts and property. While there are many reasons that your loved one’s time can be…Read More
When a person’s estate passes through probate after their death, it can be subject to a number of different expenses, such as fees for attorneys, executors, appraisers, and accountants. Depending on how complex the estate is, and how long the probate process takes, these fees can add up to thousands of dollars. If you want to reduce such expenses, then consider these three tips that can help you avoid probate. Name A Beneficiary Accounts and other property that is in your name must go through probate after you pass away. But if you name a beneficiary during your lifetime, then…Read More
Many of the clients we serve at Legacy Law Centers use a revocable living trust instead of a will or joint ownership to plan how their assets and other valuable property will be distributed among their family and other beneficiaries of their estates. When we help clients set up their trusts to ensure that everything is in order, they can avoid the costly and time-consuming process of going to court to establish conservatorship or guardianship (in cases involving incapacity) or to probate the estate ( after a person passes away). While trusts can greatly benefit your family in their time of need, many people fail to properly fund…Read More
At Legacy Law Centers, our team of experienced attorneys knows that finding time in your busy schedule to take care of important estate planning matters can be difficult, especially if you are a parent working from home or a frontline worker during this pandemic. If you have been meaning to get started drafting an estate plan to ensure your legacy and loved ones are protected when you are no longer around, then consider the following questions to determine what legal documents you need to include. Who Do You Trust To Handle Your Financial Affairs? How your money and property will be handled is one of…Read More
In previous generations, the traditional nuclear family was the status quo. A married, heterosexual couple had 2-3 children, and those children grew up to have kids themselves. But divorce, remarriage, and cohabitation before marriage are now becoming increasingly common and accepted. According to the Pew Research Center, approximately 1 in 6 American children live in a blended family. Although a vast portion of today’s Americans have stepfamily, the laws have not necessarily changed to reflect this pattern. If you live in a blended family, you may need to take additional steps to ensure old laws don’t interfere with modern plans. Furthermore,…Read More
The Federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to provide guidelines to the healthcare industry for protecting patient information and privacy. For minors, this is a non-issue because parents, as legal guardians, have access to their children’s medical information and are the ones making most of the medical decisions, as well as paying the expenses. However, once the individual turns 18 years old, he or she is no longer a minor. This means that the hospitals and doctor’s offices must safeguard the patient’s information from everyone, including the parents. While it makes sense that a…Read More
The wealth, property, and investments we accrue over a lifetime are often significant. While you have carefully managed your finances through the years, there may eventually come a time when you cannot handle such decisions. To plan for the likelihood that you are unable to manage your financial affairs, it’s important to have everything in order while you’re still of sound mind. For starters, you’ll want to execute a financial power of attorney. It’s perhaps the most important estate planning decision to make while you’re healthy. Assigning the duty to a trusted relative, loved one, friend, or professional can help ensure…Read More
If you think you only need to create discretionary lifetime trusts for young, troubled, or financially inexperienced beneficiaries, then think again. In this day and age of frivolous lawsuits and high divorce rates, discretionary lifetime trusts should be considered for all of your beneficiaries, minors and adults alike. What Is a Discretionary Lifetime Trust? A discretionary lifetime trust is a type of irrevocable trust that you can fund while you are alive – in which case you will gift your assets into the trust for the benefit of your beneficiaries – or after you die – in which case your assets will…Read More
