According to a recent CBS MoneyWatch article, “How to ease the pain of paying for elder care,” the cost of caregiving for parents, spouses or partners is shared by members of all generations. Baby Boomers spend 13% of their annual income on unpaid caregiving, while members of the 71 to 91-year-old Silent Generation spend about 25%, mostly on spouses or partners. Gen Xers—ages 35 to 50—spend about 24% of their annual income on caregiving for parents, and millennials (ages 18 to 34) spend the largest percentage, at 27%, belying many stereotypes. [Read more…]

There are many unexpected ups and downs in life. Having an estate plan in place is how responsible adults do their best to protect themselves and their families, according to The Villager, in a recent article, “Power of attorney protects loved ones.” [Read more…]

For most Americans, preparing an estate plan is not overly complicated. They meet with an estate planning attorney to discuss what the family needs, how they want to provide for the family and the attorney prepares documents. According to a post on CNBC.com, “Don’t drop the ball when planning your estate,” people who have cared for their families for decades often forget the importance of this step; it’s a way to care for loved ones even long after they’re gone. [Read more…]

At Family Estate Planning Law Group, we focus quite a bit on educating our clients about the importance of aligning their assets with their estate plans. However, equally important is the verification that financial institutions have correctly aligned assets and ongoing tracking of assets to ensure new assets are aligned and old assets are transitioned out correctly. Today, we’ll look at these crucial elements of making sure an estate plan works. [Read more…]

You’d be surprised at how many people you know don’t have an estate plan in place. Statistics tell us that the majority of Americans don’t have a plan in place. For some, it’s because they think that only wealthy people or those with complex tax issues require estate planning. But that’s not true; if you want to make things simpler for your family after your death, you need an estate plan. [Read more…]

You could have the best of intentions and even the best estate plan possible. But if your heirs haven’t been told what you have in mind, you may create a legacy of bitterness and family discord, according to Forbes in “How to Keep Your Heirs from Fighting Over Your Estate.” [Read more…]

Sometimes it’s difficult to get started on a project but it can be helpful if you have a checklist, according to The Business Times which recently published the article “Use this checklist to get started on your estate planning.”

We at Family Estate Planning Law Group reinforce the importance of reviewing asset ownership with our clients frequently. It’s one of the most important parts of an estate plan, but the most overlooked. We took The Business Times’ article and emphasized some of the key points to check to ensure your assets are aligned with your plan. On our modified checklist are: [Read more…]

We all know the only constant in life is change. But did you know those changes make your estate plan out-of-date, too? In fact, if you don’t account for changes in the law, family situation or your assets, your estate plan may not work at your death. [Read more…]