Love may be lovelier the second time around, but should also be entered into with both feet on the ground. Here is a second marriage estate planning “to do” list…
A letter of intent (LOI) can address many issues in both business and in more personal realms. Your LOI is a valuable piece in your estate planning, and although it is an informal letter, it can more fully represent your intentions after you die.
One way or another, the value of your business is going to directly affect the amount of tax you – or your heirs – will owe. Having a handle on your business value will prove invaluable.
If your beneficiary is no longer, what happens to your inheritance? You may be wondering whether if you leave property to your brother Jim, but he dies before you, would his kids inherit the property in his place? The answer is, only if your will explicitly states as much.
Grandparents who took out student loans to help children or grandchildren – or adults who borrowed to pay for education after being displaced during the recession are now faced with the possibility of dying with the loans still unpaid. Some loans will be discharged on death; for others, life insurance can fund the repayments.
An elder law attorney works with seniors, taking a holistic approach to the legal issues people commonly face as they age. These include matters of housing, physical and financial health, estate planning, and more. There are as many issues as there are seniors, as life circumstances are different for everyone. An attorney who specializes in the host of the problems senior citizens face can be a wise investment.
529 education plans can be a good thing, not only for grandkids and parents, but for grandparents. For grandparents, the Indiana tax credit and the flexibility are two particularly attractive benefits.i
While every situation providing care for an aging parent is unique, one truism is that preparation is crucial to success. Whether you need basic information about eldercare resources and services, are looking for a local agency to provide those services, or have worries about legal documents or how to finance your parents’ care needs now or in the future, the time to begin planning is today.