Estate Planning and Elder Law
End-of-life issues can be costly and stressful, and planning ahead can help to alleviate some of the problems that accompany growing older. DiGregorio Law can help make that process easier. To learn more about the following topics, please click the link.
When someone dies, assets must be identified and appraised. Assets include homes and investments, personal property, jewelry, bank accounts, etc. Before assets can be divided all debts must be paid, as well as taxes. Only then are the remaining assets distributed to heirs and beneficiaries. This process is known as probate. It can be quite costly and lengthy and may involve legal fees and much paperwork. To avoid some of the hassle, it can help to have a will and name an executor. Our attorney can handle all your estate planning needs and act as executor.
The federal government may also impose estate taxes on the value of a person’s estate at death. If the total value of an estate at death is under a certain amount, ($5 million for fiscal year 2011), there are no federal estate taxes imposed. Any value over the exemption amount is then taxed at a particular rate (35% as of 2011). The rates and exemption amounts can change, but most people employ estate planning techniques in an effort to minimize the taxes paid to the federal government so that they can leave more of their money and property to give to their heirs and others of their choosing.
Another important issue to consider is a living will. A living will relays a person’s wishes regarding which life-saving procedures would or would not be used should the person become incapacitated and unable to communicate his or her wishes. It’s important to ensure that one’s wishes regarding medical care procedures are in writing before the life-threatening situation occurs.
Long-term care is another concern. Should a person need long-term care in an assisted living facility or nursing home, Medicaid can provide assistance. However, because one must qualify for Medicaid, this usually means spending all of one’s assets first. Most transfers will render a person ineligible for Medicaid; however, if transfers are made several years before the need for Medicaid arises, this may alleviate the problem. There are many ways to plan for this and consulting an attorney may be the best choice.
To protect the assets a person has accumulated during a lifetime from being depleted through taxes, spending on long-term care or probate, it’s wise to consult an attorney and begin planning ahead in order to minimize those risks. Contact us today to begin the process or learn more.
