Many people fall for the estate planning myth that establishing a trust avoids taxes. This is not normally true and in certain situations may actually increase taxes. It is very important to work with a local estate planning professional to handle all aspects of your estate plan creation. There are two different types of taxes that might apply to assets you place inside a trust or your state overall. These are the Read More
How Does an Estate Plan Address Long Term Care Costs?
Estate planning considers aspects related to management of your assets over the course of your life and what happens to them after you pass away, but it can also go so much further. When you work with a knowledgeable estate planning lawyer, you should be able to develop a holistic plan that considers multiple aspects of elder law and potential long term care needs. Increasingly, clients are asking their estate Read More
Why Would Someone Revoke a Trust?
What if you put together an estate planning tool now, but it’s no longer relevant for what you want in the future? Coming up with a plan that addresses your current needs but also allows for flexibility over the years can be a challenge. This is why it’s best to find a NH estate planning lawyer who can help you as your needs evolve. A trust is a powerful estate planning tool. It gives you privacy, flexibility and Read More
How Do I Know If I Need an Advanced Directive in My Estate Plan?
What happens if you become sick, injured, or otherwise unable to speak up for yourself and the medical care you’d like to receive? If you find yourself dealing with these issues, it can also put your loved ones in a very difficult situation trying to navigate what they believe to be your wishes or care options. You may need to document if you have certain concerns or desires surrounding medical care. This may be Read More
What Does Inflation Mean for Your Retirement Savings?
You may have earmarked your retirement savings not just for your own purposes after you exit the workforce or downgrade your current work role, but also to support your loved ones in estate planning. One of the biggest challenges for retirement savings is inflation. Rising prices can erode the value of the money you've set aside no matter how much you've set aside over the course of your working years. This is Read More
Why You Should Share Your Funeral or Memorial Instructions
Do you have specific wishes or plans related to a funeral or memorial? If so, your family may not know these plans unless it was discussed with them and documented in a place they can find it. It is a common misconception that the proper place for your final burial and funeral wishes is in your will. Many wills are not located, read or filed until days or weeks after the death. Setting up a memorial service, Read More
What Are the Downsides Of Going Through Probate?
Probate refers to the legal process in which your estate is distributed to your heirs, either according to your wishes or according to intestate succession rules. One of the most common aspects of estate planning is to minimize the impact of probate and to remove as many assets as possible from your probate estate. You can work with a lawyer in New Hampshire or Maine to create an estate plan that carries out your Read More
Does My Fiduciary Need Access To Digital Assets?
Federal laws as well as many state privacy laws prohibit the unauthorized disclosure of someone's digital access information to third parties. This means you must be prepared to create a digital asset inventory and have a plan for how this will transfer on to your fiduciary. A fiduciary is a term that refers to many people who are responsible for various aspects of your estate. A fiduciary can include an agent under Read More
Does a Home Belong in a Trust for Estate Planning Purposes?
Planning ahead for real property is important but also specific to the considerations of the person creating the estate plan. Determining the most effective and tax efficient way to transfer a piece of real property requires answering important questions, such as what you hope to happen to the future of the property, who may be responsible enough to take it over and what they intend to do with it, and possible Read More
Five Documents Possibly Needed For Your Estate Plan
An estate plan can be as simple as just a will, but it can also include many other documents and strategies designed to help you reach your individual goals. Working with a knowledgeable estate planning attorney is extremely important for identifying what does and doesn't belong in your estate plan. Furthermore, having an established relationship with an estate planning lawyer makes it easier to reach out, should Read More
