Once you've created a living trust or a will, this is only the first stage in the estate planning process. You need to be sure that the documents are located in a safe place so that they could be accessed by any other key parties, such as the executor of your estate or a family member who needs to be able to find this material quickly. It is a good idea to consult with your estate planning attorney not just about Read More
When Is a Will Not Enough?
Most people recognize that estate planning requires a will for the vast majority of people, but when does a will not go far enough and potentially even leave you exposed to unnecessary problems for your loved ones? Recognizing when a will doesn't go far enough should prompt you to meet with your knowledgeable estate planning lawyer. A will doesn't avoid probate, which is one of the biggest reasons many people choose Read More
When Does an Executor Need to File Tax Returns?
An executor has numerous different responsibilities in the process of closing out a person's estate. Who you choose to serve in this executor or personal representative role is important because he or she may also need to communicate with your loved ones during the process. Furthermore, there is some complicated steps that must be addressed by the executor, including the filing tax returns. By tax day of the year Read More
Should I Gift My Vacation Home to My Loved Ones?
When it comes to owning a vacation home, this adds a further layer of estate planning necessity to your considerations. A vacation home might be a place of cherished memories for you but it is possible that anyone you wish to leave it to will not get along with any other co-owners or be unable to arrive at the same conclusion about the purpose or future of the home. This can create unnecessary family conflicts and Read More
Should You Ask an Attorney About Trusts?
Most people have the general understanding of the most basic of estate planning tools which is known as a will, but what about trusts? Trusts and wills can work independently of one another but can also work very well together. This is only possible when you have a knowledgeable estate planning lawyer to craft your trust or your will and help explain to you how this can impact your future. A trust adds a layer of Read More
Leaving Your House to Loved Ones? Be Careful of the Strategy
One of the biggest assets inside your estate is likely any real estate like your personal home. But if you are not careful with determining how to transfer this to the next generation, they could end up owing money. If a person who inherits a home doesn't want to keep ownership of it and maintain it, they could face taxes, fees and transaction costs. Certain states have estate tax exemption limits that are far below Read More
Will I Automatically Inherit My Husband’s House?
With no New Hampshire estate plan in place, your family could be exposed to serious issues with housing. Depending on how the home is owned and deeded, it might become a thorny part of your NH probate. Many people cannot afford to make estate planning mistakes that would jeopardize their ability to let their loved ones move on during this very difficult time. This is where the support and experience of a Read More
Estate Planning: What Is a Step Up in Basis?
Passing on assets to your loved ones is a very common goal in estate planning. It involves many different assets that you could pass on outright to your loved ones through beneficiary designation forms, such as on a life insurance policy or retirement account or through strategies like trusts. If you are passing on assets outside of retirement accounts, be aware that these could be impacted by a step up in basis. A Read More
How Does a Power of Attorney Work in New Hampshire?
Do you have a plan for what happens if you’re incapacitated and not able to speak to your own decisions? If not, you should do this in a power of attorney plan. A power of attorney allows the appointed agent to act on behalf of the principal or the creator. The creator of the document determines whether or not the power of attorney is specific or more general in nature. When the agent can show this document to other Read More
Medicaid Planning: Will it Work For You?
Concerns about the cost of nursing homes are common questions brought up by many elder law clients in their first meeting with an attorney. It can be very difficult to make the decision to move a loved one or yourself to a long term care facility but you can't do this without considering the possible financial consequences. Misunderstandings or mistakes made around this financial process can expose you and your Read More
