What is the Difference Between Elder Law and Estate Planning?

Elder law and estate planning serve two different—but equally vital—functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets after you die. Elder law planning is concerned with ensuring that seniors live long, healthy, and financially secure lives. It usually involves anticipating future … Read More

Annual Gift Tax and Estate Tax Exclusions Are Increasing in 2022

The amount you can gift to any one person on an annual basis without filing a gift tax return is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual. The IRS’s announcement that the annual gift exclusion will rise for calendar year 2022 means … Read More

What is an Elder Law Attorney and Do I Need One?

Elder law is a practice area defined by the people whose legal needs are served—senior citizens. It is an area of law which grew out of the need for estate planning attorneys to address legal problems facing older clients and their children. Elder law is a remarkably diverse area of practice. It encompasses issues affecting the lives of the “elderly,” a population … Read More

Summary of the SECURE Act and Retirement Savings: What You Should Know

Rolled up U.S. Money

The most significant change to estate planning law in 2019 was the passage of the SECURE Act in late December. The Act is intended to increase and encourage retirement savings. Benefits of the SECURE Act to Retirement Savings The Setting Every Community Up for Retirement Enhancement, or SECURE, Act, is meant to address the fact that many Americans do not … Read More

When Should You Review Your Estate Planning Documents?

First, let’s clarify what your estate planning documents are. Of course, they include your Will and any Codicils, and perhaps your trust or trusts. But they also include any powers of attorney (both financial and health care) as well as all beneficiary designations for life insurance, retirement plans, annuities and transfer on death accounts. A thorough review of your estate … Read More

Should I Create a Trust to Avoid Probate?

Avoiding probate is a common reason for creating trusts. One thing to note is that only a funded trust will avoid probate. Meaning, only assets that have been transferred and titled in a trust will avoid probate.  When properly funded, the trust document and not a Will controls the disposition of the assets and avoids the necessity of opening a … Read More

How is a revocable trust funded? Should all assets be transferred to a revocable trust?

Revocable Trusts are funded by re-titling or transferring title by deed or assignment of individual assets to the revocable trust.  Assets may include stocks, bank accounts, real estate, timeshare interests, or business interests. Once assets are transferred into the trust, a schedule of assets should be attached to the trust document as this assists the trustee in the management of … Read More

Taxes Taxes Taxes

We have been following the debate among the Democrats and the Republicans and the White House over taxes during this lame duck session.  Below is a blog from attorney Jeffrey A. Marshal in Pennsylvania, that describes the bill that has been introduced in the Senate by Harry Reid proposing to change the picture for the estate and gift tax in … Read More

Legislative Risk

Legislative Risk: No federal estate tax in 2010.  No step up in basis in 2010 (except for $1.3 million).  Will the Bush tax cuts expire?  No more two year GRATs?  What will happen in 2011?  Uncertainty.  Like we do not have enough of it! Are there opportunities for planning in all of this uncertainty?  Here are a few: If you … Read More