Horizon Elder Law & Estate Planning Blog

People often find that estate planning is complicated and confusing. It is not difficult to understand why estate planning for same-sex couples can seem even more complex regardless of whether or not you are married. Luckily, estate planning for same-sex couples doesn’t have to be overwhelming or difficult to understand. With the law constantly changing, it’s to consult with a California estate planning attorney with experience in estate planning for the LGBTQ community. 

Same-Sex Couples See Same Rights

Before 2015 when the United States Supreme Court upheld the rights of same-sex couples to marry in every state, estate planning for same-sex couples was deemed difficult to understand.
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Have you taken steps to lower the taxable value of your probate estate? Are you working with a California estate planning attorney to ensure that your heirs will not incur substantial taxes or debts when they inherit your assets after death? If so, you may want to discuss an Irrevocable Life Insurance Trust (ILIT) with your attorney, especially if you have taken all steps to avoid estate taxes, but you still need additional methods of providing a legacy for your loved ones without creating a tax burden for them.

How Can an Irrevocable Life Insurance Trust Benefit My Heirs?

Your Irrevocable Life Insurance Trust (ILIT) is a separate entity that holds ownership of one or more life insurance policies. The ILIT is also the beneficiary for the life insurance policies. Upon your death, the trust receives the proceeds from the policies. The trustee disburses the funds to the trust beneficiaries according to the terms of the trust.
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There are several things that every will should include, such as the name of your personal representative, guardian for minor children, names of heirs, and directions for dividing assets among heirs. However, several items should not appear in a will. If you have questions about what should and should not be included in your will, a California estate planning attorney can answer questions and explain California’s estate laws.

7 Things That Should Not Be in Your Will

1.  Property held by a trust

Property held by a trust passes directly to beneficiaries outside of your estate.
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A Do Not Resuscitate (DNR) order is a health care form that gives an individual control over some of the medical procedures emergency medical services (EMS) providers may perform. Some people may believe that a DNR order covers all end-of-life medical decisions, but this is incorrect. Consulting a Read more . . .

Life insurance offers financial protection for your heirs in the event of your death. However, purchasing life insurance may not make sense for everyone. Before you begin researching the pros and cons of the various types of life insurance policies available and the cost of life insurance, you may want to review whether or not you need life insurance coverage with your Read more . . .

Is estate planning only important for those with assets?

Estate planning is a field has a lot misconceptions.  Many people have heard rumors and falsities regarding estate planning, which may dissuade them from creating an estate plan.  Perhaps the largest myth about estate planning is that an estate plan is only about death.
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What are some unique considerations of elder law planning for women?

Elder law involves planning for the wide range of issues that could impact aging Americans, such as the high costs of health care, retirement, guardianship, and much more. Whereas estate planning focuses on what will happen when you die, elder law addresses what happens if you live.  While elder law planning is critical for everyone, there are some issues unique to women.  Data published by researchers at the University of Montreal shows that women in America today live on average 80.1 years, whereas men live on average to 73.
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Estate planning is done for the purpose of providing for both yourself and your loved ones during your lifetime as well as upon your incapacitation or death. One of the main reasons for estate planning is to ensure that your loved ones are taken care of once you have passed. This is made all the more important when an individual has a child who is disabled. 

Once an individual with a disability reaches the age of 18, they are treated as an adult by the government. An individual who became disabled prior to the age of 22 is entitled to Social Security Income (SSI) benefits so long as they have less than $2,000 in assets and their income remains lower than the amount of money that they would receive in SSI benefits.
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As our parents age, our ability to properly care for them around the clock becomes more and more difficult. Nursing homes are utilized so that elderly individuals can have a safe, compassionate place to be looked after and cared for. Unfortunately, due to common physical and cognitive impairments that the elderly experience, they are also prime targets for abuse and neglect. 

Elderly Population Remains Vulnerable

Elder abuse includes abandonment, exploitation, emotional abuse, physical abuse, sexual abuse, and neglect. What makes the elderly population most vulnerable to abuse is a combination of social isolation and mental impairment.
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It is presumed that families may disagree, but that families will always love each other. However, does that presumption extend to in-laws? It may be common for some parents to dislike their son’s wife, but most parents learn to tolerate their in-laws. In some extreme cases, a parent may actually hate the daughter-in-law. In those cases, parents may choose to disinherit their in-law, and possibly their child. Before doing so, it may be wise to consult a Read more . . .

What are some unique considerations of elder law planning for women?

Elder law involves planning for the wide range of issues that could impact aging Americans, such as the high costs of health care, retirement, guardianship, and much more. Whereas estate planning focuses on what will happen when you die, elder law addresses what happens if you live.  While elder law planning is critical for everyone, there are some issues unique to women.  Data published by researchers at the University of Montreal shows that women in America today live on average 80.1 years, whereas men live on average to 73.
Read more . . .