Horizon Elder Law & Estate Planning Blog

Are AB trusts still a solid estate planning tool for married couples?

An AB trust is a joint trust created by a married couple with the goal of minimizing estate taxes.  AB trusts are unique in that the trust will divide into two when the first spouse passes away.  Assets from both spouses will be placed into the trust and the trust will name a beneficiary, or multiple beneficiaries, who can be anyone besides the other spouse.  Trust A is known as the survivor’s trust or Marital Trust, while Trust B is the decedent’s trust or Bypass Trust.  AB trusts have become less common in recent years due to some changing estate tax laws, but under some circumstances, they still hold an important purpose in

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Aging is a natural progression that everyone experiences, but it can come with certain challenges. As our parents age, it may be necessary to provide additional financial, physical, and emotional care. Developing a care plan with your parents now can avoid issues and problems in the future. Below are 10 tips from our Read more . . .

Scams targeting the elderly are common throughout the United States. The Read more . . .

Why is it important to update my estate plan every few years?

The New Year offers a fresh start for all of us. It represents a clean slate, and for many the start of the new year is the time to create goals.  By outlining a few resolutions for 2019, you can work to ensure this new year becomes everything you want it to be.  People of all ages should consider incorporating estate planning into their New Year’s resolutions.  Whether you are retired or just starting off in the working world, you could benefit from making or updating your estate plan.
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What life changes might require a change to your estate plan?

Fewer than half of all Americans have an estate plan in place.  If you are among the half that has taken the time to create an estate plan, then this information is relevant to you. While making an estate plan is a critical step towards protecting your future, your plans for the future cannot end there. Your estate plan will at times need to be updated and revised. Our Read more . . .

Developing a business succession plan is an important step in the estate planning process. Business owners should have a comprehensive business succession plan that covers a variety of scenarios, including retirement, injury, illness, inheritance, and selling the business. A Read more . . .

Many people assume they will live at home until their deaths and will not need long-term care. Other people assume they will not need long-term care for many years, so they have ample time to plan for nursing home care or assisted living. However, you never know when you may need long-term care. Depending on your situation, long-term care can be extremely expensive. For your family, the cost of long-term care can be an overwhelming financial burden.
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How can I bring up the topic of estate planning to my loved ones?

You’ve taken the vital step of creating an estate plan, but now it is time to talk to your family about your last wishes.  Broaching the subject of estate planning with your loved ones can be daunting. After all, estate planning involves delicate subjects like who will receive what assets and with whom you have entrusted the care of your minor children.  Below is a look at some tips on how you can approach the discussion of Read more . . .

Anyone can contest a Medical Power of Attorney, but the question is whether the person would succeed in contesting your wishes. Everyone has the right to make decisions related to their future medical care, including appointing a trusted person to act as their agent if they are unable to make decisions or enforce prior decisions for themselves. Therefore, if your Medical Power of Attorney meets all state laws, including the California Health Care Decisions Law, your spouse should not be able to contest your decisions.

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One of the goals of an effective estate plan is to decrease or eliminate taxes for your heirs. When Congress passed the new Tax Cuts and Jobs Act (TCJA), there was a lot of discussion about various elements of the TCJA and how it impacted the average worker.  However, there was not as much discussion about whether the TCJA impacted estate planning. As with any new law related to taxes, it is important to review your tax savings plan with your Read more . . .

As if it wasn’t already difficult to obtain needed benefits, veterans must face a new hurdle put into place by the Department of Veteran Affairs. In a new rule finalized this month, the VA has added a number of new limits and requirements to a number of veteran’s benefits programs, including aid and attendance.

What are Aid and Attendance Benefits?

Aid and attendance benefits are additional funds paid to eligible veterans and their spouses in addition to pension payments. These benefits are available so long as you meet certain conditions, which include:

• requiring assistance from another for activities of everyday living, like feeding, dressing, protection, bathing, and using the toilet
• being bedridden for convalescence or treatment
• being incapacitated and living in a nursing home
• having eyesight limited to 5/200 visual acuity or less in both eyes (corrected), or a 5% reduced visual field.

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