Estate Planning is the planning needed for the complex health care, long-term care, and many other issues facing elderly and disabled individuals and their families. Studies show that we stand a 40% chance of needing long-term care at least once before we die. Therefore, everyone should take into account that at some point, residency in a nursing home or an assisted living facility may become a reality.
How to pay for this care is a very serious matter. Caring for the elderly and ensuring their assets will be protected are some of the primary services offered by our network of Elder Law attorneys.
The overwhelming cost of nursing home care for an incapacitated person can wipe away a family’s assets for generations. The inheritance planned for surviving family members could well disappear. An experienced Estate Planning Attorney can help you with:
- Preparation of Estate Plans – Prepare and revise estate plans, including wills, trusts, powers of attorney and advance health care directives
- Estate Administration – Assist with the administration of estates, including probate and non-probate administrations
- Tax Planning – Assist with planning for and minimizing estate and gift taxes
- Gifting – Assist individuals and families with making gifts of assets among family members
- Charitable Giving – Assist with planning for charitable gifts, and creation of appropriate legal documents, such as charitable remainder trusts and charitable gift annuities
- Dispute Resolution – Represent family members in disputes involving wills, trusts or estates, including alternative dispute resolution (mediation or other settlement or arbitration) and litigation, if necessary
- Guardianship – Represent family members in guardianship proceedings, including seeking or disputing appointment of a guardian and assisting with administration issues (please see our Guardian and Conservatorship page)
- Formation and Administration of Family Business Entities – Assist with forming, administering and terminating family businesses, including family limited partnerships, limited liability companies and corporations
- Trust Formation – Assist with the creation of a legal trust, so as to create a new entity that will hold the families assets and protect those assets from creditors, while still being able to benefit the beneficiaries of the trust.
Upon the death of one of the beneficiaries, there is usually is no tax consequence. The surviving members of the trust simply continue to receive the trust’s benefits. A trust is a legal arrangement whereby a person (the “settlor”) gives property to another person (the “trustee”) to hold for the benefit of one or more persons (the “beneficiaries”). Trusts established while a settlor is still alive are called “inter vivos trusts.” A legal document which sets out the terms of an inter vivos trust is usually necessary. “Testamentary trusts” are trusts that are created by will and are enacted upon death.
For more information regarding Estate Planning please see our Wills, Estates and Trusts page or contact the Law Offices of Douglas C. Anton, Esq. to have a case evaluation and to schedule an appointment.
Areas of Practice
The Law Offices of Douglas C. Anton, Esq. offers clients his wealth of legal experience, advice, and representation in a wide variety of areas, including, but not limited to, the following:
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