Wood + Lamping - Estate Planning / Elder Law

What Are Estate Taxes?   I.                    What is the Death Tax? ·         There has been a lot of talk this week about the Trump Tax Bill, what is in it, what’s included, and in my practice this always conjures up talk about the death tax or the estate tax. ·         The estate tax is a tax assessed on the total value of your assets which transfer at death to heirs or beneficiaries. ·       ...

Why is estate planning a necessity for everyone over 18, not just the wealthy, and learn how to safeguard your assets and ensure your wishes are honored. We explore the critical components of estate planning, including the last will and testament, trusts, power of attorney, and healthcare directives. Dan shares real-world examples to highlight common pitfalls, such as neglecting to update plans af...

I.    Have you ever wondered what happens to your assets and property after you pass away? ·         After you pass away all the property that you own and the debts that you have must be administered through a public court process called probate. ·         The word probate actually comes from the Latin word, as us lawyers always have to use Latin phrases, “to prove.” ·         You see, for the tit...

You can go online and craft a Will for $100 or less – sometimes a lot less. AARP writes on this subject all the time. But they make it clear that online Wills are only for the most basic circumstances. So, if you have a small estate and want to leave everything to your spouse and then to your kids, an online Will works – IF you fill it out and execute it correctly. But, what kinds of issues make o...

How Specific Should Your Will Be? I.        Most Wills are general in nature. The same is true of Trusts. Many clients are surprised by this. They expect a Will to list certain assets to go to certain people – at least the big things.   II.        There are two kinds of gifts:   a.    Specific bequests   b.    Residual bequests.   III.        Specific bequests come in two types:   a.    The beques...

Unlock the secrets of estate planning and learn how to protect your family's future with insights from Simply Money and our special guest, expert Mark Reckman from Wood and Lamping. Discover the intricacies of Anthony Bourdain’s estate, where smart planning led to the creation of a trust for his daughter, effectively sidestepping the probate process. Yet, his choice of an estranged wife as trustee...

Unlock the secrets of estate planning beyond the basics and learn how to protect your healthcare wishes in our latest episode featuring Mark Reckman from Wood and Lamping. With Mark's expertise, we shatter common myths about living wills, durable powers of attorney, and healthcare directives, revealing how these documents are crucial for navigating the complexities of medical care during terminal...

Estate planning expert Mark Reckman from Wood and Lamping joins us to share his remarkable insights from serving on a jury in a criminal drug case. Offering a rare peek into the jury room, Mark explains the crucial differences between grand and petit juries, while also shedding light on how the presence of jurors often nudges parties toward settlements. His personal experience underscores the dive...

Unlock the secrets to a secure and prosperous retirement with insights straight from estate planning expert Mark Reckman of Wood and Lamping. Master the intricacies of Social Security claiming strategies, and learn how to make informed decisions that could significantly impact your financial future. With almost 75% of retirees opting to stop working before 65, we dissect the vital choice of when t...

Seven Ways to Divide up Your “Stuff” Clients ask me all the time how much detail should go into their Wills.  They are usually referring to their “stuff” – their personal possession such  as furniture, art, household goods, car, etc. Well, the answer is that we  don’t usually itemize those things in your Will – except for those rare  pieces. This is for a whole lot of practical reasons and tax rea...

Roughly 6 million Americans suffer from one or more dementia symptoms. 10% of folks over 85 have dementia. This is expected to rise to 14 million people by 2050. Profile of Potential Target:. 1. Dementia symptoms 2. Easily influenced by others 3. Lives alone (isolated) 4. Lonely 5. Recent loss of family member Forms of Abuse: 1. Forging checks or forcing victim to sign checks 2. Forcing victim to...

SEASON OF GIVING Each year about this time, we pause to talk about the upcoming Holiday season.  This season is about family and friends. It’s also about recognizing others and giving  thanks for what we have. And it is a time to think about folks who are less fortunate.  That brings us to today’s topic: GIFTING. Broadly, there are two types of Gifts:  1. Gifts to individuals (usually family); and...

It’s not easy – it’s not hard – it’s somewhere in between. It’s making choices/decisions. A.    Broad Duties of an Executor:   1.      Follow instructions in a Last Will and Testament.   2.      Hire professionals.   3.      Work with family.   4.      Pay taxes and bills.   5.      Distribute assets.    B.    Specific Duties of an Executor:   1.      Find the Will and Review its contents   a)    ...

When Should You Update Your Estate Plan?   Once you have created an estate plan, it is important to keep it up to date. You will need to revisit your plan after certain key life events, including marriage, the birth of children, divorce or the death of a spouse, and a significant increase or decrease in assets. Here’s why.     Marriage.   Whether it is your first or a late marriage, you will need...

SIMPLY MONEY   September 2024   WHAT ARE THE CAPACITY STANDARDS FOR   SIGNING LEGAL DOCUMENTS?   ELDER LAW ATTORNEYS ARE OFTEN CALLED UPON TO DETERMINE IF A CLIENT HAS THE LEGAL CAPACITY TO SIGN CERTAIN DOCUMENTS. HOW DO THEY MAKE THAT CALL? WELL, THE TESTS ARE DIFFERENT FOR DIFFERENT THINGS. WHEN CONFRONTED BY THE PROSPECTS OF A GUARDIANSHIP, THE TEST IS IN THE STATUTE: CAN A PERSON MANAGE HIS/HE...

Do I Need to File a Guardianship When My Disabled Child Turns 18?   Parents of disabled children are often encouraged to consider a guardianship by a number of sources – school counselors, case managers, medical advisors, etc. The truth is that guardianships are not always needed. I.         What is a Guardianship?   It is a court proceeding in which you ask the court to declare your child to be i...

THE AFTERLIFE OF YOUR FREQUENT FLYER MILES   In a normal year, Americans rack up about 3 trillion frequent flyer miles. The average is about $622 per household per year. And travel experts are predicting that travel this year will exceed all previous years. What happens to those frequent flyer miles when we die? Many airlines allow you to give your miles to your heirs – so do many hotel reward pro...

Medicare and Medicaid are the same thing, right? They come as a package, right? Aren’t they the same?   Well, while they both address medical costs, they are not a package and they are very different.     Back in the 1960s, when JFK was assassinated, he was succeeded by his VP – a Texan named Lynden Johnson. Johnson’s goal was to expand the social “safety net”. He called his program “The Great Soc...

A study published by American Economic Review in 2021 found that  most seniors in the U.S. have a person or agent in mind to take over their  finances in the event of cognitive decline. 81% have a family member in mind  and 19% have an institution or a professional in mind. Here are the major challenges they found: 1) Not aware of one’s own decline; 2) Not wanting to give up control; 3) Agent is n...

WHO SHOULD PURCHASE LONG-TERM CARE INSURANCE? Buying long-term care insurance is one way to protect against the high cost  of long-term care. However, this type of insurance may not be for everyone,  so consider all your options.  Long-term care – care in a nursing home or at home – may be paid for in  four main ways: 1. Out-of-pocket. If you have sufficient resources, you can pay for  your long-t...