While a significant part of Estate Planning is preparing for what your needs may be as you age or if you get sick, many of us fail to consider what the implications will be if one of our loved ones eventually need care. Alongside family strain and fatigue, often comes unexpected, and therefore unplanned for, financial, career, and emotional ramifications.
Americans the nation over celebrated Thanksgiving last week, counting their blessings. It's a time for sharing stories and meals, and family traditions. In his "Being Thankful and Sharing Your Blessings" blog, our American Academy of Estate Planning Attorneys colleague, Steve Hartnett, looks at ways to share your financial blessings as well - without a big tax bill. CLICK HERE for the skinny.
November is Caregiver awareness month here in the United States. In today's blog we're focusing on unpaid, or informal eldercare - unpaid caregivers (be they spouses, children, partners, neighbors or others) who provide assistance to elders with activities of daily living. This assistance can range from routine tasks such as meal preparation, assistance with shopping or medical appointment setting and transportation - to bathing, dressing and feeding. As you will see, there is a whole lot of responsibility being shouldered by millions.
There's still some time left to make charitable deductions in time for them to count on your 2018 tax returns. In what instances do they help your tax bill, though? Steve Hartnett spells it out HERE.
Though you cannot transfer IRAs into a trust as you can with other assets, you can name a trust as a beneficiary. There are good reasons to do so, but certain guidelines must be followed. Our American Academy of Estate Planning Attorneys Colleague, Steve Hartnett, breaks down the basics HERE.