» estate planning

The costs for an estate planning attorney depends on multiple factors. First, what all do you want in your estate plan? How much in the way of assets do you have? The more complicated your estate plan, the more costs you will expend. Second, how does the attorney charge? Is it by flat fee, which is most common among estate planning attorneys, or by hourly rate? In the former, less services may be included in the fixed rate, but in the latter, hours can add up quickly. You want to be sure exactly what you are getting (and not) for the price you are paying. 

A common way to care for pets after their owner passes away is to state in the will who is to care for the animal and then create a testamentary trust for the benefit of the pet.

A common way to ensure a special needs child continues to receive the care they need is to appoint a guardian for them and to create a trust fund in their name. Special needs child trusts are specific for this purpose.

Naming a legal guardian for your underage children is a common provision in a will. You also have the ability to appoint a conservator for adult children who may be unable to make certain decisions.

If you do not appoint a legal guardian via a will, the court will appoint one upon your death. For this reason, it is important even if it seems like commonsense to make sure you designate a guardian in your will. 

A guardian is a person who is responsible for someone else's well-being. People often appoint a guardian for their underage children in their will or for their adult children with special needs. These legal guardians can make legal decisions on behalf of their charges, much like a parent.

When spouses jointly own property and then one spouse passes away, the property is automatically passed to the surviving spouse. An example would be the marital home owned by both spouses.

A trust can avoid the probate process and fees associated with Surrogate's Court and streamline the transfer of your assets. It can also protect your assets and avoid the pitfalls of placing assets directly into a child's name. A trust can also provide for management of your assets should you become incapacitated.

Medicaid will look back 5 years to see what assets you transferred during the previous 5 years, including the transfer of assets to a trust. Therefore, it is important to plan sooner rather than later.