Understanding the Legal Needs of LGBTQ+ Seniors
Explore how addressing the legal needs of LGBTQ+ seniors through elder law can safeguard their healthcare, estate planning, and rights.
Understanding the Differences Between Revocable and Irrevocable Trusts
When planning for the future, it's crucial to understand the tools available to manage your assets, provide for your loved ones, and ensure your wishes are followed. As flexible and powerful estate planning instruments, trusts come in various forms, with revocable and irrevocable trusts being the most common. These trusts serve different purposes and come with distinct advantages and limitations.
Your Guide to End-of-Life Planning During a Terminal Illness
End-of-life planning is extremely important for people with terminal illnesses. It offers a structured way to manage the final stages of life, ensuring your wishes are respected and your family is spared from making tough decisions. Filling out advance directives lets you share your medical preferences, making sure your care matches your values. Having plans in place brings emotional relief, allowing you to focus on quality time with loved ones and keep dignity throughout the process. This compassionate step from end-of-life planning experts offers clarity and peace during a challenging time. This blog is here to help you and your [...]
Elder Law and Estate Taxes in New Jersey and Pennsylvania
Elder law and estate taxes are critical areas of financial planning that significantly impact seniors and their heirs in New Jersey (NJ) and Pennsylvania (PA). As individuals age, developing strategies that secure their future and ensure that their legacy is passed on to their heirs with minimal tax implications becomes imperative. This blog explores how elder law strategies can impact estate taxes in PA and NJ, offering valuable tips for minimizing tax liabilities for seniors and their heirs. Understanding Elder Law and Estate Taxes Elder law encompasses a range of legal matters affecting older adults, including guardianships, wills, trusts, estate [...]
Estate Planning for Widows and Widowers
Helping to navigate estate planning for widows and widowers in New Jersey and Pennsylvania and ensuring your estate is secure during this challenging time.
The Difference Between a Revocable and an Irrevocable Trust
Trusts are fiduciary arrangements that allow a third party (also known as a trustee) to hold assets on behalf of a beneficiary. However, there are different types of trusts, and it's important to understand the difference between a revocable and irrevocable trust. This distinction is vital as it can have significant implications for how assets are managed, controlled, and taxed. Understanding Revocable Trusts A revocable trust is often also called a living trust. It is a legal entity created to hold ownership of an individual's assets. What makes a revocable trust stand out is its flexibility. The creator of the [...]
How to Set Up a Trust
A trust is a legal agreement between two or more parties that grants one party, or trustee, specified assets while the beneficiary, or the person for whom the trust is established, retains ownership of said assets. If you’ve ever wondered how to set up a trust or how they work, we explain below in detail how to set up a trust, from creation to distribution. The five-step process: Creation Tax Recognition Funding Administration Distributions 1. Creation The steps in creating a trust are: Identifying the person who establishes the trust, usually called the “Grantor.” Identifying an appropriate trustee. A Trustee [...]
The Importance of Healthcare Planning Documents
Healthcare is an essential part of our lives, and sometimes our loved ones may require medical treatment or healthcare at a time when they are unable to communicate their wishes. Whether because of cognitive impairment, unconsciousness, or mental healthcare needs, proper legal planning and healthcare planning documents are helpful. With regard to medical decision-making, various documents exist to allow individuals to appoint another to make healthcare decisions in advance and to ensure their wishes are known (and followed) when they are unable to communicate those wishes. Healthcare planning documents, such as Healthcare Powers of Attorney and Advance Healthcare Directives, are [...]
Frequently Asked Questions about Powers of Attorney
In this comprehensive overview, we answer the questions you may be asking about powers of attorney, living wills, and attorneys-in-fact to give you a well-rounded understanding of the roles, responsibilities, and processes that follow. How to Use This Information This article is organized into seven parts: (1) About the Power of Attorney; (2) Powers and Duties of an Attorney-in-Fact; (3) Using the Power of Attorney; (4) Financial Management and Liability of an Attorney-in-Fact; (5) Relationship of the Power of Attorney to Other Legal Devices; (6) Health Care and the Power of Attorney; and (7) Guardians and Powers of Attorney. 1. [...]
The Value of Planning Before a Senior Healthcare Crisis
Recently, Tina Kane, one of our elder care coordinators, and I were invited to speak on the Givnish Spotlight hour on WWDB 860 AM. The show is led by representatives of the Life Celebrations family of funeral homes, a group that advocates for preneed burial and funeral planning. The reason for our invitation to join a few weeks ago was to discuss the value of planning as we age. Simple in concept, complex in execution. If there's a list of things we dislike or avoid talking about, I imagine death and dying would be near the top. Not far [...]