Everyone knows that you need at least a basic estate plan, right? But other than taxes, what should someone really be concerned about.
Incapacity, Dementia & Guardianships
- Elder law litigators Palm Beach would tell you that there are lot of things more important that the US Estate Tax
- What do probate lawyers Boca Raton say?
- Many Palm Beach County estate lawyers would say that since you can leave $5.3 Million free of US Estate tax, don’t focus so much on what happens after you die
- The road getting there requires careful planning
- After all, there is a greater likelihood than ever before that we will become incapacitatedbefore we die. We are all living longer. But while our body can last, our mind slows down as well.
- Dementia, alzheimers, etc., cause issues with short term memory, forgetfullness, and an increased need of assistance with business and financial affairs
- Guardianships in Palm Beach County and guardianship lawsuits have exploded say guardianship litigation law firms West Palm Beach
- So have a power of attorney, health care proxy, living will or advanced health care directive if you want to plan
Managing Wealth: Administration of Family Money is the New Focus
- Since most Americans will have an Estate Tax-free Estate, the new focus should be on how your family money will be managed
- Turn your focus from estate planning to inheritance planning
- Will your heirs and family members use their inheritances wisely or will they becomeslackers ?
- How will your beneficiaries deal with found money?
- Doesn’t the income tax and capital gains tax become more important than the Estate Tax?
Wall Street Journal writer Laura Saunders wrote a great article in the Saturday/weekened edition of the October 25, 2014 Wall Street Journal about Estate Planning. Here’s the link:http://online.wsj.com/articles/the-new-rules-of-estate-planning-1414167302?mod=WSJ_hps_MIDDLE_Video_Top