AL Estate Planning & Elder Law Blog

May is National Elder Law Month. Did you know that by the year 2030, all of the baby boomers will have reached the age of 65? With a burgeoning senior population, National Elder Law Month can be a great time to consider ways to care for aging seniors. This may not be a one-person job.

Friday, April 16, 2021, is National Clean Out Your Medicine Cabinet Day. You may be ready to go in your own household, but what about your parents or other older loved ones? As we get older, we tend to accumulate more medicine for various illnesses or ongoing conditions. It can also become easier to forget what is in the cabinet.

There may be many frequently discussed components of estate plans, including the division of assets from your home, to your bank accounts, to family heirlooms and of course, for the parents of minor children, designation of a guardian and assets for the children. Have you considered, however, how your four-legged or other beloved pets will be provided for? Let us discuss three reasons to consider a pet trust in your estate plan.

1. A pet trust can help  prevent your pet from being placed in a shelter. Unfortunately, when the disposition of a pet is not provided for in the owner’s estate plan, the pet may end up in a shelter with an unknown future. By creating a pet trust, as the owner, you can provide that your pet’s care be entrusted to a friend or family member, who has agreed to become your pet’s new owner, or you can designate a caretaker to be overseen by the trustee of your estate.

Have you remarried after being widowed? If so, you may have special considerations for updating your estate plan that would not apply if your former spouse was still living and you had been through a divorce. Let us take a look at seven questions to ask your attorney before updating your estate plan after remarriage if you are a widow or widower. Have you remarried after being widowed? If so, you may have special considerations for updating your estate plan that would not apply if your former spouse was still living and you had been through a divorce. Let us take a look at seven questions to ask your attorney before updating your

Do you have an estate plan and think that is enough to avoid probate? You might want to think again. Many people are under the impression that because they have a carefully written will, or because they do not have large investment accounts, their estates will not have to go through the probate process. This is not always true.

Parents typically use a 529 savings plan to fund their child’s college education. Did you know, however, that there may be more ways to use a 529 savings plan? In fact, there can be many other ways to make the most of a 529 savings plan that can actually increase the amount of money available to spend on education. One of these is funding a 529 savings plan with the intent of making it part of your estate plan rather than using it in the near-term future.

Did you know that only about forty percent of Americans have an estate plan? This may be the result of the misconception that estate planning is only for the old or the wealthy. It may also be due to not making estate planning a priority on a to-do list. Did you know, however, that without an estate plan, your estate may be headed to probate court, a costly and time-consuming process? Let us discuss three reasons why you may need at least a Last Will and Testament.

An estate plan may not be the most exciting plan to be made in the New Year, but it can be one of the most important. Estate plans usually involve putting legal documents in place regarding how your assets will be handled and distributed in the event of your death. Did you know that a trust is a very common estate planning vehicle used to serve a variety of purposes? Trusts can be both versatile and customizable, therefore, it is important to work with an experienced estate planning attorney to help you create a trust that will work best for you.

Depending on your assets and your goals, you may decide to create a trust in your will to go into effect upon your death, which is a testamentary trust.  On the other hand, you may create a trust to hold some or all of your assets now, which is a living trust or inter vivos trust.

Are the holidays synonymous with family time for you? For many, the answer is yes. This focus on family can mean it is an excellent time to consider talking to your elderly parents and aunts and uncles, who do not have their own adult children, about long-term care planning. As the topic of long-term care planning can encompass a lot, here are five things to consider: 

1.  What long-term care planning have they already done? This broad question will elicit information about whether your relatives have taken any steps to plan for long-term care. Perhaps they have a complete plan already in place. Perhaps they have done zero planning.

Are you married with children? Are you a solo parent? Due to any number of reasons, estate planning is likely a topic that weighs heavily on your mind. Choosing an estate planning attorney in your area to guide you through the process can be a good way to ensure that the burden is somewhat lightened. Your estate plan needs to reflect what you want for your children. Whether you are widowed, were never in a relationship with your child’s other parent, or pursued parenthood on your own by choice, take special care to find an estate planning attorney experienced in working with solo parents for the smoothest path forward.

 In a situation where you are your child’s only legally recognized parent, the right estate planning attorney can help you make contingency plans in the event that you unexpectedly pass on.