Schulte Roth & Zabel LLP: “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” (“Act”) was enacted in December 2017 and implements a wide range of changes to existing tax laws. The Act temporarily increases (from Jan. 1, 2018 until Dec. 31, 2025) the federal estate, gift and GST tax exemption amounts from $5.6 million to approximately $11.2 million.”
American Academy of Estate Planning Attorneys: “A 70-year old man arrived at a Miami hospital. He was alone and unconscious, with no ID, a high blood-alcohol level and multiple chronic conditions. He also had a tattoo on his chest that read “Do Not Resuscitate,” along with his (assumed) signature. Despite treatment by hospital staff, the man continued to be incapable of making his own medical decisions. Should the doctors honor the man’s Do Not Resuscitate (DNR) tattoo when it became clear that he would die without treatment?”
The reality of our immortality is a chilling thought to come to terms with. Planning for the future by implementing your wishes in a trust and estate plan, presents many tough questions to ask. Who will raise your children if you die? What happens to your pets? When do you want to pull the plug? Don't let your concerns or fears become a living nightmare for your loved ones.
“For most people, estate planning is more painful than a root canal without Novocain. . . .it forces us to acknowledge that we may become demented; decide who gets what after we pass away; and make provisions for end of life care.”
Are you young and healthy, but think you do not need to have an estate plan? Here are ten things you should probably do.
CBS Boston: We talked about dumb money moves last week and many listeners let me know that there is a whole lot more than the ones we talked about.
Estate planning is not for just for the wealthy. If you have some assets you have accumulated such as your home or retirement accounts or if you have children you have people and things you need to protect.
What estate planning does is allow you to plan. Plan for the day when you are not around to care for the loved ones in your life or plan on how your assets are to be distributed upon your death. Sounds easy but no one wants to talk about their own mortality or morbidity.