Legal-Ease: Find win-win-win: avoid taxes, probate and nursing home expenses

While some people seem to believe otherwise, it is not necessary for there to be a loser for every winner. With cooperation, both sides can often achieve success. 

As people get older, many people want to achieve three goals: avoid taxes, avoid probate administration, avoid nursing home expenses. Various estate planning structures exist to allow a win in all categories.

With the right planning, minimizing heirs’ eventual capital gains tax obligations is achievable. A properly organized trust can also help avoid probate. Nursing home tools can also be organized to avoid probate and help the family avoid capital gains tax later. 

Legal-Ease: Facing a medical crisis without prior legal preparation

Advance preparation doesn’t always happen as it should, and sometimes a medical crisis can leave you feeling helpless and underprepared. Fortunately, what you are likely to need from an attorney in a medical emergency is often pretty straightforward. 

First, be sure to execute two powers of attorney. This will allow someone to sign documents and make decisions for you. One power of attorney should address financial decisions while the other power of attorney should address healthcare decisions. You can also sign a living will if you’d like, but a good healthcare power of attorney should allow your agent to sign a DNR for you. 

Legal-Ease: Avoiding probate one asset at a time

While this hasn’t always been the perception about probate, the probate process has improved significantly as a result of simplification of federal estate law calculation formulas as well as administrative efficiencies that have been implemented by our local probate judges.

Legal-Ease: Going through probate

Probate is how the law is set up to make sure that a deceased person’s bills are paid and that their remaining assets go where they were intended to go by the deceased person. When someone dies, it presents an opportunity for someone to either steal or misinterpret their intentions. A way to understand probate is to think of the two people who will represent the deceased after they die. The first person is the probate judge, who could be thought of as the person’s brain. The second person is the executor or administrator, who could be thought of as the arms and legs in actually moving ownership or possession.