Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone.
Elder law and estate planning serve two different–but equally vital–functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets after you die.
In the event you lose your house in a natural disaster or through another calamity, it is important that your estate planning and other important documents are beyond reach and easily retrievable.
When interest rates are low, intrafamily loans can be a good way to assist children with purchasing a house or a family business, and in certain circumstances they can be used to gift money to the next generation.
Elder advocacy groups are calling for the elimination of Medicaid estate recovery after a congressional advisory commission concluded the practice recoups a tiny percentage of Medicaid spending while contributing to generational poverty and inequity.
For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of probate. POD and TOD accounts are one way to accomplish this.