Legislators have been working to provide greater access to digital assets for estate administrators.
Estate plans almost have to include plans for what to do with digital assets these days. However, many people are still confused about what digital assets actually are. There are four different basic categories of digital assets people might need to consider, according to the Xenia Daily Gazette in "Estate Planning and Digital Assets."
Those assets include:
Things that exist only digitally but that have some monetary value. This can include things like domain names for websites and cryptocurrencies.
Another category includes digital accounts that provide access to things that have value in the real world. If you access your bank account online, the information about that access is a digital asset.
Another potential asset includes messages meant to communicate digitally with others, including emails or social media posts.
Finally, there is another category of digital assets that includes things like photos and videos stored digitally.
Creating an estate plan can be easy. However, there are many opportunities to fail.
The ease of writing your own will or downloading some forms from the Internet, can make you jump to the conclusion that you don’t need professional assistance. There are many reasons why you really need an attorney, according to the Huntsville Item in "Do you really need an estate planning attorney?"
Those reasons include:
The estate planning attorney knows about property law and how different types of property are handled differently by courts. If you do not get this correct in your will, your estate can face difficulties.
There are different types of estate planning documents that do different things. Estate planning attorneys can help you pick the right ones for your unique circumstances.
Estate taxes are still a concern at the federal level for many people and in several states. A professional is needed to properly plan around them.
The attorney can also help craft your estate plan in a way that compliments your other financial goals, often including paying less in taxes.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.
Sometimes little thought is given in the choice of executor. That can create problems.
The person in charge of your estate is the executor. Instead of thinking about whether the person they are choosing is the right person, many people just pick a close friend or relative. This can be a very big mistake, if the person does not know what they are doing, according to Forbes in "Choosing an Executor for Your Estate."
The executor of your estate will have a lot of work to do. There are often important tax decisions that need to be made quickly. The executor needs to determine what assets you have at the time you pass away. However, they cannot just give those assets to the people you want to have them.
First, they need to go to probate court and be officially appointed to administer the estate. They will then need to determine, if you had any debt when you passed away. That debt normally needs to be paid out of your assets, before any property can be distributed.
Your executor needs to be someone who not only has the time to serve in the capacity, but also can handle administrative and financial tasks well. Put some thought into this important decision and visit with an estate planning attorney, who can advise you on creating an estate plan that fits your unique circumstances.
Assets are often the first thought about estate planning. However, that does not mean your other values have to be left out of your estate plan completely. You can use your estate plan for planned charitable giving, according to the Nashua Telegraph in "Planning to give and leaving a lasting legacy."
Planned giving is simply making provisions in your estate plan that a certain amount of money or a percentage of your estate's assets should be given to charity. It is a popular option for people. It is popular not only with the wealthy, but also with people of more modest means who want to leave something behind for good causes.
There are several different ways that you can make charitable donations a part of your estate. Some are as simple as a few lines written into a will and others are far more complicated, including setting up special trusts for the purpose.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and may include planned giving.
Sometimes a couple will jointly decide to just spend down the assets of the spouse, who may need long-term care, and leave the other spouse with his or her assets. This can complicate things, if one of the spouses might need to go into a nursing home and have Medicaid pay for their care.
There are potentially a couple of ways around this problem. If the couple gets divorced, then the one spouse's assets will not count against the other spouse. Understandably, many people are reluctant to divorce even for getting coverage for a nursing home stay. There is also an income-based program that some people could qualify under, but the rules can be complicated.
An elder law attorney can advise you on your eligibility, if you think that you might need Medicaid to pay for your nursing home stay at some point.
Many charities have specific language they like donors to use, when giving gifts in their wills or trusts. This helps the charity know how they can use the gifts legally. Donors can also benefit from this, since the charity might have different funds set up for its different charitable activities. Donors can direct that their gifts be used for the specific funds they choose to support.
Some charities even offer “benefits” now to people who promise to make a gift to the charity after they pass away. However, if you do not let the charity know about your plans, then you cannot get those benefits.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and may include leaving something behind for charity.
Joint ownership means you don’t have to go through probate. However, the risks are high—very high.
A parent will sometimes decide to add a child to the deed to their home and that means an equal share. It also means that if the child has creditors, they can seek to make claims against the home. However, that is not the only reason it is a bad idea, according to The Columbus Dispatch in "Adding child to house title has risks."
One potential problem is that if more than one child is added to the deed of the home, the property might not pass as the parents intended, if one of the children predeceases their parents. The surviving child would become the sole owner, when the parents pass away. This would leave nothing for any children or other heirs of the child who passed away first. There are also many potential tax problems that can result from adding someone to the deed of a home.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and may include passing on your home to your children with little risk.
If you don’t have an estate plan but do have minor children, it can become complicated.
Most parents would choose to have their estate pass to their children, if they do not have a formal estate plan. However, if those children are minor, some challenges can arise, according to My San Antonio in "Minor intestate heirs pose expensive problems."
The problem is that it is not simple for minors to inherit anything. Courts are not going to direct that minors be given large sums of money and property to do with as they please. Someone needs to be appointed to manage the inheritance, for the benefit of the children. Every state has its own rules about how to appoint that person. However, those rules do not take into account what the parent might have wanted.
It is much better to create an estate plan that appoints someone to manage any inheritance your minor children might receive. This will allow the person appointed to be someone you choose and trust.
An estate planning attorney can advise you in creating an estate plan that fits your unique circumstances and may include minor children.
Some parents want to give everything to their children right now … but wait!
Unless you have an estate plan, before your children can inherit the estate it must to go through the probate process. That can be both expensive and time-consuming. Therefore, many parents decide to give their children everything now. However, it might be wise to reconsider, according to the Times Herald-Record in "Best not to transfer assets to children while parent still alive."
The most obvious problem with doing something like giving the children everything now, is that when ownership of something is transferred, the new owner has full legal rights to control that something. Once it becomes the child's property, the child gets to make all of the decisions concerning that property and they do not have to follow the wishes of the parent. It also means that if the child owes money to someone, the property can be subject to the claims of the creditor. Finally, there are all kinds of potential tax concerns, when giving property to another person.
You do not need to give everything away now to avoid probate. An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.
We make the process easy for new patients and care givers. Click here to get started and we'll be in touch to help get you setup with the program.
There is no additional cost for the MedPack or delivery and your copays should be the same as they are at most retail pharmacies. We accept all Medicare Part D plans and most major commercial insurance plans.
3. Customer service
Our team is laser focused on getting you the medications you need every month. If you have a question before signing up,contact us for more info.