Author Archives: Andre O. McDonald
Can a Trust Own a Business After the Owner Dies?
In general, the answer to the title question is yes, your trust can own your business after you die. However, there are a number of considerations that may impact the answer to this and the following questions. One consideration is the type of business interest you own. Is your business a limited liability company… Read More »
LGBTQ+ Estate Planning to Protect Yourself and Your Loved Ones
Estate planning is for everyone. Regardless of your wealth, age, marital status, gender identity, or sexual orientation, it is crucial to have a plan in place to protect your money, property, and loved ones in the event of an accident, illness, or death. For LGBTQ+ Americans, estate planning can be even more important. Despite… Read More »
ABLE Accounts and Special Needs Trusts
People who have loved ones with disabilities and need a way to save money tax-free often create a special needs trust (SNT) to supplement their loved one’s unique requirements and quality of life while continuing their eligibility for public assistance programs. In 2014, the ABLE Act (Achieving a Better Life Experience) became a second… Read More »
Don’t Have a Lot of Money? Here Are Seven Ways You Can Still Leave Your Family a Great Legacy
Although the word “inheritance” usually conjures up images of property or accounts with significant monetary value, you can leave a long-lasting family legacy and inheritance by doing these seven things, whether or not your bank account is overflowing. 7 Ways to Leave a Great Family Legacy with a Smaller Income Make a Plan Often,… Read More »
An Estate Plan Should Not Be a Set-It-and-Forget-It Endeavor
As we all know, life happens. There is really nothing we can do about it. However, some of the most common life events can have a dramatic effect on your estate plan. If you think your estate plan is like a slow cooker and you can set it and forget it, you and your… Read More »
Estate Planning Lessons We Can Learn from Encanto
Not only is Disney’s award-winning animated film Encanto hugely entertaining, it also contains the following valuable estate planning lessons: Leaving a family legacy is important and can have an impact beyond your immediate family. Be sure to consider the significance of multigenerational planning. Treating each beneficiary as a unique person is essential. Naming the… Read More »
A Senior’s Guide to Estate Planning
Most older adults acknowledge that estate planning is essential. Yet, nearly half of Americans age 55 or more do not have a will, and even fewer have all the elements of an estate plan, including designated powers of attorney, a living will, or health care directives. These documents help guide your representatives to provide… Read More »
Medicaid Planning Protects Your Home from Rising Health Care Costs and Capital Gains
Your most valuable property may be your home, which is true for many people. You want your children to inherit that value when you pass. However, you are also concerned about planning for the future, declining health, and the potential need for expensive long-term care. You have heard that Medicaid can pay for that,… Read More »
If I Give My Home to My Child in My Will, Can They Take My Home While I Am Still Alive?
Here’s an interesting estate planning question: “I’m planning on leaving my house to my child in my will. However, does this allow them to take my home while I’m still alive?” The short answer to this question is no. Naming your child as the recipient of your home in your will does not give… Read More »
Does a Domestic Partner Have the Same Rights as a Spouse When It Comes to Estate Planning?
The short answer to whether couples in a domestic partnership have the same rights as married couples when it comes to estate planning is … probably not. To a large extent, the state in which you live, and maybe even the city or county, determines domestic partners’ rights. What Is a Domestic Partnership? Everyone… Read More »
