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Do Heirs Have to Pay Debts from an Estate?

By: Nick Leydorf

Part of estate planning is considering how future repayment of debts, both owed to the person and debts they are responsible for, will impact inheritances received by beneficiaries. A recent article from Lake County News, “Estate Planning: Debts and Estate Planning,” explains how the process works. Assets passing to a beneficiary directly, outside of probate, […]

Posted on: May 23, 2023 | Estate Planning

Why Is ‘When’ the Big Question in Estate Planning?

By: Nick Leydorf

People approaching retirement ponder numerous questions. However, I’ve found that many of the most important questions revolve around the word ‘when.’

Posted on: April 21, 2023 | Estate Planning

Planning for Long-Term Care with Irrevocable Trusts

By: Nick Leydorf

With the possibility of needing long-term care in the future, many people are interested in proactive planning.

Posted on: April 20, 2023 | Estate Planning

How Do Inheritance and Estate Taxes Work?

By: Nick Leydorf

elder couple working on protecting their assets

Federal estate taxes were created in 1916, taxing estates valued at over $5 million. This amount changed to $50 million in 1932. In 1940, it dropped to $10 million, then $5, then $3. In 2002-2007 estates worth more than $2 million paid the tax.

Posted on: April 18, 2023 | Estate Planning

Planning for Long-Term Care and Taxes

By: Nick Leydorf

Many families discover that trying to mitigate the cost of long-term care can conflict with another common retirement concern—reducing taxes for retirees and their heirs.

Posted on: April 17, 2023 | Elder Law Estate Planning

Transfer on Death Isn’t Always a Smart Estate Planning Strategy

By: Nick Leydorf

A primary benefit of using TOD/POD designations is that assets held in the account will pass automatically to the beneficiary without having to go through probate.

Posted on: April 14, 2023 | Estate Planning

Do Trusts Help with Succession Planning?

By: Nick Leydorf

Most estate planning starts with a will. The legal document covers what to do with your assets and provides important direction on the care for minor children.

Posted on: April 14, 2023 | Estate Planning

Protecting Inheritances in a Blended Family

By: Nick Leydorf

As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.

Posted on: April 13, 2023 | Estate Planning

Top 10 Estate Planning Myths

By: Nick Leydorf

Everyone needs to worry about estate planning. That planning doesn’t only pertain to what happens when you die but what could happen if you end up incapacitated.

Posted on: April 12, 2023 | Estate Planning

Coping With Terminal Illness: Getting Your Affairs in Order

By: Nick Leydorf

If you or a loved one has been diagnosed with a terminal illness, there are many things to deal with. You’ll likely be in shock, processing emotions, and wondering what you need to do to get your affairs in order. This situation will be stressful, and you may not be thinking clearly. It might help […]

Posted on: February 21, 2023 | Elder Law Estate Planning

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Estate Planning Blog

Do Heirs Have to Pay Debts from an Estate?

Why Is ‘When’ the Big Question in Estate Planning?

Planning for Long-Term Care with Irrevocable Trusts

How Do Inheritance and Estate Taxes Work?

Planning for Long-Term Care and Taxes

Transfer on Death Isn’t Always a Smart Estate Planning Strategy

Do Trusts Help with Succession Planning?

Protecting Inheritances in a Blended Family

Top 10 Estate Planning Myths

Coping With Terminal Illness: Getting Your Affairs in Order

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