what tax attorney does trusts and estates for the elderly

What is trusts and estates lawyer?

What does a trusts and estates lawyer do? Trusts and estates lawyers draft estate planning documents, such as wills, trusts, powers of attorneys, and advanced medical directives. In addition to estate planning, they are involved in the estate administration of a decedent.

Are estates and Trusts the same thing?

Trusts and estates are the two main legal structures for transferring assets to your heirs and beneficiaries. Estates make a one-time transfer of your assets after death. ... Trusts, meanwhile, allow you to create an ongoing transfer of assets both before and after death.Jun 1, 2021

What is a trust for the elderly?

Living Trusts allow seniors to rest assured that their finances and assets are managed by a trusted person. What is a Living Trust? Living Trusts help protect and manage the assets of those who cannot do so themselves due to age, illness, or disability. Many seniors assume that a will is the only protection they need.Aug 24, 2020

What is the estate planning process?

Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

What are the disadvantages of a trust?

What are the Disadvantages of a Trust?Costs. When a decedent passes with only a will in place, the decedent's estate is subject to probate. ... Record Keeping. It is essential to maintain detailed records of property transferred into and out of a trust. ... No Protection from Creditors.Oct 23, 2020

Should bank accounts be included in a living trust?

Some of your financial assets need to be owned by your trust and others need to name your trust as the beneficiary. With your day-to-day checking and savings accounts, I always recommend that you own those accounts in the name of your trust.

What is the downside of an irrevocable trust?

The main downside to an irrevocable trust is simple: It's not revocable or changeable. You no longer own the assets you've placed into the trust. In other words, if you place a million dollars in an irrevocable trust for your child and want to change your mind a few years later, you're out of luck.Aug 21, 2016

How can elderly parents protect their assets?

8 Things You Must Do to Protect Your Parents' AssetsWondering How to Protect Your Parents' Assets as They Age? ... Tag along to medical appointments. ... Review insurance coverages. ... Get Advanced Directives in place. ... Get Estate Planning documents in place. ... Do Asset Protection Pre-Planning. ... Look for scam activity. ... Security systems.More items...•Feb 23, 2016

Can you sell a house that is in trust?

An added benefit of a Property Protection Trust Will is its flexibility. For example, the surviving spouse can move house, downsize etc. The terms of the Trust will still apply to the new house. They cannot sell or spend the trust funds but the trust can be transferred to another house.

What is the first step in estate planning?

Seven steps to basic estate planningInventory your stuff. You may think you don't have enough to justify estate planning. ... Account for your family's needs. ... Establish your directives. ... Review your beneficiaries. ... Note your state's estate tax laws. ... Weigh the value of professional help. ... Plan to reassess.Jan 11, 2022

What are the 5 components of estate planning?

A good estate plan is comprised of five key elements: Will, Trust(s), Power of Attorney, Health Care or Medical Directive and Beneficiary Designation. A will is a legally binding document that directs who will receive your property and assets after your death.Nov 8, 2017

How do you avoid probate?

How can you avoid probate?Have a small estate. Most states set an exemption level for probate, offering at least an expedited process for what is deemed a small estate. ... Give away your assets while you're alive. ... Establish a living trust. ... Make accounts payable on death. ... Own property jointly.

What is a durable power of attorney?

You use a durable power of attorney (DPOA) for health care to give someone you trust the authority to carry out the wishes in your medical directive, and to make other medical decisions if necessary. A durable power of attorney for finances gives someone authority over your assets.

What to do if you don't have a will?

If you don't have a simple will, get one. They're not hard to create, and many people feel comfortable doing it themselves, with a product like Nolo's WillMaker & Trust software or online. Both offer a simple interview format and lots of plain-English help along the way. If you have a complicated family situation or unusual assets, contact an estate planning lawyer for advice.

What documents are needed for a living will?

The documents you need are: 1 medical directive ( living will) 2 durable power of attorney for health care 3 durable power of attorney for finances

What does a will say about your children?

Your will says who gets what after your death. You can make it simple—"everything to my children, to share equally"—or leave specific items to specific beneficiaries. You don't have to leave anything to family members if you don't want to, but if you're married, know that a disinherited spouse could probably claim some of your assets.

Can you change a living trust after you die?

As with a will, you can revoke or change a living trust at any time up until your death, as long as you're mentally competent. But after your death, or if you should become incapacitated, the person you chose to be your "successor trustee" takes control of trust property, without court supervision.

Can you name a beneficiary?

You've probably already named beneficiaries to inherit certain property from you. For example, when you signed up for a retirement plan at work or bought a life insurance policy, you were likely given a form on which to name a beneficiary. Now is a good time to revisit that paperwork. A surprising number of people never bother to update it, even when death or divorce of the original beneficiary means they should name someone else.

Estate planning

The experienced attorneys at Dell A. Richard can advise you on the best approach to your estate planning. We thoroughly analyze your estate and strategize the best means of transferring your assets, minimizing taxes, establishing guardianship for your children, supporting personal philanthropic causes, and protecting your loved ones.

Probate

Our attorneys apply their extensive knowledge about the Iowa probate court to guide you through the complex process of probating a will. We assist executors in all steps of the process, including:

Probate disputes

When disputes occur between beneficiaries, we successfully represent your interests. Our attorneys have the extensive knowledge to challenge invalid wills or to defend valid wills against the improper assertions of dissatisfied beneficiaries.

What needs to be done

Probate during life – guardianships and conservatorships for the elderly, disabled or minors; powers of attorney; filing claims in probate.

Contact Dell A. Richard for meticulous estate planning advice and assistance

Call Dell A. Richard at 319-354-9592 or contact us online to schedule an initial consultation.