With today’s health care and medical developments, special needs children can live more productive lives than they ever did in the past. Many scientists regard the term special needs as a euphemism for disability. Yet, the difference between the two terms is primarily one of acceptance and preference as both terms describe the four major types of disability: physical, developmental, sensory impaired, and behavioral/emotional.

The law describes estate planning as a legal document summarizing the property a person owns and how to distribute these assets when deceased. Property ownership includes individual as well as jointly owned bank accounts, stocks and bonds, retirement accounts, real estate, jewelry, vehicles, your online digital footprint, and even pets. Short of being utterly destitute, you have an estate, and planning for it helps to protect yourself, your family, and your loved ones.

Most people consider their home or other real property the main part of their overall net worth. How the home and other pieces of real property are titled deserves careful consideration. Real estate constitutes the land and any structure, including vegetation, livestock, crops, and other natural resources that sit on the land under the state’s law. Real estate can be commercial or residentially owned. Ultimately how you hold a property title has far-reaching consequences for liability, and when it comes time for sale or the bequeathing of it as an inheritable asset.

A blended family is where a couple brings children into a marriage from a previous marriage and then possibly has children together. Blended families highlight the need for careful estate planning to make sure the needs of each spouse are met, as well as the needs of each parents’ children.

Your business survived the 2020 pandemic and is still in operation in 2021. In that case, it is a sign that good things are ahead after the coronavirus pandemic disruptions to world economies via broken supply chains and loss of workers, productivity, and sales in the traditional work and marketplaces. COVID-19 has proved itself more than a temporary disruption. We work from home and interact with coworkers in virtual meetings, attend streaming classes, and rely on social media for business and social connections more than ever. The good news for surviving small businesses is that their inherent agility and adaptation will continue to be their strength moving forward.

At times, family members end up fighting over a parent’s favorite items when that parent dies. Arguments can take place over things like a coffee mug, a piece of jewelry, or a painting. These types of arguments can be eliminated by filling out a personal property memorandum and keeping it with your will or trust.

As we grow older, the need for estate planning becomes more important. Many people avoid estate planning because they do not want to think about the end of life, failing health, or disability. Others believe that an estate plan is only for rich people. However, an estate plan is helpful for the senior adult and their families regardless of overall wealth.

The federal estate tax exemption allowance seems to be at risk of being reduced, and so it may be a good idea to reevaluate your estate plan. Senate Democrats are proposing to lower the current estate tax exemption from $11.7 million to $3.5 million for individuals and $23.4 million to $7 million for couples. Whether this particular Congressional bill will pass into law is unknown; however, change is likely coming to estate tax exemptions. Even without action by Congress, in 2026, the current rate will sunset and essentially be cut in half to about $6 million per individual.

A trust is a great process for handling estate business, and it can be beneficial to individuals with any number of assets. You want to keep your affairs private and stay out of probate court? Maybe you have stepchildren? You want to leave money to your favorite charities? Or you own a small business and you’re concerned about liability. Perhaps you have a child with special needs. You have an elderly parent who might need government benefits. And so on. There are lots of situations where a trust is just the thing.

When estimating the economic value of an owner’s interest in a business, a pre-defined set of methods is generally used. There is a myriad of valuation techniques to employ to determine a fair valuation. Some of the reasons to value your small business may include:

A married couple, Ginny and George, had extended family they wanted to leave all their assets to when they died. Unfortunately, Ginny was then diagnosed with cancer. She began to worry: What could happen if she died before George did, and George remarried? Or vice versa? What if the second spouse started pushing to get what Ginny and George had intended would be their children’s inheritance? Neither Ginny nor George – nor their children, needless to say – much liked this picture.

A staggering 45 percent of older Americans are having problems meeting their basic obligations which is a tragedy. Many of these older adults must routinely shuffle their available resources in an attempt to keep quality health care, a roof over their heads, lighting, heating, and air conditioning, cash resources for food and medicine, and other life basics. Living paycheck to paycheck has morphed into how do I live day to day. Choices like should I eat today or purchase high blood pressure medication are sadly becoming the norm for many. While this might read as dramatic, the truth is that envisioning lyrical golden years for nearly half of Americans 65 or older has become an illusion.