You Are Never Too Young To Write A Will July 27, 2015 | lmsXpect3 Did you know that you can write a legally binding will at the age of 18? This may come as a surprise since wills are typically (and rightly) associated with the end of one’s life. While the average life expectancy is much older (thankfully!) than 18 in the United States (78.7 years, to be exact), More
Estate Planning: Is It As Difficult As It Sounds? July 25, 2015 | lmsXpect3 Estate planning is a must for protecting the assets you intend to leave to your loved ones. This is because your estate is subject to taxation. A strong estate plan strategically utilizes all applicable tax exemptions, thereby limiting the tax burden on the assets left to your beneficiaries. Without a smart estate plan, the tax More
Common Mistakes Of A DIY Will July 21, 2015 | lmsXpect3 Often, individuals attempt to write a will disposing of all their assets without the help of a wills attorney. The motivation for doing so is usually financial, with the thought being that a “do it yourself” document will save money. Sadly, this drive to save can actually bring significant costs, with the result being that More
Did You Know An Attorney Could Help You Qualify For Medicaid? July 21, 2015 | lmsXpect3 There exists a misperception that ownership of significant assets is incompatible with eligibility for Medicaid. This is not always the case. In fact, with the assistance of a skilled elder law attorney, you may be able to qualify for Medicaid even if you possess a number of valuable assets. This is good news, as qualification More
Ensure that Estate Taxes Are Not Passed On To Your Loved Ones July 21, 2015 | lmsXpect3 Smart tax planning is a critical component in protecting assets you intend to leave your loved ones. Assets left to beneficiaries by a decedent are subject to the Federal Estate Tax. Absent a properly crafted estate tax plan, your loved ones may receive less than you intended. Fortunately, with the help of a skilled and More
Unique Washington Laws Concerning Wills July 13, 2015 | lmsXpect3 Every state has its own laws concerning wills. Because individuals frequently live in more than one state across the span of a lifetime, it is essential to ensure that one’s will fully complies with his or her final state of residence. Your last wishes, and even the financial well-being of your loved ones, depends on More
What Does A Support Trust Provide For Minors? May 4, 2015 | lmsXpect3 Providing for the financial well-being of one’s minor children is a primary concern for every parent. Creating a Will or Revocable Living Trust that contains a support trust is reliable way to take care of this need. In creating a support trust, parents appoint a trustee who can administer the trust to provide for the More
What Is Medicaid Recovery? April 24, 2015 | lmsXpect3 Medicaid recovery simply refers to the state’s authority to seize financial resources and assets of an individual who has used Medicaid health insurance for a medical condition, or been a resident at a medical treatment or nursing facility. While many recipients of Medicaid benefits are excluded based on a lack of financial assets and other More
Never Prepare A Real Estate Contract Without A Lawyer April 24, 2015 | lmsXpect3 You can enter into a contract to buy or sell real estate by drafting the contract from scratch, or you can use a standardized form. Nearly every real estate agent in the country uses a standardized form. There’s a reason for that. They’re convenient. Agents need only fill in the blanks. Even if you’re the More
High Net Worth Estate Planning March 16, 2015 | lmsXpect3 Your estate is subject to three potential beneficiaries: your heirs, desired charities, or taxing authorities. The wealth created from the hard work that you have invested to have a secure life for your family should not be left to chance. Neither should your charities of choice suffer a lack of funding because a significant portion More