Lifetime Money Management for Children With Disabilities

Children with disabilities present a unique challenge for parents who are looking to engage in estate planning. For one, you will want to optimize your estate to use, enhance, and enrich assets for your child. At the same time, maintaining...

Medicaid Planning Protects Your Home

March 28, 2024
Tim Larson
Estate Planning, Medicaid Planning, Our Blog, Probate & Trust Administration

Your most valuable property may be your home, which is true for many people. You likely want your children to inherit that value when you pass away. However, you may also have concerns about planning for the future, especially if...

Reducing the Risk of a Family Fight in Probate Court

March 21, 2024
Tim Larson
Estate Planning, Our Blog, Probate & Trust Administration

Many family circumstances can increase the risk of probate litigation. High-risk factors that often bring about probate litigation can include sibling rivalry, second marriages without a prenuptial agreement, and dysfunctional family dynamics. Also, a non-standard estate plan may treat children...

Choosing Trustees for Special Needs Trusts: 5 Considerations

March 14, 2024
Tim Larson
Estate Planning, Our Blog, Special Needs Planning

Choosing the right person to serve as trustee of a special needs trust (SNT) is a key task when creating such a trust. It may also prove to be one of the most challenging. Trustees are responsible for the following: managing...

States With the Highest and Lowest Assisted Living Costs

March 7, 2024
Tim Larson
Elder Law, Medicaid Planning, Our Blog, Senior Living

Today, 58 million adults in the United States are 65 and older. Seniors make up more than 17 percent of the American population. The U.S. Census Bureau expects this number to reach 83.7 million by 2050. Meanwhile, one in every...

What to Know About Creating a Living Will

February 29, 2024
Tim Larson
Estate Planning, Our Blog, Probate & Trust Administration, Wills & Trusts

Creating a living will ensures your future healthcare decisions and plans are respected. A living will, or advance directive, is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself. Everyone...

Turning 18: Part III – Medical Coverage & Housing for Your Child

Medical care is one of the most important services, if not the most important service, that a person with special needs may need over the course of their life. The transition from a parent's health insurance to an individual plan can...

Baby Boomers: Inheritance Conversations With Your Children

February 15, 2024
Tim Larson
Estate Planning, Our Blog, Senior Living

Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children as they forge their financial plans. Knowing their general inheritance situation can change their decision-making process and...

2024 Annual Gift and Estate Tax Exemption Adjustments

February 8, 2024
Tim Larson
Estate Planning, Our Blog

With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service (IRS). Gift Tax Exemption for 2024 Every calendar year, you can gift...

What to Do When Your Child Turns 18, Part II: Financial Support

The financial planning steps a family takes when their child turns 18 establish the foundation for the child's support and well-being for the rest of the child’s life. If parents make the wrong decisions during this transition, the effects of those...