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Estate Planning for Elderly Parents

Estate planning is a crucial process for everyone. However, it becomes particularly imperative for our elderly parents. As they advance in age, creating a complete estate plan ensures that their wishes are honored, and their affairs are in order for the inevitable. This guide will walk you through the essential steps and documents involved in estate planning for aging parents, helping you to make financial and medical decisions that are aligned with their desires. Understanding the Importance of an Estate Plan for Your Elderly Parent Estate planning is not merely about distributing assets. It’s a comprehensive approach to managing an…
01/02/24 • by: Vick Law, P.C.
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Tax Deductions for Seniors Only

There are a host of tax breaks available to retirees and older Americans. However, they’re easy to miss.
01/02/24 • by: Vick Law, P.C.
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How Does Estate Planning Protect Young Children?

To make sure that your children are taken care of if something happens to you, it’s important to appoint a guardian, establish a trust and ensure there’ll be financial support.
01/02/24 • by: Vick Law, P.C.
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What are the Basics of Estate Planning?

Discussing estate planning with others can be uncomfortable and easily avoided, yet this is an important part of financial planning.
01/02/24 • by: Vick Law, P.C.
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Maximizing Your Legacy: Strategic Ways to Include Charities in Your Estate Plan

Leaving a legacy through charitable bequests is not just for the wealthy. Sharon Waters highlighted in her AARP article that anyone can make a lasting impact by including charities in their estate plan. This article explores various strategies to do so effectively. Understanding the Impact of Charitable Bequests Charitable bequests are instructions to allocate assets to charitable organizations within a will or estate plan. These bequests can create a lasting impact, supporting causes and organizations that matter to you long after you’re gone. Even modest bequests can significantly contribute to a charity’s mission. Assessing Your Options for Charitable Giving There…
01/02/24 • by: Vick Law, P.C.
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Can I Prevent Children from Fighting over my Estate?

Parents typically do not want their surviving children to fight over their inheritances after the parents die. Careful planning may reduce the risk of foreseeable in-family conflicts.
01/02/24 • by: Vick Law, P.C.
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Estate Planning Tips for Blended Families to Protect New Goals and Loved Ones

Estate planning for blended families presents unique challenges. Unlike traditional family structures, reports Barrons recent article titled, “When Remarrying Creates a Blended Family: Advice From Financial Pros,” blended families often involve complex relationships and diverse financial backgrounds, making the process of estate and financial planning more intricate. This article has tips for blended families on identifying overall estate planning goals and concerns and identifying heirs to protect your new family and future.
01/02/24 • by: Vick Law, P.C.
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Navigating the Financial Journey to a 100-Year Life

In an era where living to 100 is becoming increasingly likely, financial planning for retirement takes on a new level of complexity. The Yahoo Finance article, “Retirement Planning: Here’s How Much You’ll Need To Save If You Live to 100”, offers a comprehensive look at this challenge, highlighting the need for a radical shift in our approach to life and financial planning. Understanding the Longevity Revolution The “longevity revolution” concept discussed by Laura L. Carstensen, director of the Center for Longevity, suggests a significant societal shift. This revolution impacts various aspects of life, including health care, personal finance and retirement…
01/02/24 • by: Vick Law, P.C.
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Estate Planning Essentials for the Sandwich Generation

The sandwich generation, a term for individuals juggling the care of their children and aging parents, faces unique challenges. This demographic, typically in their 30s and 40s, is experiencing a rise due to later childbirth and an aging population, compounded by the recent pandemic’s impact on long-term care facilities. Effective estate planning for the sandwich generation is critical in managing these dual responsibilities. Understanding the Demographics and Trends Significant societal trends influence the increasing numbers of the sandwich generation. Understanding these trends is essential for tailored estate planning strategies. The Importance of Estate Planning for the Sandwich Generation Estate planning…
01/02/24 • by: Vick Law, P.C.
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5 Signs You Should Update Your Estate Plan

From the birth of a child to a newfound charitable drive, these are the instances in which an alteration to your estate plan is critical.
12/22/23 • by: Vick Law, P.C.
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