Latest from Elder Law Issues

Estate taxes are assessed on the value of your assets including your retirement benefits, real estate, and life insurance. At the time of this newsletter, the federal estate tax exemption is currently $13.61 million per person for deaths in 2024. In 2026, the that exclusion amount will revert to the 2017 level. That would be

Voting rights are in the forefront of minds and media attention in this election year. But not much is written or discussed about the ability of someone under guardianship to exercise their right to vote. This week an Arizona appellate decision created a slight opening to discuss the topic further.
Angie Weber’s story
Angie Weber

There are a lot of duties and responsibilities that come with being the trustee of a loved ones irrevocable trust. One of those duties is to keep good records. Another duty is to keep qualified beneficiaries reasonably informed about the administration of the trust. This means the trustee should respond promptly to any reasonable request

When you give a gift to someone in trust, you get to decide who benefits from that gift after the initial beneficiary’s death, if there are still assets in the trust, but you do not have to. Another option is creating a power of appointment.
What is a Power of Appointment?
You can choose to

If you’ve had your powers of attorney drafted recently, you might see the word “durable” in the title or text of the document. If you do, that’s probably a good thing. Let’s talk about what it means and why you want it in your documents.
What does “durable” mean in a power of attorney?
Durable

When most people think of estate planning, they think of what happens on their death. However, estate planning also includes what happens while you are still alive but unable to make financial or healthcare decisions. Incapacity can mean that you would need someone to pay your bills, file your taxes, attend appointments with you, etc.