Estate Planning for the Elderly
Title: Estate Planning For the Elderly
Course: TAX 6405-Gift, Estate, and Trust Taxation
Table of Contents * Introduction * Power of attorney * Trusts * Wills * Joint ownership of assets * Lifetime gifts * Long term care insurance * Conclusion
Introduction
You may have heard a phrase like, “70 is the new 50.” There are large numbers of seniors living into their 80s and 90s. Estate taxation and planning has become a bigger concern, especially for baby boomers. There is a wide range of laws regarding the elderly and disabled. The law of the elderly and disabled has become more complex in recent years. Lawyers and financial planners who specialize in elder law assist with matters affecting the autonomy of elderly people, personal and financial matters, matters regarding wills, trusts, healthcare directives, power of attorney, to name a few. As with most problems in the areas of estate and financial planning, advance planning can help resolve many of the financial and tax problems that the elderly and disabled may be faced with. Estate is everything that is involved with one’s money and property. Estate planning will differ according to a person’s family needs and personal goals. There are several “tools” the elderly could use to address issues like: protecting assets; limiting estate taxes; making sure wishes of who will inherit the property and money are fulfilled; leaving an inheritance without giving up control and minimizing estate taxes; becoming incapacitated or seriously ill.
Example: After Elvis Presley died, his estate was worth over 10 million dollars but after probate, all that was left for the family was a little over 2 million which shows that no estate planning took place and the estate was taxed heavily.
This paper will discuss some of the “tools” that help in planning estate for the elderly in order to minimize estate taxation. Some of the “tools” discussed in this paper are: Power of Attorney; Trusts,
Course: TAX 6405-Gift, Estate, and Trust Taxation
Table of Contents * Introduction * Power of attorney * Trusts * Wills * Joint ownership of assets * Lifetime gifts * Long term care insurance * Conclusion
Introduction
You may have heard a phrase like, “70 is the new 50.” There are large numbers of seniors living into their 80s and 90s. Estate taxation and planning has become a bigger concern, especially for baby boomers. There is a wide range of laws regarding the elderly and disabled. The law of the elderly and disabled has become more complex in recent years. Lawyers and financial planners who specialize in elder law assist with matters affecting the autonomy of elderly people, personal and financial matters, matters regarding wills, trusts, healthcare directives, power of attorney, to name a few. As with most problems in the areas of estate and financial planning, advance planning can help resolve many of the financial and tax problems that the elderly and disabled may be faced with. Estate is everything that is involved with one’s money and property. Estate planning will differ according to a person’s family needs and personal goals. There are several “tools” the elderly could use to address issues like: protecting assets; limiting estate taxes; making sure wishes of who will inherit the property and money are fulfilled; leaving an inheritance without giving up control and minimizing estate taxes; becoming incapacitated or seriously ill.
Example: After Elvis Presley died, his estate was worth over 10 million dollars but after probate, all that was left for the family was a little over 2 million which shows that no estate planning took place and the estate was taxed heavily.
This paper will discuss some of the “tools” that help in planning estate for the elderly in order to minimize estate taxation. Some of the “tools” discussed in this paper are: Power of Attorney; Trusts,
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