Estate planning services are in high demand as a result of the COVID-19 pandemic. Surprisingly, young adults are more likely than their middle-aged counterparts to have a will. This demand presents a unique opportunity to offer estate planning services to the eighteen to thirty-four year old demographic, as well as their older counterparts whose planning efforts are lagging behind.
Young Adults Increase Demand for Estate Planning Services
By WealthCounsel Staff on Oct 1, 2021 10:00:00 AM
Year-End Planning with SLATs: 5 Key Points For Planning, Drafting, and Funding
By WealthCounsel Staff on Sep 24, 2021 10:00:00 AM
The Tax Cuts and Jobs Act of 2017 (TCJA) doubled the federal gift and estate tax basic exclusion amount (referred to here as “exemption”) from $5 million to $10 million (adjusted for inflation). In 2022, the federal gift and estate tax exemption is $12.06 million, which generally means that an individual can transfer $12.06 million of assets before having to pay a gift or estate tax (at a maximum rate of 40%). Unless new legislation is passed, this exemption will reset to $5 million (adjusted for inflation) on January 1, 2026.
What is Elder Law?
By Jill Roamer, JD, CIPP/US on Sep 22, 2021 9:11:00 AM
There are many areas of law an attorney can focus on — litigation, bankruptcy law, criminal law, real estate law, environmental law, health care law — the list seems endless.
Some areas of law are probably familiar to you, such as family law. You know that if you need a divorce or have a child custody issue, you should contact a family law attorney. But there are some areas that remain a mystery, for both the layperson and attorneys alike.
Elder law is one such area. It is lesser known; you might not have heard of an elder law attorney until you need one.
What exactly does an elder law attorney do?
A common comparison in the legal world is this: An estate planning attorney plans for what happens when you die, while an elder law attorney plans for what happens while you are alive.
Let’s take a deeper look at what, exactly, an elder law attorney may be able to help you with.