August 2021 Newsletter

The time has come to bid farewell to summer. August is here and that means goodbye summer vacation, hello back to school prep. We hope that you soak up these fleeting moments of the season and manage to squeeze in some last minute summer fun!

As we make our back to school plans and preparations, it can be important to remain cognizant of the lingering Covid-19 presence. The Delta variant and others seem to be on the rise and we should also try to be intentional about protecting ourselves, our loved ones, and our community however we can. Stay safe, stay healthy, and remember that we are all in this together.

While none of us are immune, despite our health status and best efforts, from a sudden illness or injury, we can all put plans in place to protect our wishes and best interests should a health crisis strike. Consider establishing health care documents, such as a Health Care Proxy and a living will. A Health Care Proxy names a trusted individual who will make critical health care decisions on your behalf should you become incapacitated and unable to communicate such preferences for yourself. A living will can outline your end of life care wishes so that your wishes are honored even when you face a terminal illness and cannot speak them for yourself.

While the topics you must confront when drafting these plans in place can be difficult, you may be surprised by the amount of peace of mind you will gain from putting such important legal protections in place. For help developing a comprehensive estate plan that includes health care documents, our office is, as alway, here for you and your loved ones. Please reach out to us today.

Sincerely,

Patrick

Tips for Preparing for a Possible Estate Tax Change

Are you concerned about the buzz surrounding potential estate tax changes? The good news may be that the federal estate tax is unlikely to impact the majority of Americans, even if the exclusion is slightly reduced from its current floor of $11.7 million per individual or $23.4 million per married couple. If, however, you are still concerned, consider taking into account the following three tips for preparing for a potential estate tax change.

For assistance navigating potential estate tax changes on the horizon, please reach out to our office to schedule an appointment.

Consider a Trust. An irrevocable trust, such as a Spousal Lifetime Access Trust (SLAT) or Intentionally Defective Grantor Trust (IDGT) may be a good way to reduce the size of your taxable estate. Funding an irrevocable trust does require you to give up control over the money or assets you put into trust, so be sure this is something you can handle before going this route. A qualified estate planning attorney will be able to advise you as to what type of trust may suit your family’s needs.

Take Advantage of Annual Gifting. Currently, the federal gift tax has an annual exclusion of up to $15,000 per individual giver or $30,000 per married couple, per recipient. What this means is that you can give that amount to any person you choose every year without any tax consequences for you or for them. If you have an estate that might be captured by a lower federal estate tax limit, but you are looking to reduce it by an amount under one million, this might be a cost effective way to transfer your assets. If you have two children and four grandchildren, you can gift up to $180,000 per year by gifting $30,000 to each of them. That means in five years time you will have gifted $900,000 and reduced your taxable estate by the same amount.

Remember Nothing Is Guaranteed. Keep in mind that no change is guaranteed with respect to when it will arrive or how long it will last. You may wish to avoid taking drastic measures, because it is entirely possible that the estate tax rate will change many more times over your lifetime, unless you are already in your later years. Your estate planning attorney can advise you more on moderate measures that allow for flexibility should rates decrease in future after increasing in the present.

For assistance navigating potential estate tax changes on the horizon, please reach out to our office to schedule an appointment.

3 Key Reasons Why Single Parents Need to Update Their Estate Plan When They Move to a New State

Are you a single parent? If so, estate planning may be twice as important as it is for married couples. You want to make sure that your child will be cared for no matter what. You also want to make sure that your child will be cared for no matter where you live, but this is especially true if you are making a major move to another state. Let us review three key reasons to update your estate plan if you moved to another state.

You May Be Moving Away from Extended Family. If you have been living near extended family for help raising your child, but you have an opportunity to make a move that will be good for you, make sure you have your estate planning documents in order once you arrive in your new state. You may want to consider updating your will or guardianship arrangements that reflect a desire for your child to return to your original home state should you unexpectedly pass away, so your child can be raised by your family. Alternately, once you move, you may make friends who parent like you do and would be willing to look after your child, so you would need to make it clear that you would want your child to stay in your new state. The decision must ultimately be signed off by a judge, but it never hurts to have clear estate planning documents outlining your desires.

You May Be Moving to Be Closer to Family. If you are in the opposite scenario, moving to a new state to be closer to your family after going through a divorce, it may also be good to update your estate planning documents to reflect the tax and inheritance rules in your new state, as well as outline your wishes for what you would want to happen with respect to guardianship of your children.

Moving with a Co-Parent. If you are actively co-parenting with your child’s other parent after a split, and you decide to make a move together, it can be important to update your estate planning documents to reflect your wishes regarding finances and medical care, even if you know your child would live with the other parent if something happened to you. You may not want your co-parent to be the person in charge of those other decisions, and medical personnel in your new state may not know there is another option unless you complete medical powers of attorney and other forms that are valid in your new location.

No matter what your circumstances may be, updating your estate plan after a move can be important. For assistance doing so, please contact our office to set up a meeting time.

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Events

We have virtual events coming up! Advanced registration is required.

5 Ways to Protect Your Assets from Long Term Care Expenses at the Corning Public Library
Thursday, August 12th, 1:00 pm
Call (607) 664-2300 to register!

5 Ways to Avoid Probate via Zoom
Tuesday, August 17th, 3:30 pm
Call (607) 664-2300 to register!

I'm Dead, Now What? Planned Giving Event at the Clemens Center
Wednesday, August 18th, 5:30 pm
Call (607) 733-5639 or email Janice Slocum at janices@clemenscenter.org to register!

Recipe

Summer Popsicles

Ingredients:

3 oz. pkg of cherry Jell-O

3 oz. package of berry Jell-O

1 small container of yogurt (any flavor, just needs to be white)

4 c. water

2 tbsp. sugar

Directions:

1. Prepare the red layer. Boil 1 c. of water and add the sugar and red Jell-O. Cook until dissolved, turn off heat. Add one cup cool water. Pour into popsicle mold and allow to freeze.

2. Once the first layer is frozen or stiff set, add the layer of yogurt and the sticks. Allow to freeze.

3. Prepare the blue layer exactly like the red layer. Allow the mixture to cool slightly before pouring into the mold. Allow to freeze..

Enjoy!

Contact Us Today

We at Roth Elder Law, PLLC, believe in providing services in a way that clients can easily understand and meaningfully participate in designing and maintaining their estate plan for their loved ones, as well as be assured that their plan will be administered according to their wishes.

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