Proactive Legal Strategies for Cognitive Decline

November 13, 2024

Cognitive decline is a concern many of us may face as we age. However, it’s something to face head-on. Planning for this possibility is not about expecting the worst but being prepared. Whether you or a loved one are already experiencing early signs of cognitive decline or want to be proactive, an elder law attorney can help protect your future. There are some proactive legal strategies for cognitive decline.

According to Assured Assisted Living, the best time to start planning for cognitive decline is before it happens. Working with an elder law attorney can create a legal framework that safeguards your wishes, even if you face cognitive impairment later in life. Above all, the two critical legal tools to leverage are powers of attorney and advance healthcare directives.

One of the most essential legal documents is a durable power of attorney. This document allows you to appoint someone you trust to handle your financial and legal affairs if you cannot do so. Choosing this person ahead of time can prevent court intervention and ensure that your finances remain secure.

In addition to financial matters, it’s important to consider your healthcare decisions in an emergency. By using an advance healthcare directive, you can outline your wishes if you ever become incapacitated. Just because you can’t speak for yourself doesn’t mean you have to lose agency in your care.

Managing day-to-day tasks, such as paying bills or understanding complex legal documents, can become problematic as cognitive decline progresses. For some, the decline may occur gradually, giving time to plan and adjust. For others, it may be more sudden. With a plan in place, your family could avoid the stress of navigating the court system to gain control over your finances or healthcare.

Proactively creating legal protections protects yourself from potential complications, allowing your loved ones to act quickly and efficiently when needed.

If you suspect that you or a loved one may be experiencing cognitive decline, it’s essential to seek medical advice early. As discussed in a recent reflection from an attorney facing cognitive impairment, many health conditions, such as vitamin deficiencies or sleep disorders, can mimic symptoms of cognitive decline. Addressing these issues early can slow or even reverse specific symptoms. If your cognitive decline is more advanced, early diagnosis allows for more effective legal planning.

Building a support team to help manage legal and healthcare issues is essential when planning for cognitive decline. An elder law attorney can assist in preparing the necessary documents to ensure that trusted individuals can step in to manage your affairs, if needed. Having a reliable primary care physician and specialists, such as neurologists or geriatricians, can also help identify health-related concerns early.

Establishing proactive legal strategies for cognitive decline is also about protecting your family. Your family could face emotional and financial strain without the proper legal documents. Legal battles over guardianship, medical decisions, or asset management can be stressful and time-consuming. By acting now, you can help avoid these challenges and ensure that your family is cared for in a way that reflects your wishes.

The future is unpredictable, but your legal plans don’t have to be. Whether you’re already noticing early signs of cognitive decline or want to be proactive, now is the time to meet with an elder law attorney. If you would like to learn more about managing incapacity, please visit our previous posts.

Reference: AssuredAssistedLiving (Sep. 20, 2024) “Legal and Financial Planning and Cognitive Impairment”

Photo by Kindel Media

Legal Implications of Using Stored Genetic Material after Death

November 12, 2024

In today’s world, advances in reproductive technology allow for the possibility of using stored genetic material, like sperm or eggs, even after someone has passed away. While this opens doors to new family options, the National Library of Medicine warns of legal challenges to keep in mind. There are legal implications of using stored genetic material after death that are vital to understand.

One of the primary legal issues surrounding posthumous reproduction is whether the deceased has given explicit consent. In many jurisdictions, laws regarding this issue remain ambiguous. Some courts have permitted the retrieval of genetic material, such as sperm, shortly after death. However, questions about how and when it can be used often go unresolved until much later.

For instance, in certain countries like Australia, legal ambiguity surrounds both the retrieval and use of gametes (sperm and eggs). Even if sperm is retrieved with court permission, it may face legal barriers to being used later. In the U.S., there are limited regulations directly governing posthumous reproduction. It typically falls on medical professionals and private fertility clinics to establish protocols.

Another important consideration is the inheritance rights of children conceived after the death of one or both parents. The Uniform Probate Code in the United States has specific guidelines when genetic material is used after death. It requires that a deceased individual’s consent to posthumous reproduction be proven either in writing or through other clear evidence.

For the resulting child to have inheritance rights, conception must occur within a set timeframe after the parent’s death—either within 36 months of the death or born within 45 months of it. These timeframes help keep inheritance disputes to a minimum. However, they also add a layer of complexity to estate planning. If you are considering freezing genetic material for future use, clearly documenting your intentions is vital.

Courts often face difficult decisions when receiving a request to use stored genetic material. In one notable case, the mother of a young man who passed away unexpectedly in a motorcycle accident sought permission to retrieve and use his sperm. The court granted her request. However, there were no clear guidelines on whether it would be legally permissible to use the sperm to conceive a child.

In some jurisdictions, courts have allowed the retrieval of genetic material for medical purposes, interpreting organ donation laws to include sperm or eggs as a form of tissue. However, when using the retrieved material for reproduction, the legal situation becomes more complicated, with varying rulings based on specific case circumstances.

A highly emotional and legally complex issue arises when parents wish to use their deceased child’s genetic material to have a grandchild. In some cases, courts have granted permission to parents to retrieve and use their child’s genetic material, citing the deceased’s potential wishes and the strong relationship between the child and parents. However, this practice is not universally accepted. Many jurisdictions have strict limitations on who can request the use of stored genetic material after death.

The legal landscape around posthumous reproduction is still evolving. There are many uncertainties that families may face when navigating these issues. Whether you are considering freezing genetic material or wondering how to address this situation in your estate plan, it’s essential to consult with a probate lawyer to ensure that your wishes are legally documented.

If you’re concerned about the legal implications of using stored genetic material after death, or the inheritance rights of posthumously conceived children, now is the time to start planning. If you would like to learn more about inheritance rights, please visit our previous posts.

Key Takeaways:

Clarify Legal Consent: Ensure explicit consent for the use of stored genetic material after death to avoid legal complications.
Secure Inheritance Rights: If clear documentation is in place, posthumously conceived children may have inheritance rights.
Complex and Ambiguous Laws: Understand that courts may allow genetic material retrieval but could restrict its use.
Protect Family Interests: Estate planning with a probate lawyer ensures that your family’s rights and wishes are honored.
Plan for the Future: Including posthumous reproduction in your estate plan helps protect both your genetic legacy and your loved ones.

Reference: National Library of Medicine (Aug. 7, 2018) “Creating life after death: should posthumous reproduction be legally permissible without the deceased’s prior consent?”

Image by Marjon Besteman

Proper Estate Planning can Protect Couples with Big Age Gaps

October 30, 2024

A decade-sized age gap doesn’t seem like much when you are 38 and he’s 57. However, as you get older, the age difference can lead to challenges, including those concerning estate planning and long-term care. Proper estate planning can protect couples with big age gaps. There needs to be enough resources for the surviving spouse if the older spouse passes first, which isn’t always the case. According to a recent article, “Estate Planning for May—December Couples,” from Next Avenue, finances, wills and estate plans must consider the age difference.

The U.S. Census Bureau reports the average age gap in traditional marriages as 3.69 years. However, in some Western countries, about 8% of all traditional couples have an age gap of 10 years or more.

One couple had a nearly 20-year age gap when they sat down with an advisor. The husband had three grown children from a prior marriage and didn’t want to put his second wife’s financial security in jeopardy if he should die first. His will needed to be drafted so she would inherit the home outright, while also providing his three children with an equal share of remaining assets after a certain period.

Naming someone who is not also a beneficiary to be the executor of your estate may be especially helpful here. Someone who isn’t going to benefit from an inheritance may be more objective about how assets are distributed. During their years of practice with families of all types, experienced estate planning attorneys see all kinds of family situations, including couples in subsequent marriages with large age gaps. They can help navigate the best way for wealth to be distributed to protect both the younger spouse and any children from prior marriages.

A few essential tasks:

Review and update beneficiary designations on accounts like life insurance, retirement accounts and other assets.

Be clear in conversations about your intentions for personal property and document your wishes in your will. Family disputes over heirlooms, regardless of their value, can happen if you haven’t put those wishes in writing.

If the older spouse dies and the young one remarries, it’s possible the new spouse could inherit the older spouse’s assets unless good estate planning is done. The older spouse may consider leaving assets in a marital trust designed to benefit the surviving spouse. This way, the surviving spouse has access to funds as needed. However, upon the surviving spouse’s death, the assets go to the older spouse’s other beneficiaries.

Couples should always have a Power of Attorney, Health Care Power of Attorney and Living Wills created when working with an estate planning attorney. The medical power of attorney allows another person to make medical decisions in case of incapacity. A Living Will outlines what treatments you do or don’t want if you are terminally ill or injured. These documents vary by state and, just like your will, should be personalized to reflect your wishes. An estate planning attorney will show you how proper estate planning that can protect couples with big age gaps. If you would like to learn more about planning for couples, please visit our previous posts.

Reference: Next Avenue (Sep. 5, 2024) “Estate Planning for May—December Couples”

Image by Jennifer

How to Leave an Inheritance to Your Child but Not Their Spouse

October 21, 2024

As a parent, you’ve likely spent years building up your savings and assets, hoping to leave a legacy for your children. However, one concern many parents have is ensuring that the inheritance they pass on stays with their child and doesn’t end up benefiting a spouse. Whether out of love for your children or worrying about future divorces, it’s natural to consider inheritance planning strategies to safeguard your hard-earned assets. If you are concerned about your child’s relationship, you will want to learn how to leave an inheritance to your child but not their spouse.

A trust is one of the most common and effective ways to ensure that your child is the sole benefactor of their inheritance. By setting up a trust, you control how and when your assets are distributed. A trust can be created now while you’re still alive or can take effect upon your passing.

You can name the trust as the beneficiary of your retirement accounts, life insurance, or other assets. The trustee, a person you designate, will follow your instructions regarding when and how the money or property is given to your child.

While prenuptial agreements used to carry a certain stigma, that is no longer the case. These agreements have become more common, especially among younger generations. A prenuptial agreement is signed before marriage and details how a couple’s financial matters will be handled in case of a divorce.

If your child is open to the idea, they can use a prenuptial agreement to protect their future inheritance. This legal document can specify which assets belong to your child, preventing a spouse from making any claims.

If your child is already married, safeguarding their inheritance is still an option. A postnuptial agreement works similarly to a prenuptial agreement but is signed after the wedding. This document can outline which assets, including future inheritances, will remain separate in the event of a divorce.

Discussing a postnuptial agreement might feel tricky, as it requires open communication between your child and their spouse. However, it can be essential for ensuring that your child’s financial future remains protected.

While legal strategies like trusts, prenuptial agreements and postnuptial agreements are essential to inheritance planning, financial tools also play a role. Working with a trusted estate planning professional who provides the legal competence and the knowledge to examine your complete financial background can help you evaluate the best way to structure your assets and accounts to minimize potential risks. They can guide you on which accounts to designate for inheritance and which might be more vulnerable to claims in a divorce.

If you’re ready to protect your child’s financial future, an estate planning attorney will show you how to leave an inheritance to your child, but not their spouse. If you would like to learn more about inheritance planning, please visit our previous posts.

Reference: Northwestern Mutual (Apr. 22, 2022) “Can I Leave Money to My Kids But Not Their Spouses?”

Image by miltonhuallpa95

Unique Challenges to Estate Planning for Non-Citizens with U.S. Assets

October 2, 2024

There are unique challenges to estate planning for non-citizens with U.S. assets. Non-citizens’ estate planning isn’t something that all estate lawyers are ready to handle. However, avoiding an excess tax burden is important. However, the right help can drastically reduce your tax burden and increase what you leave behind to loved ones.

One of the most important factors to consider regarding estate planning for non-citizens is residency status. The U.S. estate tax laws apply differently to residents and non-residents. Guardian Life shares that U.S. citizens and residents are entitled to a significant estate tax exemption—currently set at $13,610,000 for 2024.

However, non-residents with U.S. assets face a much smaller exemption of just $60,000. This stark difference means that non-citizens may be subject to high estate taxes, potentially up to 40% on assets exceeding the $60,000 threshold.

Residency status is a critical element in determining estate tax obligations. The Internal Revenue Service (IRS) uses the concept of “domicile” to decide who qualifies for the higher exemption. A person is considered domiciled in the U.S. if they live there and intend to remain permanently. Non-citizens who do not meet these criteria are considered non-residents and are subject to the lower exemption.

For example, someone living in the U.S. on a non-resident visa might still be considered domiciled for estate tax purposes. This contrasts with income tax rules, which would still treat them as a non-resident.

There are several strategies that non-citizens can employ to minimize their U.S. estate tax obligations:

Gifting Assets During Lifetime: One effective way to reduce estate taxes is by gifting assets while the donor is still alive. The IRS allows an annual exclusion for gifts up to $17,000 per recipient without any tax implications. This strategy can help decrease the value of the estate subject to tax upon death.
Leveraging Estate Tax Treaties: The U.S. has estate tax treaties with several countries, providing more favorable exemptions for residents of those countries. These treaties can significantly reduce estate tax obligations for non-citizens, making it crucial to understand which countries have such agreements with the U.S.
Utilizing Life Insurance: Life insurance can be a powerful tool in estate planning for non-citizens. Life insurance payouts are generally exempt from U.S. estate taxes, making them an attractive option for providing liquidity to cover any potential estate taxes without selling off other assets.

Given the complexities of U.S. estate taxes for non-citizens, seeking advice from experienced estate planning professionals who understand U.S. tax law and international estate planning is crucial. This includes not only tax attorneys but also financial advisors who are familiar with cross-border tax issues. A well-crafted estate plan can ensure that your assets are protected, and your family’s financial future is secure.

There are unique challenges to estate planning for non-citizens with U.S. assets. If you’re a non-citizen with U.S. assets, the tax implications can be significant. However, with the right planning, they don’t have to be. If you would like to learn more about planning for non-citizens with US assets, please visit our previous posts.

Reference: Guardian Life (Aug. 28, 2024) “US estate tax strategies for noncitizens and nonresidents with US assets”

Photo by Ajay Donga

Disability Insurance is a vital Component of Estate Planning

August 22, 2024

Disability insurance is a vital component of comprehensive estate planning. It ensures that you and your family can maintain financial stability in the event of a disabling condition. According to the American Medical Association (AMA), understanding the essential aspects of disability insurance is vital to choosing the best policy for your needs.

Disability insurance provides income replacement if you’re unable to work due to illness or injury. It is a safety net that ensures that you can continue to meet financial obligations, even when you are not earning a regular salary.

Imagine being the primary breadwinner for your family. One day, you suffer a severe injury that prevents you from working. Without disability insurance, the loss of income could lead to significant financial hardship. Disability insurance provides stability by covering these losses while you get back on your feet.

Selecting the right disability insurance policy requires understanding various factors and terms. For one, you need to understand the kind of liabilities you have to choose from to find the most suitable coverage. Combine this with Riders that match your needs to get customized, affordable disability coverage.

Own-Occupation: This type provides benefits if you cannot perform the duties of your specific occupation. It’s ideal for professionals, like doctors or lawyers, who have specialized skills.
Any Occupation: This type only provides benefits if you cannot work in any occupation suited to your experience and education. It’s less expensive but offers broader coverage.
Modified Own-Occupation: You receive benefits if you cannot perform your job and are not working in another job. This is a middle-ground option that balances cost and coverage.

What Riders are Available for Disability Insurance?

Residual Disability Rider: Provides partial benefits if you can work part-time but not full-time.
Cost of Living Adjustment (COLA) Rider: Adjusts benefits according to inflation, maintaining your purchasing power.
Future Increase Option Rider: You can increase coverage as your income grows without additional medical exams.

The cost of disability insurance varies based on several factors:

Age and Gender: Younger individuals and women typically pay higher premiums.
Occupation: High-risk jobs attract higher premiums.
Health: Pre-existing conditions can increase the cost.
Coverage Amount and Duration: Higher benefits and longer durations cost more.
Policy Riders: Additional features, like cost-of-living adjustments, can raise premiums.

Disability insurance is a vital component of comprehensive estate planning. Protecting your future requires careful planning. Once you’re injured, it’s too late to begin planning. That’s why you should contact an experienced attorney and start planning today. If you would like to learn more about disability insurance, please visit our previous posts.

Reference: American Medical Association (AMA) (May 21, 2024) “Evaluating a disability policy | American Medical Association”

Addressing your Estate Planning during Divorce is Critical

July 31, 2024

When estate planning dovetails with divorce, existing plans need to be redesigned. How much depends on the nature of the divorce, as explained by a recent article from Accounting Today, “Estate planning for divorcing couples.” Spousal rights, beneficiary designations, child custody and property distribution all need to be examined, as well as the distribution of property in the estate plan. Addressing your estate planning during a divorce is critical.

If this is your situation, you’ll need a team of professionals who can work well together. Your estate planning attorney, accountant and divorce attorney will need to be in frequent contact, as so many of these areas overlap. You’ll want to ensure that your separation agreement and estate plan complement each other. Anticipating potential challenges and obstacles in advance is crucial.

Here are a few aspects to consider:

If your estate planning attorney worked with you and the person you are divorcing, they will want to be clear about who they represent for the new estate plan. If it’s an amenable divorce, the estate planning attorney may recommend a respected colleague to help the other spouse.

The same scenario must be considered for the accountant. Did they interface with one spouse more than the other? If a joint return was filed in the past, which spouse would they work with during the divorce and afterward? An accountant’s involvement in an estate plan during the divorce process may be critical to ensuring that there are no discrepancies in the financials.

Beneficiary designations need to be revisited since, in most cases, spouses name each other as beneficiaries. Updating the beneficiary designation will avoid further complications in distributing the assets if something occurs to one of the spouses while the divorce is in process. Beneficiaries only change when the owner of the account actively makes the change. Your soon-to-be-ex may inherit everything if you don’t change the account beneficiary.

Estate planning involves guardianship for minor children, and divorce typically addresses child custody, support and inheritance. If one of the parents dies, who would get custody of the children? How will they be supported? Life insurance may be part of the separation agreement, where the ex-spouse will still be the beneficiary, so funds may be used to support the minor children.

Couples in the process of divorcing may not create new trusts until the divorce proceedings have been finalized. However, suppose trusts were established as part of estate planning before the divorce. In that case, they may be considered marital or separate property, depending on the source of the assets in the trust. This is a conversation to have with your estate planning attorney.

Addressing your estate planning during a divorce is critical. With the guidance of an experienced estate planning attorney, accountant and divorce attorney, it is possible to move through the tumult and begin the next chapter with some peace of mind. If you would like to learn more about planning during or after a divorce, please visit our previous posts.

Reference: Accounting Today (July 5, 2024) “Estate planning for divorcing couples”

Image by Tumisu

Updating Beneficiaries after Gray Divorce

May 30, 2024

Navigating the complexities of estate planning after a mid- to late-life divorce, or “gray divorce,” requires meticulous attention to detail and proactive measures, according to Kiplinger’s article, Don’t Forget to Update Beneficiaries After a Gray Divorce. Updating beneficiaries after a gray divorce is critical to estate planning. This article explores essential considerations for those undergoing a gray divorce, emphasizing the importance of reevaluating estate plans to reflect current intentions and relationships.

While family law attorneys primarily focus on asset division during divorce proceedings, it’s imperative to consider the fate of these assets post-divorce, particularly concerning beneficiaries. Updating beneficiaries on investment accounts, retirement funds and life insurance policies is paramount. Failure to do so could result in unintended consequences, potentially leaving assets to a former spouse.

Many states have statutes that automatically revoke a former spouse as a beneficiary post-divorce. However, these laws vary, and some exceptions exist, notably under the Employee Retirement Income Security Act (ERISA) plans. Understanding the nuances of state laws and ERISA regulations is vital to ensure compliance and avoid costly mistakes.

In some divorces, waivers might be used in decrees to address survivorship benefits related to retirement plans. The effectiveness of these waivers relies on adherence to plan documents and detailed planning. Consulting with a knowledgeable estate planning attorney and incorporating specific language in property settlement agreements can mitigate risks and ensure comprehensive protection of assets.

Key Takeaways:

Proactive Approach: Do not wait until after your divorce is finalized to update your beneficiaries. Proactively review and revise beneficiary designations on all relevant accounts.
Understanding State Laws: Familiarize yourself with your state’s automatic revocation laws and how they affect beneficiary designations. Ensure that these laws align with your post-divorce intentions.
Consulting with Professionals: Consult with an experienced estate planning attorney to navigate the complexities of beneficiary updates and ensure compliance with state laws and ERISA regulations.
Detailed Planning: Use specific language in property settlement agreements to address survivorship benefits associated with retirement plans and other assets. Attention to detail is essential to avoid potential conflicts and ensure that your wishes are upheld.

In conclusion, updating beneficiaries after a gray divorce is critical to estate planning. By taking proactive measures, understanding relevant laws and seeking professional guidance, you can protect your assets and secure the financial future of your loved ones. Ready to embark on your post-divorce estate planning journey? Schedule a consultation today and gain peace of mind knowing that your assets are in trusted hands. If you would like to learn more about divorce and reevaluating your estate planning, please visit our previous posts.

Reference: Kiplinger (April 15, 2024) “Don’t Forget to Update Beneficiaries After a Gray Divorce”

Photo by Pavel Danilyuk

Topics You need to Address before a Mid-Life Marriage

May 8, 2024

Today’s wedding couple is as likely to be 30 or 50 years old as they are to be in their twenties. This trend underscores the importance of having open discussions about finances and retirement before exchanging vows. A recent article from Next Avenue, “The Talk Over-50s Should Have Before Tying the Knot.” Whether you’re getting married for the first time or the second, being closer to retirement has major financial implications. There are topics you need to address before a mid-life marriage.

The most important thing is to disclose each person’s financial situation completely. For some people, this includes their retirement goals and lifestyle choices. What are the potential healthcare issues? Is there debt to be considered? How are each managing their investments?

If both people own homes, a plan for going forward needs to ask a simple question: where will the couple live? Will one sell their home or turn it into a rental property? If it is sold, will the seller retain all the income, or will they buy into ownership of the joint residence? Emotional attachments to homes can make this a difficult discussion, but it needs to be addressed.

Getting married changes each spouse’s legal status, meaning estate plans must be updated. If both have an existing estate plan, it needs to be reviewed. Powers of Attorney, Healthcare Proxy, and other estate planning documents must also be updated.

While reviewing and revising estate plans, don’t neglect to check on any accounts with named beneficiaries. More than a few ex-spouses have received insurance proceeds or accounts because someone neglected to update these accounts. The named beneficiary overrides anything in your will, which is critical to updating the estate plan.

If you both have children from prior marriages, meeting with an estate planning attorney to determine how to manage property distribution is another critical step before getting married. You may wish to create and fund trusts before marriage, so assets remain separate property. There are as many different types of trusts as there are family situations, from keeping assets separate to providing for a surviving spouse while ensuring biological children receive their inheritance (SLAT), or family trusts where assets are moved into the trust for the surviving spouse to allocate assets to heirs based on their needs.

Social Security planning should also be part of the discussion. If one spouse is a widow who was receiving survivor benefits, they could lose those benefits when they get married.

Talk with an estate planning attorney to address these topics before a mid-life marriage. That way you fully understand your situation and ensure you and your spouse are ready for the changes and challenges of your senior years together. If you would like to learn more about mid-life or second marriages and estate planning, please visit our previous posts.

Reference: Next Avenue (March 14, 2024) “The Talk Over-50s Should Have Before Tying the Knot”

Photo by Alex Green

Senior Property Tax Exemption can provide Relief

May 2, 2024

Estate planning and elder law attorneys often help retirees face unique challenges, such as how to afford their property’s rising values and real estate taxes on a fixed income. However, there’s good news: several states offer a senior property tax exemption, which can provide much-needed relief. Based on The Mortgage Reports’ article, “Property Tax Exemption for Seniors: What Is It and How to Claim It,” we look closely at the exemption and if it might work for you.

Only proactive seniors who ask their state, county, or city agency about tax breaks know if their state has a property tax exemption and if they qualify. The states with tax exemptions for homeowners ages 65 and older, like New York or Washington, likely won’t tell you if you qualify. If your state offers this tax break, claiming it is simpler than you might think.

What exactly are senior property tax exemptions? These exemptions are a lifeline for individuals aged 65 or older, reducing the burden of property taxes on their wallets. While property taxes are notoriously unpopular, especially among retirees on fixed incomes, these exemptions offer hope. The exemption helps seniors on fixed incomes by reducing the property value on which homeowners at least 65 years of age pay taxes. The tax rate remains the same for everyone: the reduced taxable value of property or properties. In some states, your tax exemption increases as you age.

States that offer a property exemption can reduce taxes based on a percentage or dollar amount. The amount seniors save varies by location, what they qualify for and their property value.

Senior property tax exemptions vary by state. In most states, you must meet minimum age requirements and prove that you occupy the home as your primary residence. The minimum age threshold varies from state to state, ranging from 61 to 65. Income limit requirements also often exist. A higher income might disqualify you or reduce your exemption.

To claim your exemption, you must apply with your local tax office. Deadlines vary, so make sure to check your state’s requirements. Most states have websites where you can find the necessary forms and instructions.

Each state has its own set of rules and benefits regarding senior property tax exemptions. Some counties offer additional tax savings. By working with a local estate planning or elder law attorney, you can incorporate additional tax-saving strategies into your estate plan. Understanding your local rules and taking advantage of any available exemptions is essential.

The senior property tax exemption can provide much-needed tax relief for fixed-income budgets. By understanding the eligibility criteria, filing on time, and exploring state-specific benefits, you can lighten the burden of property taxes and enjoy a more financially secure retirement. If you would like to learn more about property taxes and estate planning, please visit our previous posts.

Reference: The Mortgage Reports (Jan 29, 2024) “Property Tax Exemption for Seniors: What It Is and How to Claim It.”

Photo by Greta Hoffman

Category: Couples

Proactive Legal Strategies for Cognitive Decline

Legal Implications of Using Stored Genetic Material after Death

Proper Estate Planning can Protect Couples with Big Age Gaps

How to Leave an Inheritance to Your Child but Not Their Spouse

Unique Challenges to Estate Planning for Non-Citizens with U.S. Assets

Disability Insurance is a vital Component of Estate Planning

Addressing your Estate Planning during Divorce is Critical

Updating Beneficiaries after Gray Divorce

Topics You need to Address before a Mid-Life Marriage

Senior Property Tax Exemption can provide Relief

Categories

View Blog Archives

Watch the

Estate Of The Union

Join Our

eNewsletter and Blog Digest List

Listen to the

Estate Of The Union

Texas Trust Law

Quick Links

Connect With Us