We asked twelve of our very own estate planning attorneys one question: What’s the one piece of advice you’d give a family just starting to plan for a loved one with a disability? Their answers, submitted independently, clustered around a handful of themes.
Whether you own a lake house, ski cabin, beach property, or mountain retreat, protecting what matters most requires strategic foresight. Many property owners overlook the distinct legal and financial implications of vacation home ownership. Between asset protection, insurance requirements, and estate planning considerations, safeguarding a family legacy involves more than simply holding the deed in your personal name.
People sometimes assume a loved one can automatically step in to manage their finances or make medical decisions if they become seriously ill or incapacitated. In reality, that authority depends largely on whether important legal documents have already been put in place.
Many estates include illiquid assets that are not easily convertible into cash, such as real estate, long-term investments, or a family business. When those assets are transferred, families may face expenses without the necessary liquidity to cover them.
Estate planning fees are generally not tax-deductible, largely due to changes under the Tax Cuts and Jobs Act. However, in limited situations, certain costs may qualify for a deduction, depending on their purpose.
Estate planning is not the same as a will, though the two are closely connected. A will is one part of a broader estate plan, which can include additional tools designed to help manage your assets, protect your family, and guide decisions during your lifetime and after you pass away.
Finding the right estate planning attorney is a key first step in building a plan that supports your family not just today, but for years to come. The process involves identifying attorneys who focus on estate planning, evaluating their experience and approach, and choosing someone who will take the time to understand your goals.
Many people assume a trust is necessary only for large or complex estates, but that is not always the case. The need for a trust is less about wealth and more about how your assets are organized and handled over time.
