As the number of elderly people in our society grows, so does the technology that helps keep them safe. When it comes to elder care, more families here in Washington, DC and around the country are turning to technology to keep an eye on their older loved ones. Of course, as with anything in our society, that technology comes with a price.
Numerous people in Washington, DC have wills and believe that is the only preparation for their demise that they need to make. Notwithstanding the fact that a will is an important part of estate planning, it is not the only document that needs to be made a part of an effective estate plan. One of those other documents is the advance health care directive.
Many District of Columbia residents have been contributing to their retirement plan and paying into their life insurance policies for a number of years. When the accounts were first opened or purchased, there wasn't much in them. Now, there could be a significant amount of money in those accounts. Without proper estate planning, this could have adverse tax implications for the beneficiaries.
For many Washington, D.C. residents, it may seem unnecessary to set up trusts for their grown children. However, trusts can help guarantee that children will get to keep whatever assets are left to them. Trusts can also help ensure children receive assets that one party brings into a second marriage.