When asked, many Washington, DC residents are able to say that they have an estate plan in place. However, if they are also asked when those documents were executed, some may say it was several years ago. Even though the documents may still be valid, four changes in estate planning laws could mean that they no longer achieve their intended goals.
In nearly every area, men and women are achieving equality. However, when it comes to longevity, women still tend to live longer than men. Therefore, when it comes to estate planning, women in the Washington, DC metro may have additional concerns.
For some District of Columbia residents, how to pay for estate taxes is a priority. Some people use irrevocable life insurance trusts to accomplish this goal. A life insurance policy is purchased and then placed into the trust. The amount of the death benefit is equal to the expected amount of taxes that will be owed on the estate.
No one can escape getting older. There is nothing anyone can do to stop it, but preparations can be made that will make it easier when the time comes. Adult children with aging parents in the District of Columbia would most likely benefit from some elder care planning before it is needed.