In recent years, the approach to estate planning has evolved significantly. Historically, much of estate planning focused on moving assets out of your estate to minimize exposure to estate taxes. However, with the current high estate tax exclusion amounts, there's now a shift towards keeping assets within the estate to take full advantage of the step-up in basis rule.
There are many ways to plan for the need for elder care and many ways to obtain that care. It's best if you start planning as soon as possible so you can build a solid nest egg you can rely on over time. The worst time to consider how you're going to obtain and pay for elder care is the day that you discover that you need it.
What are the basic elements of an estate plan? What is each of the documents designed to do? Who needs an estate plan? Why is it important to avoid probate? What actions should I take to avoid it? What are the costs involved? Clayton meets with Cathryne Harrison from Hundley & Harrison to discuss each of these questions.