Elder Law - Rapid Growth

In 2006, the oldest of the baby boomers, the generation born between 1946 and 1964, turned 60 years old. As a result, new concerns have given rise to a specialized area of law, Elder law. This term was not even mentioned when I attended law school in the early 1980s. However, with the anticipated increase in the elderly population, the advances in technology and the increase in life expectancy, the dynamics of our society are changing and the Elder Law area of practice is growing rapidly. Elder law looks at the needs of seniors during their longer lifetime.

Estate planning as well as retirement and long term care planning form a natural part of the Elder law practice. Seniors are finding themselves working longer to address the cost of healthcare for themselves as well as elders under their care.

Over the next few days, I will address some of the primary issues in Elder Law. Feel free to leave a comment or contact our firm at http://www.ythlaw.com/

Charitable Estate Planning

Over the next few decades, it is estimated that trillion of dollars will be tranferred from the parents of baby boomers to their children. Charitable giving will play an enormous role in this tranfer of wealth. Although charitable giving provides many personal and tax benefits, it has a more fundamental benefit. It is voluntary giving. Involuntary giving results from overpayment of taxes. With proper planning, involuntary giving can be avoided. Individuals can give money from their estate to the charities they desire.

Many people during their lifetime engage in charitable giving activities. They make gifts to cancer research, heart associations, educational institutions, or well water projects. Many give to hospitals, churches, or other religious and cultural institutions. Others have long term relationships with charities and want to continue charitable giving upon their death.

Over the next few days, I will provide you with the ways to engage in charitable estate planning.

EIGHTH of TEN Hot Estate Planning Topics

EIGHTH, charitable estate planning is a growing hot topic. Over the next few decades it has been stated that as much as 40 trillion dollars will be transferred from the parents of baby boomers to their children. Charitable giving will play an enormous role in this transfer of wealth. Although charitable giving provides many personal and tax benefits, it has a more fundamental benefit. It is voluntary giving and not involuntary giving that results from overpayment of taxes. With proper planning involuntary giving can be avoided. Individuals can give money from their estate to the charities they desire.

Many people during their lifetime engage in charitable giving activities. Gifts are made to cancer research, heart associations, educational institutions or well water projects. Many give to hospitals, churches or other religious institutions. Others have long term relationship with a charity and want to continue charitable giving upon their death. Some people have developed lifetime passions that become their legacy.

Let your giving be your decision and not a giving by default when you fail to plan and your family ends up paying more in taxes than necessary. Share your charitable giving news with us.