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Increasingly, several generations of American families are living together. These multi-generational living arrangements present legal and financial challenges around home ownership.

While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan. 

Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations. 

Congress sets the amount that an individual can transfer tax-free either during life or at death. The current estate tax exemption is so high that very few estates will have to pay an estate tax. 

While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that he will propose lowering the estate tax exemption and eliminating the stepped-up basis on death.

Any complete estate plan should include a medical directive, which can encompass a number of different documents. 

Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members. 

While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home. 

The Internal Revenue Service has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance.

Many websites offer customized, do-it-yourself wills and other estate planning documents.  Although these products are convenient, using them could create serious and expensive legal problems for heirs.