Lancaster Law Firm
2024 Retirement Changes
As we step into 2024, it’s vital for those planning for retirement to be aware of the significant changes implemented by the Internal Revenue Service and under the SECURE 2.0 Act of 2022. These changes, affecting 401(k) plans, IRAs, and other retirement-related items, are designed to bolster your saving efforts and provide more flexibility in...
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How to Set up a Trust
Setting up a trust can be a pivotal step in managing your estate for the benefit of future generations, and it’s a cornerstone of comprehensive estate planning. Trusts can offer numerous advantages, such as asset protection, tax benefits, and the ability to stipulate how your wealth is distributed after you pass away. However, the process...
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Benefits of Long-Term Care Insurance
As we age, the likelihood of needing some form of long-term care increases significantly. The prospect of requiring assisted living, nursing home care, or in-home care can be daunting, not only because of the implications for our independence but also due to the substantial financial cost involved. One strategy to manage this risk is by...
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Guardianship v. Conservatorship
The terms “guardianship” and “conservatorship” often come up in legal discussions surrounding the care and management of individuals who cannot make decisions for themselves. While they might seem interchangeable, they cater to different aspects of care and financial management. Understanding the distinctions is essential when determining what’s best for your loved one or planning for...
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How to Avoid Probate Pitfalls
Navigating the complexities of estate planning is crucial, not just for your peace of mind, but for the security and well-being of your loved ones. Among the various aspects of estate planning, probate can often stand out as a potentially arduous process. While probate is designed to ensure the fair distribution of assets, it can...
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5 Reasons to Hire a Small Business Lawyer
The path to entrepreneurial success is paved with challenges, and navigating the legal landscape can often be one of the most daunting. Whether you’re in the early stages of launching your startup or managing an established business, legal challenges can arise at any moment. While some business owners may hesitate to involve lawyers to cut...
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Minimize Estate Taxes for Your Heirs
Planning for the future involves more than accumulating wealth; it’s about securing a lasting financial legacy for your loved ones. Minimizing estate taxes is a critical aspect of this planning, as it directly impacts the assets you pass on to future generations. In Mississippi, individuals seeking to maximize their family’s inheritance can benefit from understanding...
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How to Budget for Long-Term Care Expenses
Long-term care is a subject many people avoid until they’re confronted with the reality of aging or an unexpected health crisis. While we all wish for a healthy and prosperous retirement, the increasing longevity of Americans means a greater likelihood of needing long-term care at some point. The problem? Long-term care can be expensive—devastatingly so—and...
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what is probate
Navigating the intricacies of estate planning can be overwhelming, especially when one encounters the term “probate.” For residents in Mississippi, understanding what probate is and, more importantly, how to avoid it, can make a substantial difference in ensuring a smooth transition of assets to heirs. Understanding Probate Probate is the legal process that takes place...
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Estate Planning Documents
Estate planning is not just about deciding who gets what when you’re gone. It’s a comprehensive process ensuring that your assets are protected, your family’s needs are met, and your wishes are respected during your lifetime and beyond. Here are seven fundamental documents that form the backbone of a sound estate plan: 1. Wills At...
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