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Taxation is a very big factor to take into consideration when you are preparing your assets for future distribution to your heirs. There are taxes on asset transfers in the United States, and these death taxes can erode your wealth considerably as it is being passed on to succeeding generations. The federal estate tax looms… Read more »
Tip 1. Your estate is what you leave behind after you die. Everyone has an estate. Whether you are wealthy, old, young, a parent, single, or anything else, you have, or more specifically will have, an estate. Your estate is simply the collection of possessions, money, and other property you leave behind after you die,… Read more »
There are numerous different ways that you can arrange for assets to be transferred to your loved ones after you pass away. In truth, the best way to decide would be to discuss everything with an estate planning attorney. There is no reason to expect a layperson to understand all the options that are out… Read more »
As estate planning attorneys, we often encounter families who are suffering due to estate planning mistakes that were made by other family members. There is usually some type of damage control that can be done, but as they say, you don’t want to try to close the barn door after the horse has left. Let’s… Read more »
Most senior citizens will require help with their day-to-day needs at some point in time. This is a fact of life that you should be well aware of when you are looking ahead toward your retirement years. Though you will qualify for Medicare coverage at the age of 65 if you worked for any length… Read more »
An individual retirement account can provide a valuable nest egg during your senior years. However, under certain circumstances, an IRA can also be useful from an estate planning perspective. Essentially, there are two different types of individual retirement accounts: traditional IRAs, and Roth individual retirement accounts. There are some similarities between them, but there are… Read more »
Merry Christmas! Tis the Season of Giving! Estate planning can be viewed in one of two ways. You could look at it as a basic effort to make sure that your assets are distributed in accordance with your wishes and leave it at that. On the other hand, you could take a more comprehensive viewpoint… Read more »
You may be aware of the fact that the Medicaid program is a health insurance safety net for people with very limited financial resources. The limit on countable assets is just $2000 for an individual. If you have never been financially needy, you have probably gone through life with the understanding that Medicaid will probably… Read more »
Before we address the question that serves as the title of this post, we should provide some background information about Medicaid, Supplemental Security Income, and the plight of disabled individuals. Need-Based Government Benefits Medicaid is a jointly administered state/federal government health insurance program that can potentially be available to financially needy individuals. Because it is… Read more »
The federal estate tax was established back in 1916. What would you do if you knew that your estate was going to be subject to the estate tax? A logical person would consider lifetime gift giving, and this is exactly what wealthy people did after the estate tax was enacted. Tax minded legislators were not… Read more »
