Can a Person With a Disability Create a Trust to Preserve Benefits?

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 »

Will My Heirs Have to Report Their Inheritances to the IRS?

The question of taxation is naturally going to come to your mind when you are devising an estate planning strategy. Your heirs will be receiving windfalls of property, so you could assume that they would be forced to report the inheritances when they file their annual income tax returns. When it comes to the subject… Read more »

Will Assets in My Living Trust Be Counted By Medicaid?

The Medicaid program will pay for long-term care. You may hear this statement and shrug your shoulders, because you will never qualify for Medicaid, and you will qualify for Medicare by the time you require living assistance. This reaction makes sense on the surface, but when you dig into the facts, you will see a… Read more »

Transfer Appreciable Assets at a Gift Tax Discount

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 »

Social Security Administration: No COLA in 2016

There are those who assume that a ready-made retirement is right there for everyone, because they know that they will qualify for Social Security and Medicare. To qualify for these programs, you have to accumulate at least 40 retirement credits while you are working and paying taxes. The requirement is quite modest, because in 2015,… Read more »

A Pet Trust Can Facilitate Senior Pet Ownership

There are many challenges that you can face as a senior citizen. Unfortunately, loneliness is one of them. When you retire, you no longer have daily interactions with coworkers, and this is part of the equation. Plus, your children and grandchildren are going to have lives of their own, and they may even live out… Read more »

Farmers and Ranchers: The Estate Tax Looms

You may have heard that you do not have to be concerned about the federal estate tax because it is only applicable to extremely wealthy people. In reality, this may or may not be the case, depending on your definition of “extremely wealthy.” The line that is drawn between taxable inheritances and inheritances that are… Read more »

The Pros and Cons of Living Trusts

A living trust as an estate planning vehicle that provides a number of different benefits, but this type of trust would not be the ideal choice under certain circumstances. We will look at the details in this blog post. The Benefits In a general sense, a living trust can be a good choice for you… Read more »

What Is the Veterans A & A Pension?

Anyone who has ever served honorably in the United States Armed Forces has done a great deal for our country, and veterans deserve rewards for their service. However, the matter is even more profound when you have served your country during a time of war. This is the ultimate sacrifice. If you have served our… Read more »

Can My Surviving Spouse Use Two Estate Tax Exclusions?

We have an estate tax on the federal level in the United States, and there are also a number of states in the union that impose state-level estate taxes. There are many great things about living in Texas, and one of them is the fact that there is no state-level estate tax in our state…. Read more »

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