We are going to look at Medicaid and home ownership in this post. But before we focus on this subject, we will explain why Medicaid should be on your radar if you will qualify for Medicare. Long-Term Care Costs The United States Department of Health and Human Services tells us that 70 percent of seniors … [Read More]
Five Reasons You Need a Lawyer to Plan Your Estate
The majority of American adults are going through life without estate plans, even though most people that reply to surveys say that planning is important. Since there is so much procrastination, there is a temptation to create your own estate plan to get it out of the way. This makes sense on the surface, and … [Read More]
What Happens If You Pass Without a Will?
Unfortunately, the vast majority of American adults are unprepared from an estate planning perspective. You would expect younger people to be remiss, but they are not alone. Just under 50 percent of older folks that are 55 years of age and older have wills or trusts. If you pass away without a will or a … [Read More]
Protect Your Assets With a Family Limited Partnership
Asset protection is important for some professionals, business people, and investors. A family limited partnership (FLP) can be the ideal solution, and we will provide the details here. Basic Structure There is nothing deceiving about the name of this asset protection structure. The members of an FLP must all be in the same family. If … [Read More]
Is the Federal Gift Tax Exclusion Higher in 2021?
We are going to address a question that is on the minds of some people that have a good grasp on federal transfer taxes. Before we drill down to it, we will provide some background information for those that do not fully understand taxes on inheritances. The Good News There is some surprisingly good news … [Read More]
The Simple Will: What You Need to Know
The simple will is the most commonly used estate planning document, but many people settle for wills unnecessarily. In this post, we will provide the basics in an effort to raise awareness so you can make informed decisions. Core Requirements A simple will can be executed by any adult that is of sound mind. In … [Read More]
Blended Family Estate Planning: Food for Thought
There are specialized approaches that can be taken to account for different estate planning circumstances that can present themselves. As estate planning attorneys, we have seen every possible scenario unfold, so we are aware of the mistakes that people make. We also know the best way to address any and all situations, and with this … [Read More]
Connecticut Estate Tax Exclusion Has Been Increased for 2021
For the most part, the news is good when it comes to taxes on inheritances. You do not have to claim a direct inheritance on your regular income tax returns, and this includes insurance policy proceeds. Inherited appreciated assets get a stepped-up basis. The person inheriting the asset is not responsible for gains that accumulated … [Read More]
Joint Tenancy: A Simple Solution That Can Go Awry
You sometimes hear bits and pieces of estate planning “advice” that is passed along by people that have good intentions, but they may not see the complete picture. This dynamic will often apply to probate and probate avoidance strategies. If you use a will to express your final wishes with regard to postmortem asset transfers, … [Read More]
Should You Carry Long-Term Care Insurance?
Before we take a look at the pros and cons of long-term care insurance, we should explain why it is relevant. Indeed, it is easy to be confused when you know you will qualify for Medicare as a senior citizen. Long-term care has to be covered, right? Whether it makes sense or not, the Medicare … [Read More]
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