Many people are surprised to hear that taxation is usually not much of a problem when an estate is being distributed to the heirs. There are no income taxes on inheritances, and if you inherit appreciated assets, you get a step up in basis. This means that you would not have to pay capital gains … [Read More]
What Does a Trustee Do?
The estate planning attorneys here at our firm often explain the anatomy of living trusts to interested clients. Before we proceed to do just that, we should point out the fact that a revocable living trust can be a very useful alternative to a last will. Assets cannot be distributed until the estate has been … [Read More]
Consider This Succession Strategy for Business Partners
Small business owners face certain estate planning challenges, and this can be particularly true when there is a partnership. What would take place if one business partner was to pass away? There is a business succession solution that is often utilized when this type of scenario exists. Let’s look at the details. Buy-Sell Agreements Let’s … [Read More]
Low-Interest Loans: An Estate Planning Technique
The coronavirus has caused upheaval in society and the economy. But, this unique time also opens up opportunities in estate planning. Read on to learn more. [Read More]
Avoiding Family Chaos in the Coronavirus Age
In this era of coronavirus, planning is more important than ever. This article includes a brief story about a couple who didn’t plan and the family discord it enabled. Read on to learn more. [Read More]
Irrevocable Medicaid Trusts
Medicaid is a state-federal partnership that provides medical benefit assistance to certain needy people, especially those over 65 years of age. However, you need to meet financial requirements such as asset limits to qualify. Assets in an irrevocable trust not for your benefit typically don’t count as available. Read on to learn more. [Read More]
Uncompensated Transfers
Medicaid is a state-federal partnership that provides medical benefit assistance to people who qualify, especially those over 65 years of age. However, in order to qualify, you also need to meet certain financial requirements such as asset limits. However, if you have made “uncompensated transfers,”that could lead to a period of disqualification from the program. Read on to learn more. [Read More]
A Pet Trust Can Provide a Solution
We have all heard of so-called “trust fund babies.” These are children that are born into wealthy families who are beneficiaries of a living trust or some other type of trust. When you set up a trust for the benefit of a minor or an adult who cannot handle his or her own financial affairs … [Read More]
Brace Yourself for Long-Term Care Costs
Elder law attorneys assist clients that are concerned about legal and financial matters that senior citizens often face. There are a number of different issues that we deal with, but the matter of long-term care is definitely at the top of the list. You may assume that the Medicare program will pay for a stay … [Read More]
Streamline the Estate Administration Process
There is more to estate planning than the choices that you make with regard to the way you want your assets to be distributed after you are gone. It is wise to think holistically and envision the hands-on tasks that must be completed to make your wishes come to fruition. With this in mind, we … [Read More]
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