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Archive for November, 2017

Estate Planning Goals

Wednesday, November 29th, 2017

Many people confuse asset protection, Medicaid planning, and estate tax avoidance.  It is essential that we are very clear on the key distinctions of asset protection and the types of asset protection that can be obtained. The first distinction is identifying if protection is desired during life (now), after death, or both?  Determining when asset […]

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2017 Year-End Tax Planning Tips

Monday, November 27th, 2017

As the end of another year approaches, we thought it would be useful to provide some ideas and tips that people can discuss with their tax advisors over the next several weeks. When doing so, it’s wise to remember a few things: year-end tax planning can go beyond just reducing this year’s tax bill, as […]

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Planning to Enjoy Thanksgiving

Thursday, November 23rd, 2017

As friends and family gather around the Thanksgiving table, we recognize how truly grateful we are. We are grateful we have such wonderful friends and family and that they could be with us to celebrate. We are grateful that our health is better than it could be. While we miss friends and family who could […]

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Who Benefits from Medicaid?

Wednesday, November 22nd, 2017

This week I’m sharing a blog on Medicaid from the office of Dave Zumpano, who focuses on Medicaid planning. Blog Author: The Office of David J. Zumpano, Esq, CPA, Lawyers With Purpose and Estate Planning Law Center The Medicaid program was established in 1965. The original purpose of the program was to provide needed care […]

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How Tax Reform Could Affect Various Families

Wednesday, November 15th, 2017

President Trump and Republican lawmakers recently unveiled a Blueprint for tax reform. Here’s a link to a story about this in U.S. News. Here’s a link to a deeper look at the proposal in the Atlantic. As I discussed in last week’s blog, there are many uncertainties in the plan and in the prospects for […]

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Pay Attention to Medicaid and Special Needs Planning

Wednesday, November 15th, 2017

When a client walks into an estate planning attorney’s office, they know their many concerns, but they may not think they are all relevant to their estate planning needs. For example, they know their child has special needs. But, they may not know such information is relevant to the estate plan being developed. As another […]

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Tax Reform and the Estate Tax

Tuesday, November 14th, 2017

President Trump and Republican lawmakers recently unveiled a blueprint for tax reform. Here’s a link to a story about this in U.S. News. The blueprint calls for many things, including a reduction in and compression of income tax rates, a doubling of the standard deduction for income taxes, an elimination of most tax deductions other […]

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Not Leaving Assets the Right Way

Wednesday, November 8th, 2017

Clients usually say they want to leave their assets to their beneficiaries, usually their children. Clients typically start the conversation saying they want to leave the assets outright. Clients know if their child is underage. Some clients even know if their child is immature or unable to manage finances, though many do not. Many clients […]

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8 Reasons to Consider Keeping It in Trust

Wednesday, November 1st, 2017

Often, clients just want assets distributed outright to their beneficiaries. This can make sense, in some circumstances. However, there are many circumstances in which it may not make sense. Some of these circumstances, the clients can foresee. Some of them, they may not foresee. Beneficiary is a minor at time of distribution Beneficiary lacks money […]

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