Planning to Enjoy Thanksgiving
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 […]
Who Benefits from Medicaid?
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 […]
How Tax Reform Could Affect Various Families
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 […]
Pay Attention to Medicaid and Special Needs Planning
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 […]
Tax Reform and the Estate Tax
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 […]
Not Leaving Assets the Right Way
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 […]
8 Reasons to Consider Keeping It in Trust
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 […]
Taxpayer Identification Numbers
October 25th, 2017
Frequently, there’s confusion regarding Taxpayer Identification Numbers. A Taxpayer Identification Number (“TIN”), is the number which is used to identify a taxpayer. For most individuals, it’s simply their social security number (“SSN”). For many businesses and trusts it’s an employer identification number (“EIN”). Here is a link for more information on TINs, including how to […]
Remember to Coordinate Your Estate Plan
October 21st, 2017
A client has many types of assets. Let’s look at a typical client. John has $1,000,000. This includes his home, worth $250,000, a brokerage account worth $400,000, and an IRA worth $350,000. John is unmarried and wants 45% to go his son, 45% to his daughter, 5% to his brother, and 5% to his sister. […]
Irrevocable Life Insurance Trusts
October 18th, 2017
Irrevocable Life Insurance Trusts (sometimes referred to as “ILITs”) are a commonly used strategy designed to keep life insurance out of the taxable estate of the insured and owner. Sometimes, life insurance is purchased in large amounts. Thus, it can easily create a taxable estate where none existed prior to the life insurance. Let’s look […]