If you have recently suffered the loss of a parent, you may have a number of practical and legal questions regarding whether or not you need to probate your parent’s estate. When a decedent dies, many states require the estate assets to pass through a legal process known as probate. Which estates require probate, and which type of probate process is required, or available, will depend on a number of factors. The most important factor in determining whether an estate must pass through probate is … [Read more...] about Do I Have to Probate My Dad’s/Mom’s Estate?
Qualified Personal Residence Trusts & Your Family Legacy
In the United States home ownership has traditionally been the foundational cornerstone of wealth building. Many Americans over the years have engaged in the practice of devoting a large portion of their investment capital into their homes, stepping up at strategic times, making renovations, and sometimes focusing on extinguishing their mortgages as quickly as possible. We're all aware of the fact that the recent downturn in the housing market has altered the paradigm to some extent. But the … [Read more...] about Qualified Personal Residence Trusts & Your Family Legacy
Estate Planning – Generation Skipping Trust
Estate planning can be a complicated, yet necessary, process. Along with deciding who you want to receive the assets you leave behind, there are other practical considerations that must be taken into account when planning your estate. Avoiding the payment of excessive estate taxes, for example, is something that should be factored into your estate planning process. One tool that can be used to help avoid a hefty estate tax obligation is the generation skipping trust. As a general rule, all … [Read more...] about Estate Planning – Generation Skipping Trust
Inheritance Planning & Supplemental Needs Trusts
If you wanted to leave an inheritance to a loved one who is suffering from a mental or physical disability there is an inherent challenge involved, especially if this individual is receiving long-term nursing care that is paid for by Medicaid. Medicaid is a government welfare program that is designed to pay the health care expenses of those who do not have adequate financial resources to meet their medical needs. The cost of long-term care being what it is (in 2010 the national average for a … [Read more...] about Inheritance Planning & Supplemental Needs Trusts
What Is Medicaid?
Unfortunately, many Americans are without much needed health care coverage. As a result, people often cannot afford preventative health care or treatment for serious medical conditions. If you are without health care coverage, the Medicaid program may be an option. Most people have heard of the Medicaid program, but many do not know how the program is administered, what it covers and how you may qualify. Medicaid is a program that is funded by the federal government; however, the program is … [Read more...] about What Is Medicaid?
Legacy Of Entertainer Brown Still Not Resolved
James Brown, the legendary "Godfather of Soul," covered all of his bases as a performer and he amassed a fortune that is estimated at $100 million in overall value. Brown died in 2006 on Christmas Day, leaving behind a wife, a son from that marriage, three ex-wives, and at least eight other children. He had been married to his widow, Tomi Rae Hynie, for five years prior to his death but he never updated his estate plan during that time. When he passed away his estate plan consisted of a trust … [Read more...] about Legacy Of Entertainer Brown Still Not Resolved
Study Places Elder Financial Abuse Under Microscope
Elder law attorneys have to keep their ears to the ground in an effort to stay abreast of all of the issues that our nation's senior citizens must address. One of the fine resources that exist to assist in this ongoing endeavor is the MetLife Mature Market Institute. They put out very informative studies on topics that are of interest to the elder law community, and they go into great detail while adhering to some very high research standards. Recently they released their findings regarding the … [Read more...] about Study Places Elder Financial Abuse Under Microscope
Tax Savings Through Gift Giving
They say that it is better to give than to receive, and when you actually engage in an act of giving you have the direct experience of the truth in this old saying. This is something to keep in mind when you are planning your estate. If you are exposed to the estate tax, you are going to have to employ tax efficiency strategies, and the giving of gifts is one option that is available to you. At the present time there is a $5 million combined gift/estate tax exemption. So you could technically … [Read more...] about Tax Savings Through Gift Giving
Social Security vs. SSI
When you can apply for your full Social Security benefit depends on the year during which you were born. For people born between 1943 and 1954 full retirement age in the eyes of the Social Security Administration is 66. After this it goes up by two months per year until 1960; for people who were born in 1960 and later full retirement age is 67. We would like to include the caveat "as of this writing" because there's a lot of talk about altering the Social Security system coming out of Washington … [Read more...] about Social Security vs. SSI
QPRT Can Reduce Estate Tax Exposure
One of the first things you are going to have to do when you get started planning your estate is determine if it is exposed to the estate tax. This is something that is a little bit easier said than done, because the estate tax exclusion is frequently changed so you could be exposed to it one year and protected the next. This is one of the reasons why it is a good idea to recognize that estate planning is an ongoing process and that adjustments are likely to be necessary. You don't want to be … [Read more...] about QPRT Can Reduce Estate Tax Exposure
