Category archives: Estate Planning
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7 years ago
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One of President-elect’s Donald Trump's campaign promises was to repeal the Affordable Care Act (ACA), aka Obamacare, and Republicans in Congress have vowed to make repeal one of their first acts in the new term. While repealing Obamacare will have implications for millions of younger people covered... [read more]
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7 years ago
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The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2017 taxes as a result of buying long-term care insurance.
Premiums for "qualified" long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with othe... [read more]
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7 years ago
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Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method to use will depend on your individual circumstances and needs.
Leave the house in your will
The simplest way to give your house to your children is to leave it to the... [read more]
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7 years ago
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Most parents of children with special needs are well versed when it comes to the government benefits like Medicaid or Supplemental Security Income (SSI) that their child receives. Most know not to give the child any money outright and to establish a standalone supplemental needs trust to protect the... [read more]
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7 years ago
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Special needs trusts (SNTs) can play an important role in helping families plan for children with special needs. Here are some of the most compelling reasons to speak with your attorney about establishing an SNT.
1. Preserve public benefits while enhancing your child's lifestyle. As adults, m... [read more]
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7 years ago
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The phrase "life estate" often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. Life estates can be used to avoid p... [read more]
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7 years ago
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Medicare beneficiaries with disabilities who are under 65 years old have a difficult time obtaining “Medigap” insurance that fills in the gaps in their Medicare coverage, according to a recent article by the Kaiser Family Foundation. The article argues that there is no longer any justification for ... [read more]
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7 years ago
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Trustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the investment of large sums of money. This does not mean that the trustee of a ... [read more]
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8 years ago
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Life insurance can be beneficial in replacing lost income for young families, but as people get older, it can also serve a purpose as part of an estate plan.
Historically, one main reason to buy life insurance as part of an estate plan was to have cash available to pay estate taxes. Now that ... [read more]
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8 years ago
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A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint -- your "attorney-in-fact" or "agent" -- to act in place of you -- the "principal" -- for financial purposes when and if you e... [read more]
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8 years ago
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As people approach age 65, they should be thinking about their Medicare enrollment choices, including whether to sign up for traditional Medicare or with a Medicare Advantage plan, and if so, which one. But it turns out that some Medicare-age people are having these important decisions made for the... [read more]
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8 years ago
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Saying that there has been "undue influence" is often used as a reason to contest a will or estate plan, but what does it mean?
Undue influence occurs when someone exerts pressure on an individual, causing that individual to act contrary to his or her wishes and to the benefit of the influenc... [read more]
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