Year: 2013

Staying Eligible for Medicaid After The Death of a Spouse

November 26, 2013

Determining eligibility for Medicaid can be tricky at the outset and maintaining eligibility over time can also be complicated. With the rising costs of long-term care, including nursing home expenses, Medicaid and being qualified for the same is becoming an ever-more-important subject for many people. There are certain rules and regulations established by state and […]

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Will my life insurance be taxed?

November 5, 2013

Life insurance is a very important part of any estate plan. There are a variety of different life insurance options available in the market place today and these options can be custom tailored for every possible scenario and need. How is life insurance taxed, if at all? Great question, glad you asked. See below. […]

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An unfunded trust is like an empty barn

October 26, 2013

Proper funding of the trust at the outset and maintaining correct funding over time is essential. Imagine a wise and wealthy farmer. This farmer has lots of valuable property, from expensive tractors and other equipment to prize-winning livestock. Because of his wealth and wisdom, this farmer determines it will be a good use of his […]

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do it yourself estate planning is penny wise and pound foolish

September 10, 2013

“Do it yourself” estate planning is not a good idea… We’ve blogged on this subject previously, but it just keeps coming up, including a few times again last week. Therefore, it’s worth revisiting this topic yet again. Imagine a scenario where you’re talking to a good friend, while sitting in the park on a sunny […]

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August 30, 2013

Short and sweet is good with many things, but when it comes to the world of an estate planning, particularly with regard to your living trust, this approach is not recommended. One of the main purposes of a trust is to anticipate, plan and protect against potential issues that might arise during life and after […]

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What is my gross estate in the eyes of the IRS?

August 26, 2013

Last week, while doing a workshop, we were discussing this very topic. We used the hypothetical example of “Bob and Mary” and their $700,000 estate. When I explained that Bob and Mary were average middle-class people and that their “estate” was $700,000, I received a few strange looks. Presumably, people were thinking that someone […]

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Estate Planning Myth: “Its not worth the trouble and expense of hiring an attorney…”

August 21, 2013

Let’s face it, the prospect of dealing with an attorney is not pleasant for most people. Even as an attorney, the thought of working with another attorney makes me a little uncomfortable…:) In fact, I would even suggest that for most attorneys, the worst part of their job is having to deal with other attorneys. […]

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August 6, 2013

After the death of a loved one, there is much concern about paying taxes. One of the first questions beneficiaries ask is, “Do I have to pay taxes on my inheritance?” In most instances, the answer is no. A beneficiary receiving inherited property, whatever the asset type, normally is not required to pay tax on […]

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July 29, 2013

Gifting of assets is a good thing, but it must be done with an understanding of applicable tax ramifications, specifically with regard to federal gift tax. All U.S. citizen taxpayers are given something called the Unified Credit Exclusion Amount, which can be used toward any applicable gift taxes incurred throughout their lifetime (and/or against estate […]

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Putting S Corporation Stock Into Your Trust

July 15, 2013

Can you put S corporation trust stock into your trust? Very important question. Read on for the answer. When establishing a trust, it is always important to consider what assets are being put into said trust. While most assets can be put into a trust, sometimes it is better not to put certain assets into […]

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