Year: 2020
“Certain types of trusts, however, may only be used in very specific situations and a constructive trust is one of them.” Trusts are useful in estate planning to avoid probate or minimize estate taxes. A commonly used trust is a revocable trust, often used to pass on assets to beneficiaries and keep them outside of […]
“U.S. has been making it easier for people to access long-term savings for emergencies, trading future financial security to stay afloat.” For generations, the tax code has been a public policy tool, used to encourage people to save for retirement and what used to be called “old age.” However, the coronavirus pandemic has created financial […]
“The most well-known ‘death’ tax is the Federal Estate and Gift Tax. However, the reality is that few people really have to worry about the cost of federal estate taxes.” The least popular beneficiary is almost always the federal government. Most people are concerned that their estate will need to pay taxes and do what […]
“Generally, if you own property, have life insurance and/or have other assets which total over $150,000 (including life insurance and real property), you are a candidate for asset protection.” Some people still think that trusts and estate planning are just for wealthy people. However, that’s simply not true. Many people are good candidates for trusts, […]
“It is also important to realize that it isn’t merely ‘why’ you are updating your will, but ‘when’ you are updating that can make all the difference.” Estate planning lawyers hear it all the time—people meaning to update their will, but somehow never getting around to actually getting it done. The only group larger than […]
“Unfortunately, over a decade, the number of observation stays has increased exponentially and is being used even when patients have a diagnosis and have been admitted by their own physicians.” There’s a troubling quirk in the Medicare system that occurs when older patients are hospitalized and instead of being officially admitted, they are placed on […]
“Take, for example, the sad and sordid tax case of Mary Ellen Cranmer Nice vs. United States of America, which would not have existed if an attentive financial advisor hadn’t noticed the large IRA distributions that were allegedly stolen right from under a matriarch’s nose.” The case of Nice vs. U.S. is a dramatic example […]
“There have been several law changes that affect IRAs passed since December 2019.” The SECURE Act made a number of changes to IRAs, effective January 1, 2020. It was followed by the CARES Act, effective March 27, 2020, which brought even more changes. A recent article from the Milwaukee Business Journal, titled “IRA planning tips […]
“Without a proper elder law estate plan, the children’s responsibilities are even more exhausting, stressful and sad.” It is the adult children who oversee aging parents when they need long-term care. They are also the ones who settle estates when parents die. Even if they can’t always come out and tell you, the recent article, […]
“When a loved one dies, any leftover IRA funds they had goes to whomever they labeled as beneficiaries. If you’re a beneficiary, you have to decide how you’re going to use it—a decision that’s a little more complicated this year than it normally is.” Many people are looking at their inherited IRAs this year, when […]
