Category: Estate Planning
No one wants a nursing home but the longer we live, the higher the chance we may need a nursing home at the end of life.” Nursing home care is expensive, costing between $12,000 to $20,000 per month, so most seniors should do all they can to prepare for this possibility. According to a recent […]
“Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.” Estate planning is not just about making a will, nor is it just for people who live in mansions. Estate planning is best described in the title of this article […]
“As states address budget woes due to the pandemic, one place they may turn to for revenue as they have in past economic crises is death taxes.” The District of Columbia already moved to reduce its exemption from $5.67 million in 2020 to $4 million for individuals who die on or after Jan. 1, 2021. […]
“Gray divorce issues include weaving through the complications of splitting pensions, 401(k)s and more before the process is complete.” Divorce is different for older couples. They must focus on retirement accounts instead of college savings plans, explains a recent article from Kiplinger titled “Considering Divorce? Beware of Retirement Account Breakups“. After retirement accounts, the marital […]
“If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.” Thinking you have divided assets equally between children by creating a trust that names all as equal heirs while placing only one child’s name on other assets is not an equally divided […]
“As if losing a loved one weren’t hard enough, you might also have to add ‘death tax’ on the property that you receive from the estate—depending on where you live—in addition to all the other costs of death.” Let’s start with defining “inheritance tax.” The answer depends on the laws of each state, so you’ll […]
“Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax pan for decades.” Election cycles […]
“Obviously, the first step is to work with your doctor to slow the progression. However, there are legal steps you need to take as quickly as possible.” A diagnosis of Alzheimer’s or any serious progressive disease takes some time to absorb. However, during the days and weeks after the diagnosis, it is important to take […]
“The IRS determined that Prince’s estate is worth $163.2 million, well above the $82.3 million valuation submitted by Comerica Bank & Trust, the estate’s administrator.” The Internal Revenue Service has said the executors of Prince’s estate made a serious mistake in their calculations, reducing its value by about $80 million, as reported in the article […]
“The trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.” There are four elements to a trust, as described in this recent article “Trust as an Estate […]
