As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...] about Updating Your Plan: Powers of Attorney
Normally, you must itemize your deductions in order to benefit from them. In 2020, the standard deduction amount is $12,400 for individuals and $24,800 for married couples filing jointly. But this year, you can get a charitable deduction even if you don’t itemize. Read on to learn more. … [Read more...] about It’s Better to Give, Especially This Year
The federal estate tax can have a significant impact on your legacy, because it carries a 40 percent top rate. Fortunately, you can transfer a certain amount tax free before the estate tax will become applicable. This figure is called the estate tax exclusion. It is increased every year to account for inflation, and since the new year is upon us, the 2021 figure has been released. Before we share it, we will take a look at the path we have taken to get to this point. The Road to the Historic … [Read more...] about Federal Estate Tax Exclusion Will Rise in 2021
The world is an unusual place. Things you’d never expect to happen sometimes actually do happen. There are natural disasters and unusual phenomenon. It’s important to prepare, not just for the unexpected but the eventual, as well. Read on to learn more. … [Read more...] about Preparing for the Unexpected…and the Eventual
When you come into money for any reason, you expect the taxman to be expecting a share, so you would naturally apply this dynamic to inheritance transfers. Generally speaking, inheritances are not subject to regular income taxes because an estate is accumulated after taxes have been paid. However, there is a shade of grey when it comes to distributions of assets that are held by living trust, and we will explain the details in this post after we provide a general overview. Living Trust … [Read more...] about Do Beneficiaries Pay Taxes on Living Trust Distributions?
In a recent post, we shared information about the Social Security cost-of-living increase and some other updated parameters for that program. We stated that we would pass along the new Medicare numbers when they became available, and that time is upon us. Four Part Program Medicare is broken up into four distinct parts, and they correspond to the first four letters of the alphabet. Part A is the hospitalization coverage, and Part B pays 80 percent of costs associated with covered treatments … [Read more...] about A Look At 2021 Medicare Cost Increases
Do you need a will if you have a living trust? We will provide the answer in this post, but we will explain some of the benefits that living trusts provide before we address that question. Streamlined Estate Administration When you have a living trust, you facilitate a straightforward and efficient administration process. You would act as the trustee while you are living, so you would have total access to the assets in the trust. In the trust declaration, you would name a successor trustee … [Read more...] about Is a Will Needed If You Have a Living Trust?
The November elections are over. What was the outcome of the election? What changes could come about as a result? What do those possible changes mean for your estate plan? Read on to learn more. … [Read more...] about What the 2020 Election Could Mean for Your Estate Plan
As elder law attorneys, we have a thorough understanding of government benefits for seniors, and this includes veterans. Most people have heard of the veterans retirement pension that service members can receive after 20 years of service. The amount that you would receive will increase if you stay in the service for longer periods of time. This is a great benefit that gives veterans the opportunity to retire in comfort. Retirees will receive a pension and a Social Security benefit, and … [Read more...] about Wartime Veteran Pensioners Will Get a Boost
Statistics show that most Americans do not have estate plans in place, but the majority of people that are polled also say that they think estate planning is important. They simply put it on the back burner for various different reasons. Since procrastination is widespread, when they do take action, they put the documents away for safekeeping and they close the book on the subject. In reality, this is a misguided perception. Estate planning is not a one-time event unless you put your … [Read more...] about Schedule an Estate Plan Review in 2021