Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as intended, lawyers get sued. Read on to learn more. … [Read more...] about How Estate Planning for a Family May Trap the Unwary Practitioner
State Income Taxation of Social Security Benefits
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes … [Read more...] about State Income Taxation of Social Security Benefits
Understanding Tax Apportionment Clauses
Many individuals mistakenly believe that they need a large estate before concerning themselves with taxes at their death. While the Federal government does not impose taxes until an estate exceeds the Applicable Exclusion Amount, it’s important to the role that state estate and inheritance tax play, as well as a beneficiary’s own financial picture. Without careful consideration regarding the source of payment, disastrous consequences result. Read on to learn more. … [Read more...] about Understanding Tax Apportionment Clauses
Common Mistakes in Medicaid Planning
The Wall Street Journal indicates a person who has reached the age of 65 will have a 40 percent chance of requiring nursing home care. Approximately 70 percent of people 65 and over need care for some duration in a nursing home, and a person who has turned 65 has a 40 percent chance of needing nursing home care for no less than five years. If you want to make certain you can afford any care you require when and if you need to move into a nursing home, you should work with The Law Office of … [Read more...] about Common Mistakes in Medicaid Planning
What Makes a Will or Trust Invalid
Clients often worry about the execution of their plan after death. Sometimes, individuals fail to see their complicity in the destruction of their plan. Numerous ways exist to invalidate an Estate Plan. A qualified Estate Planning attorney takes safeguards to protect the plan. Read on to learn more. … [Read more...] about What Makes a Will or Trust Invalid
Estate Planning in Five Easy Steps
A lot of people put estate planning on the back burner because they don’t know where to begin. They cannot conceptualize the planning process in totality, so they are frozen with inaction. With this in mind, we will share five of the steps that you should take when you start to consider what your estate plan will look like. Evaluate Your Financial Position The first step is to get an idea of what you will have to pass along to your loved ones. Obviously, this is an imperfect … [Read more...] about Estate Planning in Five Easy Steps
How Do I Trust Thee…Part III
If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article provides a framework for clients considering naming an institutional trustee. Read on to learn more. … [Read more...] about How Do I Trust Thee…Part III
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of … [Read more...] about How Do I Trust Thee…Part II
How Do I Trust Thee…Part I
When clients undertake Estate Planning, they face the difficult decision of naming a trustee after their death. While Estate Planning documents are effective once signed, they often contain provisions regarding what will happen upon the trustor’s death. Because of the application years in advance, the choice of who will serve as trustee often vexes clients. They need to make this decision years in advance of the time that the individual will serve and as we know, circumstances change. This … [Read more...] about How Do I Trust Thee…Part I
The Power in Powers of Appointment
Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without complication. When creating powers of appointment, it’s important to consider not only the reason for including the power but also the way it needs to be exercised. Read on to learn more … [Read more...] about The Power in Powers of Appointment
