As a young parent, you’re likely to have many questions and concerns regarding estate planning. While you may be feeling some stress, there are steps you can take to get on the right track and stay there for the rest of your life. Here are some of the most important estate planning basics for young parents. These details will help you better understand your situation and what you should do next: Create an estate plan: Overall, you want to be sure that your children are both … [Read more...] about Estate Planning Basics for Young Parents
People sometimes make assumptions based on extrapolations that are incorrect, and this enters the picture when it comes to the need for probate. You may hear that the probate process is necessary when someone passes away without a will or a trust. This can lead to the belief that probate would not be needed if you do in fact execute a simple will. In fact, this is not the case at all. If you are passing assets on to your family with a will, the executor that is named in a will would admit … [Read more...] about Is Probate Necessary If You Have a Will?
Most of the laws that apply to taxation and inheritances are friendly to the taxpayer. You do not have to report an inheritance on your federal or state income tax returns, and this applies to insurance policy proceeds along with direct bequests. If you are the beneficiary of a Roth individual retirement account, the distributions would not be taxed, because the account would have been funded with after-tax earnings. The reverse situation applies to traditional accounts, so beneficiaries of … [Read more...] about Do I Pay Capital Gains Taxes on an Inheritance?
For many people, owning a small business is part of the “American Dream.” If you are one of those people, and you hope to one day pass down your business to the next generation, it is crucial that you plan accordingly within your estate plan. There are a number of tools and strategies that can be used to help your business make a successful transfer to the next generation, including a Family Limited Partnership. A Family Limited Partnership, or FLP, is one type of legal entity that works … [Read more...] about Is a Family Limited Partnership Right for My Business?
For some time after the death of a loved one, the survivors go through the mourning process. During this time, most people are highly emotional, vulnerable, and generally not capable of making the best decisions. Unfortunately, there are some funeral providers who exploit the grief of surviving loved ones. If you are in charge of making funeral plans for a recently deceased loved one, it may help you to know that there is an important federal law that can protect your from being taken advantage … [Read more...] about How Can the Funeral Rule Protect Me?
Now that we are in a new year, there are some updates to share with regard to estate planning and elder law parameters that are subject to change. In this post, we are going to look at revisions that impact the estate taxes that New York residents may be forced to pay. Federal Estate Tax There is a federal estate tax that can have a serious impact on your legacy, because it carries a hefty rate. The maximum rate of the federal estate tax is 40 percent, so it is something to take very … [Read more...] about Estate Tax Exclusions Adjusted for 2019
Rochester Medicaid lawyers assist seniors in taking steps to make certain they can obtain healthcare services they need. Many older people have a mistaken belief that Medicare will cover all of the care that they require throughout the course of their retirement. Unfortunately, this is simply not true. Medicare has coverage exclusions for important services seniors may require. It also has co-insurance costs and premiums that can sometimes be difficult for retirees on a tight budget to … [Read more...] about How Much Do Seniors Need to Have Saved for Healthcare?
ROCHESTER ESTATE PLANNING ATTORNEYS ATTEND EXCLUSIVE CONFERENCE RECEIVES IMPORTANT ELDER & ESTATE PLANNING EDUCATION IN SAN DIEGO, CA Pittsford, New York— November 17, 2016 — Michael Robinson and Nathan Shoff acclaimed Greater Rochester and Finger Lakes Region estate planning and elder law attorneys, participated in one of the nation’s premier legal education conferences in San Diego, CA from November 2 through November 7. Hosted by the American Academy of Estate Planning … [Read more...] about ROCHESTER ESTATE PLANNING ATTORNEYS ATTEND EXCLUSIVE CONFERENCE
When you have a baby, you should talk with an estate planning attorney. Many new parents are overwhelmed with the responsibilities of parenting and speaking with a legal professional may be the last thing on their minds. It is also commonly believed that estate planning attorneys only help with issues affecting seniors, and most new parents are young or middle aged and may not realize they need the advice that an estate planning attorney can provide. The reality, however, is getting assistance … [Read more...] about Why New Parents Should Talk to an Elder Law Attorney
The Law Office of Michael Robinson would like to wish everyone a Happy Mardi Gras! … [Read more...] about Happy Mardi Gras!