The ideal estate plan will vary depending on the circumstances, and there is no one-size-fits-all plan because every family is unique. However, there is a basic framework that would be applicable in most cases, and we will take a look at the basics in this blog post. Transferring Assets When you plan your estate, you state your final wishes regarding the distribution of your monetary assets. This can be done in a number of different ways. Many people use a last will as a vehicle of asset … [Read more...] about What Is Included in My Estate Plan?
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What Is a First Party Special Needs Trust?
A first party special needs trust is a type of legal structure that can be used to benefit a person with a disability who is enrolled in government benefit programs. Many people with disabilities rely on Medicaid as a source of health insurance, and Supplemental Security Income can provide the basic necessities. Since these programs are intended for people with financial need, you have to be able to prove that you have limited resources in your own name if you want to qualify. People with … [Read more...] about What Is a First Party Special Needs Trust?
What Are the Gift Tax Exclusions?
The federal gift tax can be a factor for you if you are going to be passing along significant resources. There are however a few gift tax exclusions that can be utilized to transfer assets tax-free. One of these exclusions is the $14,000 per year, per person gift tax exclusion. You can give as much as $14,000 to any number of gift recipients within a calendar year free of taxation. This $14,000 figure is in place at the time of this writing in 2015, but it is periodically increased to account … [Read more...] about What Are the Gift Tax Exclusions?
Free Report: Revocable Living Trusts in New York: Benefits and Importance
The main benefit of a revocable living trust comes after you die and it's time to pass your property on to inheritors. The property you pass through your living trust will give you a chance to ensure that your inheritors receive property more quickly, while at the same time giving your estate the ability to pass it more efficiently and with lower costs. The trust will also provide you, should you need it, certain benefits should you become incapacitated. Topics covered in this report … [Read more...] about Free Report: Revocable Living Trusts in New York: Benefits and Importance
Free Report: What Questions Should I Ask a New York Elder Law Attorney
There are a number of different pressing elder law issues at the present time and you should be aware of the facts so that you can plan ahead in an intelligent and informed manner. Topics covered in this whitepaper include: Are There Any Significant Gaps in Medicare Coverage? Is Long-Term Care Expensive? If I Can't Pay Out-of-Pocket, What Can I Do? How Can I Qualify If I Do Have Some Resources? What Happens If I Become Incapacitated due to Alzheimer's Disease or Some Other … [Read more...] about Free Report: What Questions Should I Ask a New York Elder Law Attorney
