Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Read on to learn more. … [Read more...] about Beneficiary Designations
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Shifting Priorities May Impact Federal Transfer Taxes
Now that we have a new presidential administration and blue majorities in the House and Senate, some legislative priorities have changed. There could be an expansion of the taxes that impact inheritances, and we will look at these potential changes in this post. Elimination of Step-Up in Basis At the present time, inherited appreciated assets get a stepped-up basis. To explain through the use of a simple example, let’s say that you inherit a thousand shares of stock from your uncle. He paid … [Read more...] about Shifting Priorities May Impact Federal Transfer Taxes
Steer Clear of Risky Inheritance Planning Ideas
People sometimes circulate “tips” about estate planning that they hear about, and the ideas may sound good on the surface. However, the so-called simple solutions can create significant complications in the long run, and we will look at two of them in this post. Joint Tenancy You can file the appropriate paperwork to add a co-owner to the title of your property. This would create the condition of joint tenancy, and this can be done with real property, financial accounts, and personal … [Read more...] about Steer Clear of Risky Inheritance Planning Ideas
Beneficiary Designations and the SECURE Act Basics
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on the basics of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act Basics
Can a Homeowner Qualify for Medicaid?
Medicaid is relevant even if you will qualify for Medicare as a senior citizen for one very important reason: it will cover long-term care. The Medicare program will pay for convalescent care after an injury or illness when recovery is anticipated. However, it does not pay for the long-term custodial care that in-home caregivers and nursing homes provide. Nursing Home Costs The average annual charge for a private room in a Rochester area nursing home is $181,770 in 2021, or $14,940 per … [Read more...] about Can a Homeowner Qualify for Medicaid?
