Estate Planning for Blended Families
There are many different configurations of blended families. However, they are generally made up of married couples who have children from previous marriages or relationships.
Estate planning services refer to the process of managing and distributing one’s assets and properties after their death, in a way that ensures the smooth transfer of wealth to the intended beneficiaries while minimizing taxes and other expenses. Estate planning services may include drafting legal documents such as wills, trusts, and powers of attorney, as well as providing guidance and advice on strategies for asset protection and wealth transfer. These services may be provided by lawyers, financial advisors, or other professionals with expertise in estate planning. Effective estate planning can help individuals achieve their long-term financial goals and provide peace of mind for themselves and their loved ones.
Will Making a Gift Conflict with Medicaid?
People usually make gifts for three reasons—because they enjoy giving gifts, because they want to protect assets, or minimize tax liability. However, gifting in one’s elder years can have expensive and unintended consequences, as reported in the article “IRS standards for gifting differ from Medicaid” from The News-Enterprise. The IRS gift tax becomes expensive, if gifts are large. However, each individual has a lifetime gift exemption and, as of this writing, it is $12.06 million, which is historically high. A married couple may make a gift of $24.12 million. Most people don’t get anywhere near these levels. Those who do are advised to do estate and tax planning to protect their assets. The current lifetime gift tax exemption is scheduled to drop to $5.49 million per person after 2025, unless Congress extends the higher exemption, which seems unlikely. The IRS also allows an annual exemption. For 2022, the annual exemption was $16,000 per person. Anyone can gift up to $16,000 per person and to multiple people, without reducing their lifetime exemption. Be sure to read our article, IRS Announces New Lifetime and Gift Tax Exemptions. People often confuse the IRS annual exclusion with Medicaid requirements for eligibility. IRS gift tax…
Protecting Assets with a Trust vs. Limited Liability Company
To protect assets effectively, you have to store them in the right legal entity. However, that can depend on whether you’re looking to protect business assets, avoid estate taxes, or protect personal assets from legal liability while running a business.
Protect Cryptocurrency in Your Estate Plan
Cryptocurrency has become a new wrinkle in the development of an estate plan.
Revocable Trusts Must Be Funded to Make Estate Plan Work
The primary benefits of revocable trusts only are available if a revocable trust is FUNDED during life. Unfortunately, experienced estate planning attorneys often have clients who delay the funding of their revocable trusts until it is too late and miss many of the benefits that these trusts provide.
What You Need to Know About Estate Taxes
Knowing the tax rules can help you pass on more of your money to your loved ones while minimizing taxes.
What’s Going on with Larry King’s Estate?
Larry King’s widow Shawn has dragged her sister Shannon into her $100 million lawsuit accusing her ex-business managers of conspiring with the late TV legend’s son and transferring millions to third parties without her consent, RadarOnline.com has learned.
Planning for Long-Term Care and Taxes
Many families discover that trying to mitigate the cost of long-term care can conflict with another common retirement concern—reducing taxes for retirees and their heirs.
Single Parents Need Estate Planning
Nobody likes thinking about what happens if they should become incapacitated or die. However, we all need to have a plan in place for just these possibilities.
National Healthcare Decisions Day is April 16
On National Healthcare Decisions Day Sponsor of The Conversation Project, The Institute for Healthcare Improvement reminds the public of the importance of having conversations and documenting our healthcare wishes for the future. Advance care planning or an advance directive is a legal document that states a person’s preferences for medical treatment, medical decision-making and end-of-life care. These conversations are important for people of all ages, as unexpected healthcare situations can happen at any time. Advance care planning documents commonly include the following: A durable power of attorney for healthcare names someone to function as a proxy or agent for the principal, or person named in the document, when he or she may be unable to make healthcare decisions for themselves. A living will includes an individual’s wishes for end-of-life treatment. This can concern specific procedures such as dialysis, tubal feeding, or blood transfusion. If the person becomes permanently unconscious (coma), families can make treatment decisions based on wishes expressed in a living will. Read more in our article: Is a Living Will the Same as an Advance Directive? A HIPAA Authorization form to designate authorized persons with whom doctors and other healthcare providers should share or release medical information and medical…
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