Let’s face it – there is always a family member who causes concern, disappointments or heartache. Embarrassing, isn’t it? But you are getting ready to do your estate planning or thought you had it done until something comes up that causes you to think about the situation. So, what do you do? How do you […]
With the Tax Cuts and Jobs Act of 2017, the increased gift and estate tax exclusion amounts are set to sunset in 2025. The exclusions are $11.2 million in 2018 and will increase each year until 2025, indexed for inflation. But, what will happen if you make a large gift now? Will you risk the […]
TIS the season of giving and as we near year end, we think of giving gifts not only to those we love, but also to our favorite charities. You itemize deductions and you want to use the donations to reduce your income tax. But IS that donation deductible? Are you aware that only donations to […]
Older adults are often concerned with preserving their homes from long term care costs. For many years, the solution has been to transfer their homes to one or more of their children. Doing so can be perilous for a number of practical reasons including the impact upon property in the event one of these children […]
As wealth accumulates in this country and our population continues to age, the propriety of lifetime giving has increased. Gifts can be made out of sheer benevolence, but are also important in minimizing death taxes and long term care costs. This blog will review some of the key concepts involved in lifetime giving. Gifts can […]
Muhammed Belal Hussain died on March 10, 2013 with a will, which left 50% of the residuary estate to the Hussain Family Foundation, 25% to the decedent’s surviving brothers, and 25% to the decedent’s surviving nieces and nephew. The Foundation did not exist at the time of the decedent’s death. The attorney who drafted the […]
Ten years ago, the landscape of asset protection or Medicaid planning changed dramatically with the passage of the Deficit Recovery Act (DRA) of 2006. In relevant part, this act impeded prudent estate planning for individuals seeking to secure their assets from long term care costs by expanding the lookback period for gifting from three years […]
Part 2: Consequences of Gifts Throughout our lives, many of us desire to divest part of our estate to others. There are a variety of reasons for doing so, including tax avoidance, protection against long term care costs, charitable inclination, and the mere desire to make family members and friends happy. However, there are often […]
Part 1: Types of Gifts Throughout our lives, many of us desire to divest part of our estate to others. There are variety of reasons for doing so including tax avoidance, protection against long term care costs, charitable inclination, and the mere desire to make family members and friends happy. However, there are often certain […]
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