Many individuals think that if their estate is below a certain amount that they need not be concerned with Estate Planning. As this article demonstrates, because the Estate Tax evolves constantly, it’s important to talk with a professional to create a plan to accomplish your goals. Read on to learn more.
Comprehensive estate planning is even more important for the parents of a child with special needs. Like all parents, you undoubtedly want to protect and provide for your child to the best of your ability. Incorporating a special needs planning component in your estate plan is crucial to achieving that goal. The special needs planning […]
As you plan your strategy for 2022, it’s important to consider gifting, including spousal gifts. Your spouse could double your ability to make gifts of “annual exclusions” without being considered to have made a gift for estate tax purposes. Read on to learn more.
When you create your Last Will and Testament you will have to make several important decisions. Although you may not realize it, one of the most important of those is the appointment of your Executor. To help you better understand why you should choose your Executor carefully, the estate planning and administration attorneys at O’Reilly […]
As more and more individuals get comfortable in the digital world, Estate Planning has changed to address the collection and transfer of digital assets. The widespread use of a legacy contact allows owners of digital content to determine what will happen with it after they die. Read on to learn more.
If you (or a spouse/partner) need long-term care (LTC) when you are older, the cost of that care will likely become a serious issue. Like many seniors, you may end up turning to Medicaid for help paying for LTC. If you failed to anticipate the need to qualify for Medicaid as a senior, however, there […]
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes Social Security benefits?
If you own co-own property, you will need to create an ownership document, such as a deed or title, when you purchase the property. When you do that, you will need to decide how you want to legally hold title to the property. You may not have given the way in which your assets are […]
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application.
As your estate plan grows and expands, you will incorporate a variety of estate planning tools and strategies into that plan. One of the most common of those is a trust. If you do decide to add a trust to your estate plan, you will need to appoint a Trustee for that trust. The Trust […]