Estate Planning for Snowbirds
Tired of those long, cold winters? Not interested in crazy hot and humid summers? Living in the north for the summer and south for the winter is a growing trend among retirees these days. You get the best of both…
What are the Responsibilities of an Executor?
Although the time and effort involved will vary with the size of the estate and the family dynamic, being named the executor of a deceased individual’s estate is a thankless job that can be time-consuming and complicated. An executor is…
What is a Pooled Trust?
A pooled trust is established and managed by a not-for-profit organization along with a trust company acting as trustee. It permits individuals to protect their eligibility for public financial assistance, such as Community Medicaid (Home Care) and Supplemental Security Income…
Long-Term Care Planning | The Family Home
As people get older and their health begins to decline, it is important they engage in long-term care planning to protect the assets they have spent their entire lives building. Most often, it is the children of those individuals who…
The Types of Trusts – Which one is best for you?
You have heard many people refer to trust as a great planning tool for your estate. It provides opportunities for so many different things, such as long-term care planning, tax planning, and probate avoidance. While you consider meeting with an…
Passing Down the Family Vacation Home
We often think of estate planning as a way for us to protect our wishes and our vision of how we want to leave behind our legacy. However, when we take the time to think about it, we realize there…
Understanding the STEP Act: What it Means for Inherited Assets
Currently, when a beneficiary inherits an asset, the cost basis of that property is “stepped-up” to the value of the asset as of the decedent’s date of death. This means that the beneficiary would pay a capital gain tax on…
The In Terrorem Clause
Unfortunately, heirs may not always be content with the assets or amount of money left to them in a Will or Trust. Once the Testator or Grantor passes away, there is not much they can do to prevent their heirs…
It’s Never Too Early to Start Planning for the Future
We have all heard those stories where we stop and say, wait, but he was a runner and took great care of himself. He was only 52. She was only 55. If there is one thing that we have learned…
The 5 Benefits of an Irrevocable Trust
“I want to transfer my home/money/assets to my children so that Medicaid can’t get it if I need to go into a nursing home.” As elder law and estate planning attorneys, we hear this every day. But did you know…