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Be Careful Not to Name Minors as Your Beneficiaries

Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor. There are two main problems with naming a minor as the beneficiary of your estate

Using a Minority Valuation Discount to Reduce Estate Taxes

While the current estate tax exemption is quite high, a closely held family business may put your estate over the limit. Careful planning is necessary to lower or completely avoid the tax, and minority valuation discounts are one strategy. Families that want to pass on their business may run into the estate tax. Estates

How to Protect an IRA From Heirs’ Creditors

When a person declares bankruptcy, an individual retirement account (IRA) is one of the assets that is beyond the reach of creditors, but what about an IRA that has been inherited?  Resolving a conflict between lower courts, the U.S. Supreme Court in 2014 unanimously ruled that funds held in an inherited IRA are not exempt from creditors

How Much Money Can You Have and Still Qualify for Medicaid?

In order to be eligible for Medicaid benefits a nursing home resident in Pennsylvania may have no more than $8,000 or, for those whose gross monthly income exceeds $2,382 (in 2021), $2,400, in "countable" assets.  Note that Medicaid is a state-run program, so the rules are somewhat different in each state, although there are federal