After his wife died Frank, a retiree, updated his estate planning. His new will passed his estate in equal shares to his three children. Most of his assets consisted of investments managed in a brokerage account. Frank, unbeknownst to his lawyer and on the advice of his financial planner, later designated the assets in his
According to Pew Research, 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms. If you own a firearm of monetary or sentimental
For individuals with disabilities, an inheritance or settlement can jeopardize their government benefits, such as Medicaid and Supplemental Security Income (SSI). A special needs trust (SNT) can help the individual remain eligible for these benefits while ensuring they have additional financial support. What Is a Special Needs Trust? A special needs trust (SNT) is
Parents of a developmentally-disabled or otherwise incapacitated child bear a life-long burden of care. In fact, after their child turns 18, it gets harder. As an adult, the child is not permitted to continue participating in many programs that were available during school-age years. And adults with special needs encounter many challenges not faced as
A Power of Attorney, often referred to as a “POA”, is a document you sign that allows you to appoint an “Agent” with legal authority to act on your behalf. Your Agent can then step in if you become incapacitated, are away, or otherwise unavailable to take needed action. Don’t Confuse a POA with
Presently, approximately 5.8 million people in the U.S. suffer from dementia, a term used to describe a group of symptoms affecting memory, thinking and social abilities severely enough to interfere with daily life. Various conditions associated with dementia include Alzheimer’s Disease, Vascular Dementia, Lewy Body Dementia, and Frontotemporal Dementia. Needless to say, receiving such a
Current hyper-inflation brings a silver lining in 2023. The annual gift tax exclusion and gift & estate tax lifetime exclusion are scheduled to increase next year. These are welcome changes for those who want to engage in wealth transfer planning. Gift Tax Annual Exclusion Effective January 1, 2023, the gift tax annual exclusion will increase
IRA and other qualified retirement plans offer a unique opportunity for persons to amass, over their working lives, a retirement nest-egg that grows tax-deferred. But upon attaining age 72, an account holder must begin to annually take taxable required minimum distributions (RMDs). The required beginning date is April 1 of the year after the account
The phrase “life estate” often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. Life estates can be used to
After his wife died Frank, a retiree, updated his estate planning. His new will passed his estate in equal shares to his three children. Most of his assets consisted of investments managed in a brokerage account. Frank, unbeknownst to his lawyer and on the advice of his financial planner, later designated the assets in his
