How Changes to Portability of the Estate Tax Exemption May Impact You
The Internal Revenue Service has issued new guidance extending the time that executors have to elect portability.
Some Social Security Beneficiaries Can Get Retroactive Payments — But at a Cost
If you need a lot of cash on hand upon retirement, Social Security offers a lump-sum payment option that’s worth six months of retroactive benefits. However, it comes at a cost. It is important to understand the details before agreeing to the payment.
Supreme Court Rules State Medicaid Programs Can Recoup a Larger Share of Injury Settlements
In a case involving a teen who was catastrophically injured, the U.S. Supreme Court has ruled that state Medicaid programs may be repaid from settlement funds for future medical expenses.
Three Estate Planning Options for Your Art Collection
Collecting art or other valuable items can be a passion for many people. Once you have accumulated a sizable collection, what do you want to happen to it after you pass away?
How to Deal with an Estranged Child in Your Estate Plan
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your estate plan.
Dynasty Trusts: A Tax-Efficient Way to Pass Wealth Down Through the Generations
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you.
Which States Have Been Hardest Hit by the Nursing Home Staffing Crisis?
The COVID-19 pandemic has caused nursing home staffing shortages across the United States, even forcing facilities to close, but some states have been hit harder than others.
Using an Intentionally Defective Grantor Trust to Transfer Assets
An intentionally defective grantor trust allows wealthy families to transfer assets from one generation to the next while achieving significant tax savings. IDGTs are especially useful if you have assets that will appreciate significantly over time.
What to Do If You Want to Leave Your Children Unequal Inheritances
Parents usually want to leave their children equal shares of their estate, but equal isn’t always fair. If you plan to provide more (or less) for one child in your estate plan, preparation is important.
Requiring Adult Children to Pay for Aging Parents’ Care
Did you know you could be responsible for your parents’ unpaid bills? More than half of all states currently have laws making adult children financially responsible for their parents. However, these laws are rarely enforced.