How to Give Gifts to Your Grandchildren
Gifting assets to your grandchildren can do more than help your descendants get a good start in life — it can also reduce the size of your estate and the tax that will be due upon your death.
You Can Just Say No: Declining to Act as an Agent Under a Power of Attorney
Acting as an agent under a power of attorney is a big responsibility and it isn’t something everyone can take on. It is possible to resign or refuse the position.
Incentive Trusts: Ensuring That an Inheritance Will Be Well Spent
Some parents, fearful of how a large inheritance will affect their heirs, set up what are known as “incentive trusts” that ensure that the trust funds support positive behavior and discourage unproductive activities.
Medicaid’s Benefits for Assisted Living Facility Residents
Almost all state Medicaid programs will cover some assisted living costs, although there may be a waiting list.
You Can ‘Cure’ a Medicaid Penalty Period by Returning a Gift
Anyone who gifted assets within five years of applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned.
Annual Gift Tax and Estate Tax Exclusions Are Increasing in 2022
The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual.
The Difference Between Elder Law and Estate Planning
Elder law and estate planning serve two different — but equally vital — functions.
Closing of Social Security Field Offices Disrupted SSI Benefits for Thousands, Lawsuit Charges
When the SSA closed its offices at the onset of the COVID-19 pandemic, it failed to provide practical ways for the elderly and people with disabilities to demonstrate their eligibility or challenge its decisions, according to a class-action lawsuit.
A Way to Lock in the Current Estate Tax Exemption to Benefit Your Spouse
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of your estate.
5 Estate Planning Tips for the Non-Traditional Family (Which Odds Are Includes Yours)
If your family contains opposite-gender parents in the first marriage for each and one or more kids, all healthy and thriving, your estate plan will probably be pretty straightforward. But if not, it’s not as simple and you have a lot of company.