Sometimes we come across news stories that are relevant to elder law and estate planning, and one of these has been circulating recently. At the beginning of December in 2018, a 26-year-old woman was placed under arrest at Tampa International Airport in Florida. She was charged with fraud and money laundering, and the victim was her husband. Richard Rappaport is a 77-year-old man of some means, and he married this young lady, Lin Helena Halfon, about four months before she was arrested. She … [Read more...] about Remarriage Planning Can Protect Your Legacy
Estate Planning
Estate Tax Exclusion Amount Adjusted for 2020
When you find that you are in a position to leave behind a considerable legacy, you can breathe a sigh of relief and enjoy your success in innumerable ways. This being stated, there may be a looming threat that you should address in the form of the federal estate tax. Most people are exempt from this tax because there is a credit or exclusion that is quite high relative to the value of the typical estate. This is the amount that can be transferred before the estate tax would become … [Read more...] about Estate Tax Exclusion Amount Adjusted for 2020
How Will You Age in Place and Be Able to Die at Home?
More and more, Americans are choosing to be cared for and are dying in their own homes. If you wish to be cared for and die in your own home, it’s especially important to have a plan in place to facilitate that choice. Read on to learn more. How Will You Age in Place and Be Able to Die at Home? … [Read more...] about How Will You Age in Place and Be Able to Die at Home?
Tax Planning for 2020
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2020 is just starting, it’s not too early to think about planning for whatever it may bring your way. Tax Planning for 2020 … [Read more...] about Tax Planning for 2020
Getting Together with Family for the Holidays
The holidays are a special time with family and friends. You can take the opportunity to check on elderly loved ones. It’s also a great time to discuss planning. Read on to learn more. Getting Together with Family for the Holidays … [Read more...] about Getting Together with Family for the Holidays
Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is the third part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This article looks at fraud. Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud
Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This fourth article in the series looks at testamentary capacity. Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
SECURE Act 2.0 Would Enact More IRA Changes
We pay close attention to laws that impact senior citizens, and there was some big news in this regard at the end of 2019. At that time, the SECURE Act was signed into law by the president, and it made some significant changes to the individual retirement account parameters. Now, lawmakers are considering a sequel to the first bill that is being referred to as SECURE Act 2.0. We will share the details in this post, but before we reach that point, we will provide a review of the changes … [Read more...] about SECURE Act 2.0 Would Enact More IRA Changes
What Is a QDOT?
There are many acronyms used in the legal field to shave down wordy descriptions, and the estate planning niche is not immune to this phenomenon. We have a number of different devices that are part of this alphabet soup, and one of them is the qualified domestic trust or QDOT. In this post, we will explain the value of this advanced estate planning tool that can be very useful for some high net worth families. Federal Estate Tax Parameters To understand the value of a qualified domestic … [Read more...] about What Is a QDOT?
Charitable Giving Can Enhance Your Legacy Plan
Legacy planning can be described as a more comprehensive approach to the estate planning process, and it is something to take into consideration if you have accumulated significant resources. When you proactively shape your legacy plan, you take control the way that you will be remembered after you are gone. For some, the estate tax will be a concern. It carries a 40% rate on asset transfers that exceed $11.4 million. This is the amount of the exclusion during the current calendar year, and … [Read more...] about Charitable Giving Can Enhance Your Legacy Plan
