Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medicaid? Read on to learn how crowdfunding can impact Medicaid eligibility. Why Crowdfunding May Cost You Medicaid Eligibility … [Read more...] about Why Crowdfunding May Cost You Medicaid Eligibility
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Consequences of Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. While these modifications may be determinative of the state law consequences, they may not determine federal tax consequences. Read on to learn more. Consequences of Modifying an Irrevocable Trust … [Read more...] about Consequences of Modifying an Irrevocable Trust
Clarity is Key to Planning
Clarity is essential in an estate plan. This article examines the case of Tom Petty, what he did right and what he did wrong. It shows that clarity can avoid problems later. Clarity is Key to Planning … [Read more...] about Clarity is Key to Planning
Lessons to Learn From Aretha Franklin Case
You can provide cautionary advice to people, and sometimes they heed it, but more often than not they adopt the Missouri “show me” attitude. They take the warnings more seriously if you can demonstrate the consequences by pointing toward a real life event that actually happened. This is something that definitely enters into the realm of estate planning. With this in mind, we like to look at instructive celebrity estate mistakes when they materialize, and it is all too common. In this post, we … [Read more...] about Lessons to Learn From Aretha Franklin Case
Nursing Home Costs Can Erase Your Legacy
When you think about retirement planning, you probably consider the normal expenses that you would naturally incur after your working years are behind you. As you are doing this, you will inevitably get a feel for the legacy that you intend to be able to leave behind to your loved ones. This is well and good, but you should understand some things about nursing home care and the costs that go along with it when you are looking ahead toward the future. Misconceptions About Medicare If you … [Read more...] about Nursing Home Costs Can Erase Your Legacy
Inheritance Planning Is an Ongoing Process
Studies are conducted on an ongoing basis that are intended to evaluate the inheritance planning preparedness of American adults. They consistently find that the vast majority of people in the United States are going forward with no estate planning documents at all. As you might imagine, younger adults are quite remiss, but a surprising number of people in their 50s and 60s have not taken any action. Because it is so difficult to get people into gear in the first place, once they have an … [Read more...] about Inheritance Planning Is an Ongoing Process
Estate Planning: A Glossary of Relevant Terms
If you reached this website because you are looking for information about how to protect your family from an estate planning perspective, you are making a very prudent move. This being stated, there are a lot of terms tossed around that the average layperson would not be familiar with, and this is understandable. In this blog post, we will provide a partial glossary of relevant terms. It is going to be “partial,” because there are so many of them, and we will look at some others in a future … [Read more...] about Estate Planning: A Glossary of Relevant Terms
Estate Tax Exposure and Affluence in Los Angeles
We have a diverse economic landscape in Southern California, but at the higher end of the spectrum, there are positions that pay exorbitant salaries. There are countless major corporations, and this is the home of the entertainment industry, so there is some big money being made every day in the television, music, and motion picture sector. It is also a major hub of professional sports, so we have more than our fair share of elites that have tens of millions of dollars at minimum living in … [Read more...] about Estate Tax Exposure and Affluence in Los Angeles
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you. What is a GST Trust? … [Read more...] about What is a GST Trust?
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax. Kiddie Tax is Worse Than Ever … [Read more...] about Kiddie Tax is Worse Than Ever
