Generally speaking, income from all sources must be reported to the IRS and the state tax authorities when you file your annual returns. Many people that have knowledge of the subject assume that you would be required to pay income taxes on an inheritance. In reality, this is not the case. When … [Read more...] about Are You Required to Report an Inheritance as Taxable Income?
A lot of people do not consider the possibility of creating a trust because they think that the administration process is extremely complicated. They also have concerns about losing control of the assets that they convey into a trust. These notions are actually misconceptions, and we will provide … [Read more...] about Living Trust Administration: Choosing a Trustee
Many people with disabilities receive their health insurance through the Medicaid program. These folks also qualify for Supplemental Security Income (SSI), which is self-explanatory. The maximum SSI benefit in 2022 is a modest $841 a month. As estate planning attorneys, we advise clients that … [Read more...] about Estate Recovery and the Supplemental Needs Trust
There are some estate planning errors that people often make that yield negative consequences. With this in mind, we will look at three of these common mistakes in this post to help you steer clear of them. Do-It-Yourself Estate Planning If you conduct a search to find information about estate … [Read more...] about Avoid These Costly Inheritance Planning Missteps
Prince was an extraordinary songwriter, musician, and onstage performer, and his death in 2016 created a void in the entertainment landscape. He was a very wealthy man, and his royalty rights generate ongoing income, so his estate was very valuable. It would be logical to assume that someone in … [Read more...] about Prince Estate Case Underscores the Risks of Intestacy
When you fill out important contracts, you make sure to “dot the i’s and cross the t’s.” It is important to attend to all the details, because mistakes can yield costly consequences. The same mentality should be applied when you are devising your estate plan. Yes, you have to create a will or a … [Read more...] about Have You Checked All These Estate Planning Boxes?