We often clear up misconceptions that people have about the different estate planning asset transfer vehicles. One of them is the idea that a last will is the only logical choice for people that are not extremely wealthy. In reality, this is not the case at all. It can seem like a last will is a … [Read more...] about Simple Will as an Asset Transfer Vehicle: Is It Right?
Assert Your Choices to Prevent a Guardianship
You may think about estate planning as the act of creating a document that will direct the transfer of your assets after you are gone. This is definitely a significant part of the equation, but a well-constructed plan will go a step further. It will also address eventualities that you may face … [Read more...] about Assert Your Choices to Prevent a Guardianship
Are You Required to Report an Inheritance as Taxable Income?
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?
Living Trust Administration: Choosing a Trustee
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
Estate Recovery and the Supplemental Needs Trust
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 attorney, I advise clients that want … [Read more...] about Estate Recovery and the Supplemental Needs Trust
Avoid These Costly Inheritance Planning Missteps
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
