“Everybody talks about the weather, but nobody does anything about it.” Mark Twain. Similarly, people talk about estate planning and know they should do it, but, according to an AARP survey, 60% of Americans do not even have a simple will. We are all mortal. So why don’t we plan? Two common reasons are procrastination and lack … Read more
Just because you’ve created an estate plan doesn’t mean you’re confident in everything it stands for. Maybe you took a DIY approach the first time around. Or perhaps your personal circumstances have changed. If you’ve lost confidence in your estate plan, you must take steps to get it back. The last thing you want to … Read more
Despite knowing that they should have an estate plan, many individuals look for shortcuts to creating an Estate Plan. They rely upon advice from seemingly well-intentioned individuals that if avoiding probate is their main goal and they don’t have a taxable estate, they need not seek out an attorney to create an Estate Plan. While options exist to avoid probate, probate avoidance is just one of many considerations in creating an Estate Plan.
Estate planning isn’t something you want to take lightly. It’s imperative to the future well-being of your loved ones, so there’s never a good time to get off-track. Unfortunately, there are many pitfalls lurking, all of which can result in estate planning failure. Knowledge of what could go wrong can help you avoid trouble. Here … Read more
When a famous individual dies, it’s always interesting to see how they set up their estate, if they bothered to undertake estate planning at all. These cases provide great lessons for Estate Planning practitioners both about what to do, as well as about what to avoid. In some cases, even when celebrities take the time to set up a proper estate plan, things go wrong. Paul Newman’s estate represents one such situation. Read on to learn more.
Taking the time to update the charitable bequests in your trust or Will can seem tedious when compared to the constant, busy buzz of everyday life; however, the consequences of not making necessary changes can be severe. It is likely A.B. Branan did not foresee that the charitable bequest provisions would remain unresolved for years … Read more
It’s natural to have questions about Medicaid. Some of them are related to qualifying. Others are related to how to best use this coverage. It’s important that you focus on the facts and leave the myths behind. You don’t want one or more of these to sneak up and cause you harm. Here are three … Read more
While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that forgiveness. Under normal circumstances, creditors that discharge debt issue a corresponding Form 1099-C Cancellation of Debt to the debtor for inclusion in that year’s income. While the administration works out the kinks in the loan forgiveness plan, it’s important to understand the current provisions of the Internal Revenue Code and the general principles that govern these situations.
Blended families can be challenging in many ways. In many ways, you are forging a new path. You have commitments and responsibilities from your prior relationship, such as your children. Now you are taking on new commitments and responsibilities in this new relationship, such as your new spouse. Often, issues arise when spouses enter a marriage … Read more
Most people don’t look forward to estate planning. Instead, they want to make the right decisions today so that they’re protected tomorrow. If this sounds familiar, you must consult with an estate planning attorney. If you don’t consult with an attorney, one of two things will happen: Either way, you’re inviting trouble. However, when you … Read more