Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the first spouse's death to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or ignores the terms of the trust altogether. Read on to learn more. … [Read more...]
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Medicaid Planning
States impose functional and financial tests when determining whether an individual qualifies for Medicaid. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning, though, it’s possible to meet the financial need prong even if assets exceed the threshold set by the state. Read on to learn more. … [Read more...]
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. The second part of … [Read more...]
How Tax and Non-Tax Considerations Impact Estate Planning – Part I
Estate planning often focuses on federal taxes and overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s essential to understand the impact that the taxes imposed by the individual’s state of residence have on the plan and the character and type of assets allowed by the state. Estate Planning is complex and requires an expert to advise clients appropriately. Read on to learn more … [Read more...]
What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Some of my favorite blog topics come from headlines. In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune. It’s unclear whether the fight or the fact it could have been avoided is more unfortunate. Read on to learn more. … [Read more...]
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