Author Archives: Site Administrator
How Can I Upgrade My Estate Plan?
Forbes’ recent article, “4 Ways To Improve Your Estate Plan, ” suggests that since most people want to plan for a good life and a good retirement, why not plan for a good end of life, too? Here are four ways you can refine your estate plan, protect your assets and create a degree… Read More »
Death Is Very Taxing — What you Need to Know
When a person dies, their assets are gathered, their debts are paid, business affairs are settled and assets are distributed, as directed by their will. If there is no will, the intestate laws of their state will be used to determine how to distribute their assets. A big part of the process of settling… Read More »
Protect the Family Business with Advanced Planning
Have you figured out who will take over the family business? Are you or your parents prepared to transition the business to the next generation? How will family members be part of the transitions? Do you have a plan to minimize tax exposure? These are just a few of the questions that must be… Read More »
Holiday Season Ushers in Thoughts of Family and Sharing
For many families, the holiday season is a time to reflect on the joy of family and the fun of getting everyone together, even if these gatherings can only take place a few times a year. It’s also the time when families often consider sharing their good fortune, according to the article “Share your… Read More »
How Will President Trump’s Move To Florida Affect His Taxes?
President Trump recently tweeted that he’s moved his permanent residence to Palm Beach, Florida, saying that he’d been “treated very badly by the political leaders of both the city and state” of New York. “Few have been treated worse, ” he said, but he added New York “will always have a special place in… Read More »
A Good Estate Plan Equals Peace of Mind and Peace in the Family
The problems aren’t always evident when the first parent passes. Often, it’s when the second parent becomes gravely ill, that lapses in estate planning become evident. For one family, everyone thought estate plans were all in place after their father died. When their mother suffered a stroke, the adult children learned that they had… Read More »
Blended Families Need More Thoughtful Estate Plans
Estate planning for blended families is like playing chess in three dimensions: even those who are very good at chess can struggle with so many moving parts in so many dimensions. Preparing an estate plan requires careful consideration of family dynamics, and those are multiplied in blended families. This is another reason why estate… Read More »
Will the Power of Attorney You Sign Today Work for Your Executor?
These are all good questions, as Powers of Attorney (POA) are some of the most commonly used estate planning documents and they are also some of the most misunderstood estate planning documents, says nwi.com in a recent article “Estate Planning: Do Powers of Attorney lapse?” A POA is a document that authorizes another person… Read More »
As a Trust Beneficiary, Am I Required to Pay Taxes?
When an irrevocable trust makes a distribution, it deducts the income distributed on its own tax return and issues the beneficiary a tax form called a K-1. This form shows the amount of the beneficiary’s distribution that’s interest income, as opposed to principal. With that information, the beneficiary know how much she’s required to… Read More »
What is a Special Needs Trust?
Supplemental Security Income and Medicaid are critical sources of support for those with disabilities, both in benefits and services. To be eligible, a disabled person must satisfy restrictive income and resource limitations. That’s why many families ask elder law and estate planning attorneys about the two types of special needs trusts. Moberly Monitor’s recent… Read More »