Recent Blog Posts
What Is a Will Codicil?
There are a number of reasons for adding a codicil to an existing will. KAKE.com’s recent article entitled “Using a Codicil to Modify a Will” says it’s good to know when you might need one and how to add it. A codicil is a way to change the terms of an existing will. A… Read More »
Protection from Long-Term Care Insurance Fraud
Long-term care (LTC) insurance is an important issue. However, making matters harder for many seniors is the prospect of long-term care insurance fraud. The Street’s recent article entitled “How to Protect Yourself and Your Family From Long-Term Care Insurance Scams” say this is a major issue with the skyrocketing costs of long-term care services… Read More »
What Should I Know about Medicare?
If you’re 65 or older and lose your job, you can keep your employer-based health insurance under a federal law known as COBRA. However, it also could be more expensive. In addition, COBRA coverage isn’t qualifying insurance in place of Medicare, and if you miss some deadlines for enrolling in Medicare without having the… Read More »
How Do I Protect an Inheritance from the Tax Man?
Inheritances aren’t income for federal tax purposes, whether you inherit cash, investments or property. However, any subsequent earnings on the inherited assets are taxable, unless it comes from a tax-free source. Therefore, you must include the interest income in your reported income. The Street’s recent article entitled “4 Ways to Protect Your Inheritance from… Read More »
When Can an Executor Start Paying the Heirs of an Estate?
An estate executor or Personal Representative is the person who has been named to administer the estate of a deceased person. The PR is either named by the testator in the will or is appointed by the Court where the PR named in the will has resigned or where the decedent died intestate or… Read More »
Preparing Children for Inheritances in the Future
Almost three quarters of the wealthiest people in the world—those whose net worth is higher than $30 million—are self-made, according to a Wealth-X report. Look closer into the world’s wealthiest, and only about a quarter have a combination of inherited and self-made money, while only 8.5% inherited their wealth. Transferring wealth and having it… Read More »
Estate Planning Is a Gift and a Legacy for Loved Ones
Without an end of life plan, a doctor you’ve never even met might decide how you spend your last moments, and your loved ones may live with the burden of not knowing what you would have wished. These are just a few reasons why “End-Of-Life Planning is a ‘Lifetime Gift’ To Your Loved Ones,… Read More »
How Do I Include Care for My Children in Estate Planning?
To make certain that parents’ wishes are followed, they should create a will that designates a guardian and a conservator in case both parents die, counsels The Choteau (MT) Acantha article entitled “Plan for children’s future when making out a will.” A guardianship provides for the care of the children, until they reach adulthood… Read More »
There Is a Difference between Probate and Trust Administration
Many people get these two things confused. A recent article, “Appreciating the differences between probate and trust administration, ” from Lake County News clarifies the distinctions. Let’s start with probate, which is a court-supervised process. To begin the probate process, a legal notice must be published in a newspaper and court appearances are needed…. Read More »
Should I Create an LLC for Estate Planning?
If you want to transfer assets to your children, grandchildren or other family members but are worried about the weight of estate taxes your beneficiaries will owe upon your death, a LLC can help you control and protect assets during your lifetime, keep assets in the family and lessen taxes owed by you or… Read More »