There are many different legal devices that can be used to satisfy a wide range of estate planning objectives. You should never assume that you have to settle for an arrangement that is less than ideal. An attorney from our firm can gain an understanding of your wishes and make sure they come to fruition, and we are always here to help. With this in mind, let’s look at a very effective approach to estate planning for parents that are getting remarried. Premarital Agreement If you are a … [Read more...] about Remarriage Can Create Estate Planning Concerns
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Application of the Transfer for Value Rule to the Sale of Life Insurance
Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences. Read on to learn more. … [Read more...] about Application of the Transfer for Value Rule to the Sale of Life Insurance
If You Own Out of State Property, You Need a Living Trust
You should discuss your situation with an estate planning lawyer because you may not be aware of certain legal details. They are not complicated after you learn about them, but you are not going to be aware of every estate related law, and why would you be? The matter of probate is one of those details. We will provide you with an explanation in this post. Estate Administration A lot of people think that the executor can transfer assets to the people named in a will shortly after the death … [Read more...] about If You Own Out of State Property, You Need a Living Trust
Estate Planning: Don’t Get the Wrong Idea About Taxes
It seems as though you have to report income that you receive from any source. This means that a lot of people assume they are going to get stuck with a tax bill when they inherit money. Of course most of us have heard of estate and inheritance taxes, so it sounds like taxation is going to hit you hard. Is this really true? There is rarely any good news to pass along about state and federal taxes, but this is an exception. Income Tax There is some logic behind the way the IRS and state tax … [Read more...] about Estate Planning: Don’t Get the Wrong Idea About Taxes
What Estate of Marion Levine Means for Life Insurance
Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more. … [Read more...] about What Estate of Marion Levine Means for Life Insurance
Does Medicare Pay for Nursing Home Care?
Medicare is a health insurance program that exists to address medical costs that are incurred by senior citizens. You gain Medicare eligibility by earning retirement credits when you pay taxes. Each year, you can get a total of four credits, and you are eligible when you have 40 credits. The eligibility age is 65 at the present time. Even if you do not work enough to accumulate the 40 credits and if you are married, you can qualify on your spouse’s work record. Convalescent Care vs. … [Read more...] about Does Medicare Pay for Nursing Home Care?
Address End of Life Challenges When You Are Planning Your Estate
A lot of people think that estate planning is strictly about the events that will take place after you are gone. This is certainly at the core of the matter. You should, however, consider some other facets if you want to be fully prepared for the future. Incapacity Among Elders Sometimes you have to confront some uncomfortable facts of life. As elder law attorneys, we are forced to meet them head-on. Most people do not pass away after being in perfectly good health for the days and weeks … [Read more...] about Address End of Life Challenges When You Are Planning Your Estate
Estate Planning – Something You Shouldn’t Do Yourself
It’s tempting to think that by taking the time to hand-write your Will or preparing a do-it-yourself plan, you can avoid many of the issues that arise with a Will. In fact, the opposite may be true. By handwriting your Will or preparing a do-it-yourself plan, you may be creating more issues for your family. Read on to learn more. … [Read more...] about Estate Planning – Something You Shouldn’t Do Yourself
Know the Facts When You Plan Your Estate
Surveys that are conducted show that most people in the United States do not have estate plans in place. Obviously, dying is at the bottom of your to do list. You may not want to think about it until you are an elder and the reality of it is staring you in the face. This is not hard to understand, everybody dies, and most people have assets. It is just a fact of life, and you should take it seriously because there are no guarantees. People pass away at all ages every day, and their families … [Read more...] about Know the Facts When You Plan Your Estate
Are You Aware of State Inheritance Taxes?
You should work with an Oklahoma City estate planning lawyer to plan your estate because there are details that you probably don’t know about. If you are not fully informed, you can make mistakes that cost your loved ones a good bit of money. Income Taxes on Inheritances For the most part, the tax situation for people that inherit assets is surprisingly good. You do not have to report an inheritance as taxable income under most circumstances. What are the exceptions? Distributions of the … [Read more...] about Are You Aware of State Inheritance Taxes?
