Understanding Estate Planning
WHAT IS ESTATE PLANNING? Estate planning is the process by which an individual defines his or her goals for passing assets to beneficiaries and chooses appropriate tools and strategies for achieving those goals. The process begins with a careful analysis of one’s situation, objectives, and potential tax liability. Only after all of those factors have…
Protecting the Home – Using Trusts to Protect Your Home from the Cost of Long-Term Care
INTRODUCTION Studies show that 35% of Americans will spend some time in a nursing home. Seventy percent will require some form of long-term care be it nursing home, assisted living or home care. The cost of this care can range from $28 – $40 per hour or more for home care, $9,500 – $12,500 per…
My Client is a Medicaid Recipient Receiving a PI Settlement, Does He Need a Special Needs Trust?
GENERAL As a personal injury attorney, an important source of insurance and funding for medical needs for your clients with disabilities is Medicaid. When a person is receiving Medicaid and may be receiving a settlement, it must be determined whether a Special Needs Trust (SNT) is required to protect eligibility. Whether an SNT is needed…
Charitable Giving Using Qualified Charitable Distributions
What is a Qualified Charitable Distribution? A Qualified Charitable Distribution (QCD) is a tax strategy that allows you to support charities dear to your heart directly from your individual retirement account (IRA). When you make withdrawals from a traditional IRA account, those distributions are usually taxed as ordinary income to the account holder. An individual…