PROTECTING YOUR ASSETS FROM CREDITORS: ARE YOU BULLET-PROOF?
By: Thomas D. Begley, Jr., Esquire, CELA Many business and professional people have worked for a long time and have accumulated significant assets. They hope to benefit themselves and their families during their working careers and also in retirement. The first step in asset protection planning would be to do a risk analysis. What are…
Protecting The Home: Using Trusts To Protect Your Home From The Costs Of Long-Term Care – Begley Report
by Thomas D. Begley, Jr., Esquire, CELA 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…
Vacation Area Homes: Tax and Management Issues – Begley Report
By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY 1: VACATION HOME—NO ESTATE PLAN Harry and Sally own a vacation home on a barrier island. They purchased the home many years ago for $50,000, and it is now worth $1 million. Harry and Sally have two children and five grandchildren. The children visit the vacation…
10 EFFECTIVE POST-MORTEM TAX PLANNING TECHNIQUES
by Adam Cohen, Esquire After an individual dies, the estate and trust administration process can and should include more than just the basic steps of marshaling assets, paying debts, and distributing the remaining funds. Along with making necessary tax filings, there are often cost-effective and highly advantageous strategies that can be employed to reduce the…