Estate planning can be more complicated than you think. When you try to figure it out for yourself, you may make assumptions that are incorrect because of misunderstandings. Some of this stems from the fact that there are terms that sound very similar. It is easy to assume that they are different ways to say […]
Estate Planning
Five Things You Need to Know About the Gift Tax
The federal estate tax was established in 1916, and at that time, people would give gifts while they were living to avoid the tax. This worked until 1924, but at that time, a gift tax was enacted to close the window of opportunity. It was in place for two years, and it was repealed. Once […]
Does a Trust Protect Assets?
Asset protection is a source of concern for some, and it comes in different forms. A lot of people assume that a trust will protect assets because you surrender personal control of assets in a trust. The idea is that the trust is the owner of the resources, so they are protected. Is this an […]
Will Medicaid Take the Remainder in a Special Needs Trust?
Many individuals with special needs are not capable of working, so they do not receive health insurance through their employers. Obviously, these folks need coverage more than the average person, and Medicaid is there to fill the void. The Supplemental Security Income (SSI) program provides a very modest stream of monthly cash to augment the […]
Are Living Trust Distributions Taxed?
The revocable living trust is a very versatile estate planning solution that can be the right choice for a wide range of people. We are going to look at the tax question in this post, but before we get there, we will explain some of the benefits that living trusts provide. Streamlined Estate Administration When […]
Pet Trusts: Can You Establish One for a Pet?
Pet trusts can be part of a well put-together estate plan.  Most American families have a pet, and it is enriching to have a dog or cat around the house. Children love their fine furry friends, and your pet becomes a part of your family. When you are relatively young, if you pass away unexpectedly, other […]
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