Estate planning should be viewed as an ongoing, dynamic process. Things do not stand still, and events can and do take place that can make an estate plan revision necessary. We are experiencing one of these events at the present time. There are significant changes to the estate/gift tax parameters on the horizon in 2013, and because of these changes you may want to take certain actions before 2012 comes to a close. At the present time the unified gift/estate tax exclusion … [Read more...] about End of Year Signals End of Unique Opportunity
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Does Medicaid Count Your Home as an Asset?
Many people think of Medicaid as a program that provides very low income people with access to medical care, and this was the original intent of the program. However, the Kaiser Family Foundation states that seven out of every 10 seniors who are residing in nursing homes are using Medicaid to pay for their care. The truth is that not all of these individuals are poverty-stricken. Why can't they just write out a check if they would not describe themselves as being poor? The fact … [Read more...] about Does Medicaid Count Your Home as an Asset?
Update on Hemsley Estate Challenge
The probate court in El Paso, Texas is going to preside over a trial that is scheduled to commence on October 31 in an effort to resolve the Sherman Hemsley estate case. News was circulating a while back about a man named Richard Thornton stepping forward claiming to be the late actor's brother. He is challenging Hemsley's will. In the will, Hemsley leaves everything to his "beloved partner" (this is the term used in the will) Flora Enchinton. Things have been in limbo since … [Read more...] about Update on Hemsley Estate Challenge
Is Retired Military Spouse Protected?
When you serve in the military for at least 20 years you are entitled to a retirement pension. Recognizing the fact that you will have this ongoing stream of income to go along with your Social Security benefit can make retirement planning a pleasure. Service members who want to take advantage of the opportunity to receive a retirement pension have a couple of different options available to them with regard to a long-term career path. You can spend your entire working career in the … [Read more...] about Is Retired Military Spouse Protected?
Examine Insurance Policy Before Selecting Long-Term Care Facility
If you are a serious minded individual you are going to want to develop a relationship with a good Indianapolis elder law attorney as retirement starts to come into focus. Most people are going to have questions along the way, and if you take action without consulting with your lawyer you may make decisions that you regret at some future point in time. With the above in mind there was a case decided by a court in Kentucky recently that is of interest to the elder law … [Read more...] about Examine Insurance Policy Before Selecting Long-Term Care Facility
More Senior Couples Eschewing Marriage
An interesting elder law trend has emerged involving the numbers of seniors who are in relationships who decide not to get legally married. According to United States Census statistics, if you compare findings from 2005 through 2007 to the 2008-2010 figures, the number of Americans in their 60's who are unmarried but living with partners has increased by 14%. There are a variety of different financial reasons why more people are deciding to remain unmarried. One of them involves … [Read more...] about More Senior Couples Eschewing Marriage
The Estate Tax & Spousal Asset Transfers
The Federal estate tax will be a factor for many additional Americans in 2013. Unless there are changes to existing laws the estate tax exclusion goes down to $1 million next year. (It is currently $5.12 million.) Given this reality you may want to discuss your situation with a licensed Indianapolis estate planning lawyer before the year comes to a close. You may have heard that asset transfers between husbands and wives are not subject to the estate tax. As a result you may … [Read more...] about The Estate Tax & Spousal Asset Transfers
I Received a Gift – Is It Taxable Income?
Indianapolis estate planning attorneys are often asked questions about the tax ramifications of giving and receiving gifts. If you receive a cash gift from someone is this income considered to be taxable under IRS regulations? The answer to this question is no with an asterisk of sorts. You don't have to claim the face value of a cash gift. But if you were to receive an appreciable asset such as a certificate of deposit you would be liable for the earnings above and beyond the … [Read more...] about I Received a Gift – Is It Taxable Income?
Hurricane Sandy Victims Need Your Help
Our visitors are generally going to be looking for information about estate planning, but something else holds precedent right now. We would like to ask you quite directly to do what you can to assist victims of Hurricane Sandy. A number of different organizations are currently devoting resources to provide relief, and they could use all the donations they can get right around now. If you would like to help simply click this link to find out who is providing assistance to hurricane … [Read more...] about Hurricane Sandy Victims Need Your Help
Effective Long-Term Planning Requires Awareness & Flexibility
Long-term planning should be viewed holistically. One phase of your life leads into another and everything culminates with your eventual passing. So retirement planning and estate planning are naturally intertwined into a long-term financial plan. No sports teams is going to take to the field or the court without any type of a game plan. The game of life is much more serious than any single sporting event, but unfortunately far too many people go through life without … [Read more...] about Effective Long-Term Planning Requires Awareness & Flexibility
