Does Potential IRS Change Have an Impact on Estate Plan?
July 26, 2022
The IRS is weighing a change that could leave your heirs poorer than you might hope.
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The IRS is weighing a change that could leave your heirs poorer than you might hope.
Trusts could be an incredibly powerful tool to help business owners protect their business and reach their wealth goals.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.
Good Medicaid planning ahead of time in drafting the judgment will be critical in determining whether the family – or the state – will be awarded more or less of the judgment.
A Dynasty Trust is meant to accomplish many objectives, from estate and gift tax avoidance, asset protection, and family support through the generations. It is part of a complicated plan drafted by an estate and tax attorney.
Addressing an estranged child in your estate plan can be a complicated subject. If you get it wrong, all of your children may wind up in contentious estate litigation for years. And to make matters worse, your wishes might not be followed.
Can you use a reverse mortgage for long-term care?
Most Americans don’t have long term care insurance, and Medicare will only pay up to 100 days in the nursing home. Unless you want to use your assets – and potentially lose your home – then a good Medicaid long term care plan is a wise decision.
Firearms are unique in this regard; guns are the only item of personal property that carry an inherent risk of legal peril, including potential criminal liability, so careful and deliberate planning is warranted.
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