Married couples enjoy certain built-in protections when it comes to estate planning and elder law matters. If you were to pass away without an estate plan as a married person, your spouse would be in line for an inheritance. Your spouse would also be involved in the decision-making process if you were to become incapacitated due to medical problems. Plus, there are estate tax benefits that go along with marriage. We have a federal estate tax that everyone in all 50 states must contend with, …
Preserve Inheritances With a Medicaid Trust
The process of estate planning is intertwined with retirement planning. If you want to do certain things for your loved ones, you have to consider your estate planning objectives when you are creating a retirement budget. When you envision the expenses that you will have as a retiree, you are probably going to envision the active years full of travel, leisure activities, and quality time with your loved ones. This is certainly part of the equation, but you should also take the twilight years …
What Is a New York Qualified Domestic Trust
What Is a New York Qualified Domestic Trust from Mark Eghrari The trustee could distribute earnings from the trust to your spouse throughout his or her life. These distributions would be subject to income taxes, but the estate tax would not be levied. Learn more about New York qualified domestic trust in this presentation. …
Free Report: What Is a Qualified Residence Trust in New York
Now that we have shared the necessary background information, we can look at qualified personal residence trusts. The idea is to fund the trust with your home. You name a beneficiary who will assume ownership of the home after the trust term expires. This term is referred to as the retained income period. During the retained income period, you continue to reside in the home as usual. You decide on the length of this term. It can be five years, 10 years, 15 years, or whatever you …
Can a Surviving Spouse Use Two Estate Tax Exclusions?
The estate tax exclusion is the amount that can be transferred before the death tax would be applicable. We should point out the fact that the estate tax is not a factor for transfers between spouses, because there is an unlimited marital deduction. However, to use the marital deduction, your spouse must be an American citizen. If you are married to a citizen of another country, you cannot utilize the marital deduction. This blog post is being written late in 2015. For the rest of this …
Are Assets in a Trust Protected From Lawsuits?
In the field of estate planning, there are different types of trusts utilized. The optimal choice will depend upon the circumstances and the underlying objectives. There are trusts that you can revoke or rescind, and there are also irrevocable trusts. When you establish a revocable living trust, you can act as the trustee and the beneficiary while you are living. As the name would imply, you can also revoke the trust at any time, and it would no longer exist. The assets that were contained …
What Is The New York Medicaid Five Year Look Back
What Is The New York Medicaid Five Year Look Back from Mark Eghrari Medicaid planning can include a Medicaid spend down A spend down is somewhat self-explanatory You spend or give away your assets before you apply for Medicaid to pay for long-term care. You cannot give away your assets today and qualify for Medicaid tomorrow There is a five-year look-back. Learn more about New York medicaid five year look back in this presentation. …
Leaving an Enduring Legacy
Your legacy is a very meaningful thing, and you can shape the way that you will be remembered in many different ways if you engage in the process of legacy planning. There are a number of things to think about; some of them are financial, and some of them are matters of the heart. From a financial perspective, you have to make sure that you preserve your wealth for the benefit of your loved ones if you have been particularly successful from a financial standpoint. High net worth individuals …
What Is The Unlimited Marital Estate Tax Deduction
What Is The Unlimited Marital Estate Tax Deduction from Mark Eghrari The unlimited deduction applies to gifts as well There is no limit to the gifts that you can give to your spouse a tax-free manner. The unlimited marital deduction only extends to spouses who are citizens of the United States If you are married to a citizen of another country you may not utilize this deduction. Learn more about the unlimited marital Estate tax deduction in this presentation. …
Free Report: New York Medicaid Planning: What Can the Healthy Spouse Keep
Most senior citizens will in fact be qualified for Medicare coverage. Medicare is also a government health insurance program, but it is not based on financial need. You become eligible for Medicare through the accrual of retirement credits. When you are working, you can accumulate as many as four retirement credits per year. If you have at least 40 retirement credits, you will be eligible for Medicare coverage when you reach the age of 65. Topics covered in this report …
2016 Estate Tax Exclusion Adjustment Announced
The parameters of the federal estate tax were in flux for a number of years, but there has been some stability since 2011. This started with the enactment of The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. You can transfer unlimited assets to your spouse tax-free as long as your spouse is an American citizen, but transfers to others are potentially taxable. The estate tax exclusion is the amount that can be transferred to anyone other than your spouse …
Three Things You Should Know If You Don’t Have an Estate Plan
If you are going through life without an estate plan, you are doing your loved ones a disservice. It can always seem like you will have time to put a plan in place when you are a senior citizen, but if you think pragmatically, you know that younger people pass away every day. You probably have insurance to protect yourself from events that are probably not going to happen. On the other hand, everyone is going to pass away someday, so you should certainly prepare for this eventuality as …
See Larger Map
Get Directions