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Law Offices of Patrick J. Roth
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Tis the Season...
The recent passing of Steve Jobs has, for many admirers, raised anew the question of anonymous giving: is it better to give without taking credit? As a recent Reuter’s article points out, whether for Jobs or for the average donor, there are some important considerations to bear in mind. Jobs... Continue reading
Posted Dec 7, 2011 at TwinTiersLegacy.com
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Estate Planning for Firearms?
Proper estate planning for your assets depends, in large part, on what those assets are. Common assets in an estate include the obvious, such as real estate, collections, cash, brokerage accounts, retirement funds and stock portfolios. However, there can be less obvious assets requiring special attention. A recent article through... Continue reading
Posted Dec 5, 2011 at TwinTiersLegacy.com
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Public vs. government charity
There’s a lot of commotion surrounding President Obama’s jobs bill, and for good reason, but not all of it is positive. Small businesses, for one, are lukewarm since their concern is less for tax-breaks and more for actual revenues. But the biggest detractors so far may just be charities and... Continue reading
Posted Nov 16, 2011 at TwinTiersLegacy.com
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Be careful when moving family members
Moving between hospitals or into rehabilitation and other care centers can be a stressful time, especially for an elderly loved one. Unfortunately, too, these “care transitions” can create far greater problems than stress, as they also are prone to creating problems with the patient’s care. Potentially, these problems can have... Continue reading
Posted Nov 14, 2011 at TwinTiersLegacy.com
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Retirement account distribution rules
Even with the many concerns over retirement accounts in America, it’s undeniable - IRAs and 401(k)s represent a lot of personal wealth for everyday Americans. That means retirement accounts are assets uniquely worthy of particular attention, to include when it comes to their role in your estate planning. Indeed, amongst... Continue reading
Posted Nov 11, 2011 at TwinTiersLegacy.com
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Problems with jointly owned property
Estate planning can be daunting. Once you get past the fact that your very mortality (and morbidity) is the triggering event, estate planning means taking stock of all you own and, what is often more important, how you own it. Yes, there are many degrees of ownership and each can... Continue reading
Posted Nov 9, 2011 at TwinTiersLegacy.com
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First, an apology...
First, please let me apologize for my break in posting. Over the past few weeks we have had a family emergency and a wave of sickness hit us. Thankfully everyone is ok and we are getting back on our feet. Times like this are exactly why it is important to... Continue reading
Posted Nov 7, 2011 at TwinTiersLegacy.com
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Do You Own an IRA or 401(k)?
Even with the many concerns over retirement accounts in America, it’s undeniable - IRAs and 401(k)s represent a lot of personal wealth for everyday Americans. That means retirement accounts are assets uniquely worthy of particular attention, to plan for when it comes to their role in your estate plan. Indeed,... Continue reading
Posted Oct 24, 2011 at TwinTiersLegacy.com
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Pitfalls of Owning Assets in Joint Name
Estate planning can be daunting. Once you get past the fact that your very mortality (and morbidity) is the triggering event, estate planning means making a tally of all you own and (in fact more importantly) how you own it. Yes, there are many degrees of ownership and each can... Continue reading
Posted Oct 21, 2011 at TwinTiersLegacy.com
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Creative Planning for Special Needs
Estate planning is never easy, if only because it means thinking about protecting your loved ones when you’re no longer around. It’s tough enough making plans to protect self-sufficient heirs who take care of themselves and an inheritance. However, it can be a real challenge when planning for heirs with... Continue reading
Posted Oct 19, 2011 at TwinTiersLegacy.com
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Trust Planning can Provide a Wealth of Options
While planning for your estate addresses many concerns, likely providing your loved ones is at the top of the list. But what if you can’t fully trust your loved ones to use your gifts wisely and to take care of themselves responsibly? One common alternative is to cut those problem... Continue reading
Posted Oct 17, 2011 at TwinTiersLegacy.com
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Navigate Through the Medicare Maze
Following up on my last post, did you know Medicare’s annual election period starts tomorrow? It runs from October 15 through December 7, to be precise. Now is the time to evaluate your options. Should you stick with your current plan, or is it time to make a change? Would... Continue reading
Posted Oct 14, 2011 at TwinTiersLegacy.com
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Do you understand Medicare benefits?
It’s no secret that Medicare is a difficult system to understand. Unfortunately, it’s a fact of life for our nation’s seniors. As a result, Medicare is something we all have to work to understand. For many of us, though, there is at least one more resource available to many of... Continue reading
Posted Oct 12, 2011 at TwinTiersLegacy.com
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Attention all women!
Estate planning is the personal responsibility of every adult American. Of course, certain people have special concerns when it comes to estate planning and this is especially true for women. Deborah L. Jacobs has written in Forbes about the case for women to come to grips with estate planning. Estate... Continue reading
Posted Oct 11, 2011 at TwinTiersLegacy.com
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Estate Planning Alphabet Soup
Unfortunately, estate-planning opportunities tend to be hard to time. Practically speaking, you tend to not be “done” with your estate when the law creates a planning window. Certainly, that was the joke in 2010 when the estate tax lapsed and it become “the year to die.” (Just ask the family... Continue reading
Posted Oct 7, 2011 at TwinTiersLegacy.com
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Asset Protection Pointer: Start Yesterday
We tend to think of the law as a rigid structure, unless of course it’s bending to help us. On the other hand, the law also might bend against us… and that can be rather unsettling, especially when you are a debtor attempting to protect your assets. Unfortunately, it seems... Continue reading
Posted Oct 5, 2011 at TwinTiersLegacy.com
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Steps to consider when you inherit a retirement account.
Inheriting something is not the same as knowing what to do with it, and that can be especially true if you inherit a retirement account. I recently found an article from Forbes offering seven steps to take if you have recently received an inheritance, or if you know that you... Continue reading
Posted Oct 3, 2011 at TwinTiersLegacy.com
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Is a family member hiding something from you?
Dementia and Alzheimer’s are becoming increasingly common, but even if we are beginning to become more and more aware of how to spot them, it doesn’t make it any easier. Many a reader will be familiar with the terrible uncertainty and concern over their elderly parent’s thinking. Fortunately, Carolyn Rosenblatt... Continue reading
Posted Sep 30, 2011 at TwinTiersLegacy.com
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Are we looking at increased nursing home costs in the near future?
On July 29, The Centers for Medicare and Medicaid Services (CMS) decided and announced that they would be compensating for last year’s $4 billion shortfall by cutting reimbursement rates to nursing homes by 11.1%. In real terms, the shortfall is going to reduce government reimbursements to nursing homes. In 2010,... Continue reading
Posted Sep 28, 2011 at TwinTiersLegacy.com
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Do you have long term care insurance in place?
It is an unfortunate fact that healthcare costs are steadily rising and looking at the demographics in America it will continue to rise in the foreseeable future. Accordingly, inflation of healthcare costs must be considered when planning to protect your health, your family, and your financial well-being. One of the... Continue reading
Posted Sep 26, 2011 at TwinTiersLegacy.com
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Not all life insurance is life insurance.
Not all life insurance is the same, and that’s not just a line to be used as a sales trick by an insurance agent to up-sell a client. In the eyes of Medicare and Medicaid, not everything called life insurance actually is “life insurance” – and that can be a... Continue reading
Posted Sep 23, 2011 at TwinTiersLegacy.com
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A great time to make gifts.
As many have written, 2011 and 2012 just might be great years for gifting, but that doesn’t mean there aren’t fundamentals worth considering, as Benny Kass points out in a recent piece for the Chicago Tribune about gifting property. You likely know that property transfers can be made as outright... Continue reading
Posted Sep 19, 2011 at TwinTiersLegacy.com
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Keeping The Family Cottage In The Family
For those of you with still-fresh memories of this past Labor Day weekend out at the family cottage, now may be the time to take action to ensure that future Labor Days and summer outings will continue to be enjoyed by your family long after you are gone. In other... Continue reading
Posted Sep 19, 2011 at TwinTiersLegacy.com
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Estate tax guidance from the IRS.
After a bit of biding our time, we finally have something official with which to work regarding how to report 2010 estate taxes. Nevertheless, there is a bit more waiting to do. The IRS recently published its guidance in the form of Notice 2011-66 and Revenue Procedure 2011-41. As you... Continue reading
Posted Sep 16, 2011 at TwinTiersLegacy.com
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More potential problems with "portability".
Much ado has been made about the new power in estate planning known as “portability,” and for good reason. Nevertheless, it’s also prudent never to put all your eggs in one basket. This is also true with the matter of estate tax exemption portability. In my prior blog post I... Continue reading
Posted Sep 14, 2011 at TwinTiersLegacy.com
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