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Connie Jelliffe
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It might be easier than you think for you, or a loved one, to stay at home as you age… Nine out of 10 Americans say they want to grow old at home and keep living in their communities as long as possible, according to AARP. Home-health providers are rushing in to meet the demand. Continue reading
Posted Sep 27, 2013 at Estate Plannning
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After reassuring seniors that Medicare is not part of the new health insurance marketplaces, administration officials have a warning for anyone who may have other ideas: selling marketplace coverage to people who have Medicare is illegal. Continue reading
Posted Sep 24, 2013 at Estate Plannning
He chose two people he wanted to sell to who were already working in the company. They were young, they were paid well, and they were happy with what they were doing. “Look,” he told them, “I’m going to be out of here in 10 years. You’re going to own the company if you want it. Here’s what you need to do.” Continue reading
Posted Sep 24, 2013 at Estate Plannning
Planning for an inheritance can be thorny. You can be consumed by unrealistic ideas and make a number of missteps that could reduce the value of what you receive over time. Taking a few preparatory steps can help ensure that the money will last to meet your major financial needs. Continue reading
Posted Sep 18, 2013 at Estate Plannning
Charitable gifts of artworks almost always present valuation issues. An appraisal by a respected, unbiased expert is key to substantiating a charitable deduction for a donated work of art. The Internal Revenue Service has its own experts: the Art Advisory Panel. Valuations of artwork exceeding $50,000 must be sent to the panel, though smaller claims may be referred as well. Continue reading
Posted Sep 14, 2013 at Estate Plannning
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Faced with the high cost of in-home care, many Americans end up providing care themselves for an aging parent or relative with a chronic condition. But by doing so, you may be putting your own finances, and even your health, at risk. Continue reading
Posted Sep 13, 2013 at Estate Plannning
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No matter where you retire, you'll owe the same to Uncle Sam in federal taxes. But your choice of retirement destination could have a significant impact on what you'll owe in state taxes. State tax burdens vary widely across the U.S. Continue reading
Posted Sep 12, 2013 at Estate Plannning
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Napierski says Holmes would not have gone home without this help, buoyed by money the federal government is giving states for a Medicaid program called Money Follows the Person. The program identifies patients, old and young, who've been in a nursing home for at least 90 days but don't really need to be there. Massachusetts is one of 45 states and the District of Columbia in the program, created by the Deficit Reduction Act of 2005. Continue reading
Posted Sep 3, 2013 at Estate Plannning
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In an ideal world, [the vacation home], whether a modest cabin or an elaborate villa, is a symbol of a family’s history, emotions, and values … But as summer draws to a close some families, who have spent less than idyllic time in the cabin together during the past several months, will come to terms with the fact that it can also be a battleground. Continue reading
Posted Aug 30, 2013 at Estate Plannning
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Once people hit midlife, they typically start focusing on estate-planning issues for themselves and, often, for their elderly parents. But there’s one group that 40- and 50-somethings usually neglect: Their own college-age kids. Continue reading
Posted Aug 29, 2013 at Estate Plannning
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While fights over cash and stocks after a relative dies are common, families feud just as often over memorabilia and personal items that have little monetary value. And in some cases, it's the happiest families that are in the most danger of falling out over inheritances, because they're more likely to attach sentimental value to parents' personal possessions. Some of the worst family fights start over a trinket. Continue reading
Posted Aug 27, 2013 at Estate Plannning
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When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it. If you were to sell the property, there could be huge capital gains taxes. Fortunately, when you inherit property, the property’s tax basis is "stepped up," which means the basis would be the current value of the property. Continue reading
Posted Aug 23, 2013 at Estate Plannning
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They're payable on death accounts a simple way to pass assets to heirs or are they a mistake? It sure sounds simple. With a payable on death account or paid on death account, you name a beneficiary who gets the account when you die—no probate, no hassle … How can they go awry? If they contradict an estate plan that’s already in place. Continue reading
Posted Aug 22, 2013 at Estate Plannning
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It’s no secret that Americans are obsessed with taxes and unhappy with the IRS. Take the IRS crackdown on foreign accounts and income …. Some people vote with their feet. For most, taxes are at least part–usually a big part–of the equation. Continue reading
Posted Aug 20, 2013 at Estate Plannning
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Your legacy is putting your stamp on the future. It’s a way to make some meaning of your existence: “Yes, world of the future, I was here. Here’s my contribution, here’s why I hope my life mattered.” Sometimes it can be easy to see the trees, but miss the forest. This is true when it comes to planning for your estate. Continue reading
Posted Aug 19, 2013 at Estate Plannning
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Just as the courts are juggling with multiple definitions of family, so too are families today finding that there’s no single “right” answer. Rather, they must ask the right questions and come up with answers that work for now and have enough flexibility for what the future might hold. Continue reading
Posted Aug 15, 2013 at Estate Plannning
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An easement is the legal removal of a right of use. Conservation easements generally protect wildlife habitat and recreational land by eliminating development rights. They are also a valuable estate-planning tool and landowners who donate these rights get substantial income-tax breaks. Continue reading
Posted Aug 8, 2013 at Estate Plannning
One of the key provisions of ATRA is to make permanent the so-called portability of the applicable exclusion amount between spouses, which was enacted by Tax Relief, Unemployment Insurance Re-authorization, and Job Creation Act of 2010. Continue reading
Posted Aug 7, 2013 at Estate Plannning
Tony Soprano may have been an expert at hiding his money from the feds, but actor James Gandolfini, the recently deceased actor who portrayed the fictional New Jersey mob boss on TV, apparently was not. Moreover, advisors say that wealthy families can take some lessons from the mistakes the award-winning actor made in mapping out his estate plan. Continue reading
Posted Aug 6, 2013 at Estate Plannning
For those retirees who had not planned on receiving an inheritance or are happily surprised at the amount they receive, it's time to reassess your retirement goals and needs. Certainly this newfound money allows you to enhance your standard of living, but it also gives you the ability to accomplish other retirement goals. Continue reading
Posted Aug 5, 2013 at Estate Plannning
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Chances are good you will be spending some vacation time this summer with older family members. If so, take the opportunity to have “the talk.” There’s never a good or easy time to talk with older parents about their finances and estate plans. But taking advantage of a relaxing moment –well before problems arise – can improve the odds of success. Continue reading
Posted Aug 2, 2013 at Estate Plannning
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Mutt or Pedigree --- No matter what type of furry or feathered friend you have, don't forget to make proper plans for their care when you are no longer able to. Click here to register for our eNewsletter. For more information on Madison and Jackson MS Income Tax Plans, Wills,... Continue reading
Posted Jul 31, 2013 at Estate Plannning
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The biggest mistake often made with long-term care planning is putting it off until health issues can make LTC planning much more costly or impossible to qualify for. When you consider the potential financial impact of not planning for long-term care, planning for LTC should be an important part of any retirement plan. Continue reading
Posted Jul 30, 2013 at Estate Plannning
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Except in the case of the superrich, [real estate] is most likely the parents’ major asset, and their children understandably want its future resolved while their parents are still in good shape mentally and physically. They want to avoid unnecessary estate taxes, capital gains taxes and other financial penalties should the parents die or move to smaller, easier-to-manage quarters. Continue reading
Posted Jul 23, 2013 at Estate Plannning
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Owners want non-family business leaders to behave like owners, and so they give them shares. Trying to align incentives is right, and families certainly want to reward executives when the business does well. But the family needs to exercise extreme caution when giving shares outside the business-owning family. Continue reading
Posted Jul 22, 2013 at Estate Plannning