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Practical Legislation Addresses Elder Abuse Issues in New York State A number of important bills were passed at the end of the legislative session, including some surprisingly common-sense solutions to estate planning and elder abuse problems. Among a number of new laws recently passed in New York State are several... Continue reading
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The Final Frontier: Naming a Data Executor for Digital Assets When death is unexpected, not having a digital executor or a plan for digital assets can do a world of harm. One family learned this the hardest way possible. When Karen Prangley’s father died after two severe strokes at age... Continue reading
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Let’s Get These Retirement Secrets Out in the Open! None of this should come as a surprise, but you’ll want this information so you can do a better job of planning for your retirement. If the only thing you know about retirement is that you’ve done with the daily grind,... Continue reading
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Does an Inherited Property Generate a Tax Bill? There are certain tax savings to leaving the family home to members of the family. They gain what is called a “step-up in basis.” Here’s how it works. Inheriting real estate is a little different than other assets. When members of the... Continue reading
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Can You Protect Your Home from the Medicaid Estate Recovery Program? It’s a no-win scenario: you need long-term care and are eligible for help from Medicaid, but the possibility exists that Medicaid could take possession of your home as part of reclaiming funds after you die. What should you do?... Continue reading
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Is Your Retirement Plan Prepared with Taxes in Mind? Don’t assume that your tax liability will shrink during retirement. Start planning now to avoid any unpleasant surprises. Taxes are one of the most overlooked challenges of retirement finances. We typically think about outliving our assets, the high cost of health... Continue reading
Posted Aug 11, 2017 at Oklahoma City Estate & Tax Planning
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What Happens When an Estate Plan is Out of Date? Life changes, laws change, and estate plans that don’t keep up, create real problems for families. Many people wait almost two decades between the time that they first have an estate plan created and when they get around to updating... Continue reading
Posted Aug 10, 2017 at Oklahoma City Estate & Tax Planning
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Burden of Elder Care Eased in Hawaii with Passage of Kupuna Caregivers Act Family caregivers who are helping their elders, will now receive financial assistance for associated costs from the state of Hawaii. It is a nod to a tradition that will be gratefully appreciated. The Kupuna Caregivers Act, signed... Continue reading
Posted Aug 9, 2017 at Oklahoma City Estate & Tax Planning
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Burden of Elder Care Eased in Hawaii with Passage of Kupuna Caregivers Act Family caregivers who are helping their elders, will now receive financial assistance for associated costs from the state of Hawaii. It is a nod to a tradition that will be gratefully appreciated. The Kupuna Caregivers Act, signed... Continue reading
Posted Aug 9, 2017 at Oklahoma City Estate & Tax Planning
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Retirement and Financial Planning is Doubly Important for Singles An increasing number of women and men are entering the retirement phase of their lives as singles. Putting a financial and estate plan into place is just as important as for couples, even if there are no heirs. It seems like... Continue reading
Posted Aug 8, 2017 at Oklahoma City Estate & Tax Planning
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Unfinished Work of Famed Playwright to be Destroyed It’s not always easy for the living to honor the wishes of the dead, and in this case, we may never know what Edward Albee was working on, if his wishes are carried out. Edward Albee was very specific in the directions... Continue reading
Posted Aug 7, 2017 at Oklahoma City Estate & Tax Planning
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Time to Have That Money Talk with Aging Parents It’s not an easy conversation to have, since you have your own personal finance matters. But there’s another piece of your financial life to consider: your parents and their finances. Here’s how it often goes: you don’t think you have to... Continue reading
Posted Aug 3, 2017 at Oklahoma City Estate & Tax Planning
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What to do When Family Members are the Abusers Financial elder abuse is more likely to come from family members or caregivers than a scammer who promises to deliver millions. The latter is more dramatic, but the family or caregivers are just as harmful. An all-too-common situation of one adult... Continue reading
Posted Aug 2, 2017 at Oklahoma City Estate & Tax Planning
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How to Make Gift Tax Part of Your Tax Planning Did you know that the donor is responsible for paying any gift taxes, not the recipient? When you think of tax planning, most people think about minimizing the amount of taxes we pay every spring when we file taxes. But... Continue reading
Posted Aug 2, 2017 at Oklahoma City Estate & Tax Planning
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New Laws in Tennessee Focus on Elder Abuse They’re getting tougher in Tennessee, thanks to a new law that is geared to revamp state laws protecting the elderly. With stiffer penalties, that include more jail time and higher fines than those imposed in the past, a new law has taken... Continue reading
Posted Aug 1, 2017 at Oklahoma City Estate & Tax Planning
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Why Wills and Estate Planning are Not Do-It-Yourself Projects Estate planning attorneys are often called upon to repair the damage, after homemade wills are found to be invalid. It sounds like a great idea, kind of like building your own furniture or baking your own bread. But wills and estate... Continue reading
Posted Jul 31, 2017 at Oklahoma City Estate & Tax Planning
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Women and Retirement: Special Challenges Women who are widowed or divorced or those whose careers are impacted by raising children or caring for a loved one, are in a more precarious position than their male counterparts when it comes to retirement finances. A third of all widows lose their husbands... Continue reading
Posted Jul 28, 2017 at Oklahoma City Estate & Tax Planning
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Is a Revocable Trust Right For Your Estate Plan? Creating an estate plan offers peace of mind for the individual and their family. Revocable trusts are a good fit for many estate plans. Also known as “living trusts,” a revocable trust is a very flexible document that can be modified... Continue reading
Posted Jul 27, 2017 at Oklahoma City Estate & Tax Planning
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How to Prove Heirs Have Ownership of Mom’s House Having a properly prepared will that clearly states your wishes, is the most important part of passing an asset like the family home to your children. Understanding the process by which real property is passed along to heirs, can give peace... Continue reading
Posted Jul 26, 2017 at Oklahoma City Estate & Tax Planning
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Next Up for Inheritances: Millennials and Gen Xers The next few decades will see a vast amount of wealth transferred from Baby Boomers to their children. The question is, will those children be ready to manage new wealth? Almost $30 trillion in assets has already started to pass from one... Continue reading
Posted Jul 25, 2017 at Oklahoma City Estate & Tax Planning
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You Don’t Have to Be Famous to Need a Will! All a celebrity has to do is die without a will and the details of their lives are all over the news. There’s a fascination with seeing how those who have achieved a high degree of success, fortune and fame... Continue reading
Posted Jul 24, 2017 at Oklahoma City Estate & Tax Planning
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Retirement Planning Doesn’t Stop with Retirement Being retired requires you to become the Chief Financial Officer of your own life. You need to manage your income, including Social Security, distributions from retirement accounts and any other sources and oversee investments. Most people think of retirement as the time that they... Continue reading
Posted Jul 21, 2017 at Oklahoma City Estate & Tax Planning
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How to Make Sure You’re Remembered How do you ensure that you’ll be remembered as time and generations continue after you’re gone? One way to create a legacy is through the use of life insurance. According to this article in MarketWatch, “5 ways to make a great impression after you’re... Continue reading
Posted Jul 20, 2017 at Oklahoma City Estate & Tax Planning
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Elder Abuse Law in Arizona Clarified by Supreme Court Ruling The standard governing nursing home abuse suits is too restrictive, and runs contrary to the aims of state law, according to a recent decision from the Arizona Supreme Court. With a decision that dismantles a four-part test established in 2002,... Continue reading
Posted Jul 18, 2017 at Oklahoma City Estate & Tax Planning
Changing the Value of an Estate before Death Certain situations present opportunities to lower the value of an estate before death, thereby decreasing tax liabilities for heirs. In cases where a loved one is on life support for an extended period time and is legally incapacitated, there may come a... Continue reading
Posted Jul 17, 2017 at Oklahoma City Estate & Tax Planning