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Legacy Counsellors, P.C.
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Can you challenge acts that occur before a legal agreement is signed into effect? In this Texas case, a family came to terms with an estate through a mediated agreement and released each other from claims. However, one family member was not done with the matter. A dispute between family... Continue reading
Posted 7 hours ago at Legacy Counsellors, P.C.
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It’s clear that everyone needs to have a will, but the increasing use of trusts in estate planning have many people wondering how trusts fit into an estate plan. If you learn anything about a celebrity’s wealth after they die, chances are it’s because they had a will and their... Continue reading
Posted yesterday at Legacy Counsellors, P.C.
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There’s some confusion over when people must pay taxes on insurance policy proceeds and when they do not. Here’s a look at how it works, in different scenarios. Here’s a scenario to start with: a couple both have life insurance policies on each other for $500,000, and they have no... Continue reading
Posted 2 days ago at Legacy Counsellors, P.C.
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Planning in advance, rather than waiting until an emergency occurs, is the wisest way to go, when it comes to taking care of elderly parents, if they live far from you. We are less likely to live around the corner from our parents or grandparents than previous generations, This distance... Continue reading
Posted 3 days ago at Legacy Counsellors, P.C.
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Even if the Trump tax law had not passed, other factors make it wise for estate plans to be reviewed this year. Putting it off, may become costly for you and your heirs. Unless you are in the minority of people who actually pay the federal estate tax, for most... Continue reading
Posted 4 days ago at Legacy Counsellors, P.C.
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To help a child with a disability, families who have a 529 college savings plan are now permitted to roll those funds into an ABLE account. A recent article appearing in Kiplinger, “How to Use College Savings to Benefit Children with Special Needs,” explains that the new tax law now... Continue reading
Posted 7 days ago at Legacy Counsellors, P.C.
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A $3 million gift is the largest ever received by the School of Engineering and will be used for important improvements at the school, thanks to the estate of Dana C. Wood. Students and faculty in the civil and mechanical engineering departments at The University of New Mexico School of... Continue reading
Posted Apr 12, 2018 at Legacy Counsellors, P.C.
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Passing a pension to a spouse or child has the added benefit of being tax free. A recent article from Morningstar, “Why Pensions are Vital to Estate Planning,” explains that pensions are attractive alternatives to other types of property, because they can be inherited without the burden of taxes. Company... Continue reading
Posted Apr 11, 2018 at Legacy Counsellors, P.C.
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It’s almost an old-fashioned bait-and-switch: a company promotes estate planning at their free luncheons, then allegedly pushes prospects to buy complex high commissions investments. A consumer protection lawsuit has been filed against a company that proves the adage “there’s no such thing as a free lunch.” As KOMO News reports... Continue reading
Posted Apr 10, 2018 at Legacy Counsellors, P.C.
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People worry about the cost of health care, but that’s not the thing that derails most retirement plans. Ironically, the thing that you have the most control over during retirement, is also the thing that could take the biggest bite out of your retirement. KSL.com discussed this issue in its... Continue reading
Posted Apr 9, 2018 at Legacy Counsellors, P.C.
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Healthcare and taxes are not the only costs that threaten retirement finances. Some are big, some are small, but all four of these can pack quite a punch. The old expression “Man plans and God laughs” applies to retirement too. There are things that happen that are out of anyone’s... Continue reading
Posted Apr 6, 2018 at Legacy Counsellors, P.C.
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Issues of standing—defining who has the legal right to bring a civil action against an estate—comprise many estate battles. People are often surprised to learn that they may not be able to sue for recovery. What happens when the personal representative of the estate, a potential defendant in a case,... Continue reading
Posted Apr 5, 2018 at Legacy Counsellors, P.C.
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If you haven’t saved enough for retirement, one option is to tap the equity in your home with a reverse mortgage. It’s an expensive way to retire, but it might be what you need. When retirement is far off in the distance, it’s easy to imagine long lazy days in... Continue reading
Posted Apr 4, 2018 at Legacy Counsellors, P.C.
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A surprising conclusion at the end of this estate battle is in that in this case, the attorney-in-fact is not liable for the misuse of his or her property by a third party. Neither is the attorney-in-fact responsible to act to recover that property, even if it has been stolen.... Continue reading
Posted Apr 3, 2018 at Legacy Counsellors, P.C.
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“Single retirees may feel left out of the Social Security conversation, since it fixates on how married couples can make the most of their benefits. However, it’s a mistake to assume that there are no claiming strategies to maximize benefits for solo retirees. The fact of the matter is that... Continue reading
Posted Mar 30, 2018 at Legacy Counsellors, P.C.
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If something happened to you tomorrow, do you know for a fact that your beneficiary designations are correct? Or will your ex-spouse get an unexpected windfall? Your will may be updated, but if you haven’t looked at your beneficiary designations on documents like life insurance policies, IRAs or investment accounts,... Continue reading
Posted Mar 29, 2018 at Legacy Counsellors, P.C.
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There are many options for business owners, some of which allow for more savings than a traditional IRA. If you are self-employed or own a business where your only employee is yourself or a spouse, you can use “solo 401(k) and fund it with about 20% of your net profits... Continue reading
Posted Mar 28, 2018 at Legacy Counsellors, P.C.
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How a society treats its most vulnerable, including seniors and dependent adults, is emblematic of what it values and respects. Best practices and a partnership with law enforcement, including prosecutors, is part of a new program launched in San Diego County to address the rising number of elder law and... Continue reading
Posted Mar 27, 2018 at Legacy Counsellors, P.C.
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Small business owners often do not understand that selling their business takes a lot of planning. There may be bumps along the way. It’s hard for small business owners to objectively assign a value to their business, as examined in Southcoast Today in “Retiring after you sell your business? It... Continue reading
Posted Mar 26, 2018 at Legacy Counsellors, P.C.
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“Single retirees may feel left out of the Social Security conversation, since it fixates on how married couples can make the most of their benefits. However, it’s a mistake to assume that there are no claiming strategies to maximize benefits for solo retirees. The fact of the matter is that... Continue reading
Posted Mar 23, 2018 at Legacy Counsellors, P.C.
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Have your parents ever made a remark that they took care of you and expect you to return the favor as they get older? If so, you’ll want to have a more in-depth conversation. It’s one thing for parents to expect kids to do chores. It’s another to expect that... Continue reading
Posted Mar 23, 2018 at Legacy Counsellors, P.C.
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Business owners know that they should have an estate plan in place, but not all of them will take the necessary steps. Many find it challenging to imagine that the business will continue after they are gone, but with the right plan in place, it’s possible. No plan? Not likely.... Continue reading
Posted Mar 22, 2018 at Legacy Counsellors, P.C.
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The largest elder care enforcement action in the country’s history has been unveiled, with more than 200 charged with defrauding seniors. Financial elder abuse has taken center stage, with the Attorney General and other authorities stepping up to taking a more aggressive stance, as reported in cbslocal.com’s recent article, “Law... Continue reading
Posted Mar 21, 2018 at Legacy Counsellors, P.C.
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A will must be very clear in spelling out what the individual wishes to happen, so that if there is an estate battle, the decedent’s wishes can be easily understood in plain English. The role of the court is to uphold the intent of the decedent, says one judge. The... Continue reading
Posted Mar 20, 2018 at Legacy Counsellors, P.C.
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Inheritances are not always straightforward. This is especially the case, when the beneficiary is encumbered by financial problems. A parent who wants to leave children a home or the proceeds from the sale of the home, needs to think long and hard about whether or not those children have any... Continue reading
Posted Mar 19, 2018 at Legacy Counsellors, P.C.