This is Legacy Counsellors, P.C.'s Typepad Profile.
Join Typepad and start following Legacy Counsellors, P.C.'s activity
Join Now!
Already a member? Sign In
Legacy Counsellors, P.C.
Recent Activity
Image
For those who are inexperienced with handling large amounts of money, taking control of a trust can be daunting. Start by learning the basics about trusts, so you can feel more comfortable in this new role. Fear of the unknown is one reason why people, who have never been responsible... Continue reading
Posted 2 days ago at Legacy Counsellors, P.C.
Image
If you’ve been asked to serve as an executor of an estate, it will be important for you to understand your responsibilities. It is both an honor to be asked to carry out your family member or friend’s final wishes, but it is also a lot of work. A useful... Continue reading
Posted 3 days ago at Legacy Counsellors, P.C.
Image
Parents of children with special needs must plan carefully for their children’s lives, after the parents are gone. If there is an inheritance in the future, means-tested benefits could be lost, unless proper planning takes place. Parents who have devoted their lives to providing care to their children with special... Continue reading
Posted 4 days ago at Legacy Counsellors, P.C.
Image
Tax laws change, so do lives. You could be missing out on planning opportunities, or forget to make an important change that cannot be fixed after you pass. Creating an estate plan entails a detailed review of every aspect of your life, from personal finances to personal relationships. Sometimes that... Continue reading
Posted 7 days ago at Legacy Counsellors, P.C.
Image
If your family has 529 or ABLE accounts, these changes may impact how they work within your larger financial plans. It is time for a review! With the passage of the 2017 Tax Act, up to $10,000 from Section 529 plan funds may now be used for elementary or secondary... Continue reading
Posted Jun 14, 2018 at Legacy Counsellors, P.C.
Image
Putting money into an IRA is not complicated, but taking it out can be tricky. Warning: mistakes can be costly! Does your 70th birthday fall before or after July 1? That is an important factor in determining when you must take your first Required Minimum Distribution (RMD), as reported in... Continue reading
Posted Jun 13, 2018 at Legacy Counsellors, P.C.
Image
Conflicts between family members actually lead the list of threats to inheritances. Wealthy families and business owners are advised to plan proactively to prevent estate battles. If there’s a generous inheritance in your future, be aware that the relatives you love or loathe are the most likely reason that inheritance... Continue reading
Posted May 9, 2018 at Legacy Counsellors, P.C.
Image
One party in the class action lawsuit said her eye doctor refused to continue treatment, because he was not being paid by Medicaid—she claims that led to her losing her eyesight. A ruling from a federal judge has changed the rules for the Illinois Department of Human Services (IDHS). As... Continue reading
Posted May 4, 2018 at Legacy Counsellors, P.C.
Image
An unlikely marriage between a caregiver, who had already been married five times, to an aging man, resulted in claims of abuse and a lawsuit against the caregiver. The family of James Donald Hess recently filed a petition in San Diego probate court accusing his former caregiver and new wife... Continue reading
Posted May 3, 2018 at Legacy Counsellors, P.C.
Image
We all hope to have a long and healthy retirement, but what if you live so long that you run out of money? Without knowing how long you’ll live, it’s hard to calculate exactly how much money you’ll need in retirement. If you live into your late 80s, will you... Continue reading
Posted May 2, 2018 at Legacy Counsellors, P.C.
Image
With no prenup, millions at stake and a desire to keep a low profile, this former mayor may find himself at the center of an ugly divorce—again. The deck on the split between Rudy Giuliani and his wife Judith is stacked against the former New York City Mayor. According to... Continue reading
Posted May 1, 2018 at Legacy Counsellors, P.C.
Image
It’s a sad fact, but many of the worst crimes against seniors are committed by members of their own family, and most of them go unreported. Elder abuse, including financial abuse, often starts when relatives ask their victims to provide them with power of attorney or have themselves assigned as... Continue reading
Posted Apr 30, 2018 at Legacy Counsellors, P.C.
Image
In a clear warning, an Ohio prosecutor tells scammers they are now looking at felony charges. Monetary crimes against the elderly were previously treated as misdemeanors and often settled in civil court. However, changes in the law mean that today these cases are taken more seriously, as reported in The... Continue reading
Posted Apr 27, 2018 at Legacy Counsellors, P.C.
Image
Like any tough topic for families, listening without being judgmental is a big part of a success. It is also important to remember that your parents have worked hard to earn their retirement. Respect that. Discussing retirement and estate planning is not as much fun as planning a multi-generation vacation,... Continue reading
Posted Apr 26, 2018 at Legacy Counsellors, P.C.
Image
It’s the worst-case scenario: you become ill or are injured and can’t convey your wishes for end-of-life care. Having an advance directive as part of your estate plan is good. However, it’s just the start. Once you have an advance directive, which explains your wishes for end-of-life care, you’ve taken... Continue reading
Posted Apr 25, 2018 at Legacy Counsellors, P.C.
Image
Today’s technology has led to the creation of over-the-counter devices that are more affordable than hearing aids, which are often not covered by Medicare. One of the least acceptable signs of aging for Baby Boomers is to need to wear a hearing aid. The problem, according to a recent article... Continue reading
Posted Apr 24, 2018 at Legacy Counsellors, P.C.
Image
Where a will contest is made in good faith, a Wyoming court rules that it will not allow an exception to enforcing a no-contest clause. The idea of a no-contest clause or in terrorem clause is to prevent any parties with standing from contesting an estate, but the threat of... Continue reading
Posted Apr 23, 2018 at Legacy Counsellors, P.C.
Image
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 Apr 20, 2018 at Legacy Counsellors, P.C.
Image
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 Apr 19, 2018 at Legacy Counsellors, P.C.
Image
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 Apr 18, 2018 at Legacy Counsellors, P.C.
Image
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 Apr 17, 2018 at Legacy Counsellors, P.C.
Image
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 Apr 16, 2018 at Legacy Counsellors, P.C.
Image
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 Apr 13, 2018 at Legacy Counsellors, P.C.
Image
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.
Image
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.