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Legacy Counsellors, P.C.
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Medicare is not a “set-it-and-forget-it” insurance. Every year, you’ll want to review the plans and coverage available. Medicare supplement plans (Medigap) and a Part D prescription drug plan are used to fill in the coverage gaps from Medicare for most people, or they purchase a Medicare Advantage plan from a... Continue reading
Posted yesterday at Legacy Counsellors, P.C.
It can seem a little overwhelming to plan for your estate, when there are no direct descendents. However, there are still important reasons for you to have an estate plan. For the many Americans who don’t have children or aren’t close with family members, determining who will handle your affairs... Continue reading
Posted 2 days ago at Legacy Counsellors, P.C.
It is not a happy thought, but at some point, every couple will have to face the loss of their beloved. Planning in advance, financially and emotionally, can be helpful for the surviving spouse. There can be dramatic consequences when a spouse dies, and as described in a recent article... Continue reading
Posted 3 days ago at Legacy Counsellors, P.C.
This is an area where you may need guidance from an estate planning attorney. There is a certain order to how the estate has to be paid, from funeral expenses to credit cards. Sadly, it’s not an unusual situation: a spouse dies, and the widow or widower is faced with... Continue reading
Posted 4 days ago at Legacy Counsellors, P.C.
It’s an old expression, but it is still relevant: planning for your eventual passing is a kindness we do for those we will leave behind. Estate planning includes tax planning, charitable giving and passing assets on to the next generation. However, it also involves preparing for your death and making... Continue reading
Posted 7 days ago at Legacy Counsellors, P.C.
Your estate plan requires updating every few years because your life changes, but when a big tax law change occurs, it’s time to set up an appointment with your estate planning attorney. You likely have some questions about how the new tax law may impact your estate plan, but a... Continue reading
Posted Feb 15, 2018 at Legacy Counsellors, P.C.
We’re all human, and we have certain behavior patterns that might be good for one part of our lives but not so good when circumstances change, including when we retire. According to a recent article in The (Spartanburg NC) Herald-Journal, “Don’t make these retirement mistakes,” we benefit from routines that... Continue reading
Posted Feb 14, 2018 at Legacy Counsellors, P.C.
Several estate planning oriented tax exemptions have increased, but there are numerous other changes that require a closer look and possible changes to your estate plan. Most Americans didn’t need to worry about paying federal estate tax before the New Tax Cuts and Jobs Act. However, there are a number... Continue reading
Posted Feb 13, 2018 at Legacy Counsellors, P.C.
Like any other savings program that takes place over an extended time period, if your budget permits, stashing a good amount of cash early on into your 529 college savings fund could be a game-changer. College savings plans, known as 529s, were created to help parents and grandparents put money... Continue reading
Posted Feb 12, 2018 at Legacy Counsellors, P.C.
While some art lovers pursue their passion to enjoy in their own homes, others purchase art to enjoy now and in the future, for family members and other art lovers. But what happens when art lovers pass is often a mixed bag, and sometimes the tax burden that falls to... Continue reading
Posted Feb 9, 2018 at Legacy Counsellors, P.C.
A financial power of attorney is an important part of your estate plan, but to make sure it will perform as intended, check on these important factors. Every estate plan should include a financial power of attorney (POA), a legal document that names an agent to make financial decisions and... Continue reading
Posted Feb 8, 2018 at Legacy Counsellors, P.C.
The first step toward a GOP goal of overhauling Medicaid, a federal program that serves low-income Americans with healthcare, has begun. New guidelines intended to assist states as they create programs to get healthy, working-age Medicaid beneficiaries into the workforce have been issued by Seema Verma, who heads up the... Continue reading
Posted Feb 7, 2018 at Legacy Counsellors, P.C.
Remember that there are several purposes to estate planning: to assure that your assets are distributed according to your wishes, and to make sure that your wishes are followed, in the event that you are unable to communicate because of illness or injury. There are many mistakes made in estate... Continue reading
Posted Feb 6, 2018 at Legacy Counsellors, P.C.
It took a while, but the difference is significant—a $2 million settlement versus an $11 million payment to the IRS. The details are all in the court documents. A dispute over the value of royalties, residuals and image value between the estate of musical superstar Whitney Houston and the IRS... Continue reading
Posted Feb 5, 2018 at Legacy Counsellors, P.C.
In Hawaii, there is now help for family members who take care for their elders. It’s a measure of respect, both for the tradition of caring for family members and respect for the elders themselves. Unlike in the lower 48 states, where caregivers must depend on their own resources when... Continue reading
Posted Feb 2, 2018 at Legacy Counsellors, P.C.
2018 is here: how are your New Year’s Resolutions going? If your resolutions included getting your affairs in order, call your estate planning attorney today, and get that process started. We all know that most resolutions fall by the wayside before Groundhog Day (February 2). We try, we really do,... Continue reading
Posted Feb 1, 2018 at Legacy Counsellors, P.C.
Famed sportscaster Craig Sager’s children were cut out of their father’s will and subjected to taunts on social media, as they seek to move on with their lives after his death. Kacy Sager, the daughter of sports reporter Craig Sager has been defending her brother, Craig Sager II, in response... Continue reading
Posted Jan 31, 2018 at Legacy Counsellors, P.C.
Depending on where you die, you may be able to leave a relatively large sum to your heirs, tax-free, since some states have tied their state estate taxes to the federal amount. If you die in 2018 in Hawaii, Maine or Washington, D.C., you will be able to leave $11.2... Continue reading
Posted Jan 30, 2018 at Legacy Counsellors, P.C.
This financial product isn’t without some controversy. However, it may be a smart move, when there are few or no alternatives. It’s not an unusual scenario: one spouse has moved to live in a nursing home and will never be able to return home. There was no long-term care insurance... Continue reading
Posted Jan 29, 2018 at Legacy Counsellors, P.C.
When furry companions are loved, humans plan for their futures by including them in their estate plan. Here’s a different kind of Bronx tale, or perhaps Bronx tail would be more accurate: a Bronx widow left $300,000 in her will to her cats, with instructions that the funds be used... Continue reading
Posted Jan 26, 2018 at Legacy Counsellors, P.C.
If you want a feeling of accomplishment, here’s a quick way to do it: get your financial and legal life in order. With these five simple steps, says in its recent article, “5 resolutions for managing money,” you can get these important aspects of your life in order. They... Continue reading
Posted Jan 25, 2018 at Legacy Counsellors, P.C.
Today’s toddlers have lots of toys and kid’s clothes are so much fun to buy. But what their parents really wish you would consider for the next birthday gift: a 529 college account. It’s a request that many millennial parents are making: “We’re overrun with toys. What about a starting... Continue reading
Posted Jan 24, 2018 at Legacy Counsellors, P.C.
Last year, we all learned that “Hygge” is the Danish term for creating a cozy and warm environment; now it’s time for “dostanding,” Swedish for “death-cleaning.” It sounds harsh, but is very sensible. Taking de-cluttering to the next level is “dostanding.” It’s the process of getting rid of the extra... Continue reading
Posted Jan 23, 2018 at Legacy Counsellors, P.C.
This could be a major victory for the estate of Michael Jackson, and a big loss for the IRS. It appears that the pop icon’s estate may have dodged an expensive tax bullet. Bloomberg reports in its article, “Michael Jackson Estate May Avoid Penalties in IRS Dispute,” that a federal... Continue reading
Posted Jan 22, 2018 at Legacy Counsellors, P.C.
For those who decide not to ‘age in place,’ selling their home and moving to a retirement community is a big deal. Remember, you’re not just selecting a house, but a community. A good fit could have a great impact on your quality of life. Before you make a decision... Continue reading
Posted Jan 19, 2018 at Legacy Counsellors, P.C.