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Klitzman Law Group, PLLC
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Can Mom Leave a Home to Daughter but Not Grandchildren?
“If you want a legal plan that avoids probate court, there are two options: first, an enhanced life estate deed, and second a living trust. Each has its pros and cons.” There are numerous ways to accomplish distributing property, according to specific wishes. A woman with three grown daughters faced... Continue reading
Posted yesterday at Klitzman Law Group, PLLC
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Why You Need an Advance Directive Right Now
“COVID-19 is quickly becoming the leading cause of death in the United States. As of today, Indiana has over 37,000 cases of COVID-19 and over 2,100 deaths. That is why articulating your wishes regarding end-of-life health care, is more important than ever.” The number of Americans who have died in... Continue reading
Posted 2 days ago at Klitzman Law Group, PLLC
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How Can You Disinherit Someone and Be Sure it Sticks?
“Parents may delay creating an elder law estate plan, because of the in-law issue. Some parents are unfortunately estranged from an adult child, only because of the problematic son-in-law or daughter-in-law.” Let’s say you want to leave everything you own to your children, but you can’t stand and don’t trust... Continue reading
Posted 6 days ago at Klitzman Law Group, PLLC
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Why You Need an Estate Plan, Especially Now
“It's never too early to start working on how your things will be handled, once you pass away.” Estate planning is an all-encompassing term that refers to the entire process of gathering and organizing assets and making preparations for when you die, including caring for minor children and heirs. It... Continue reading
Posted 7 days ago at Klitzman Law Group, PLLC
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Using Retirement Funds in a Financial Crisis
“U.S. has been making it easier for people to access long-term savings for emergencies, trading future financial security to stay afloat.” For generations, the tax code has been a public policy tool, used to encourage people to save for retirement and what used to be called “old age.” However, the... Continue reading
Posted Jun 30, 2020 at Klitzman Law Group, PLLC
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What You Need to Know about Trusts
“Generally, if you own property, have life insurance and/or have other assets which total over $150,000 (including life insurance and real property), you are a candidate for asset protection.” Some people still think that trusts and estate planning are just for wealthy people. However, that’s simply not true. Many people... Continue reading
Posted Jun 25, 2020 at Klitzman Law Group, PLLC
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Update Will at These 12 Times in Your Life
It is also important to realize that it isn’t merely ‘why’ you are updating your will, but ‘when’ you are updating that can make all the difference.” Estate planning lawyers hear it all the time—people meaning to update their will, but somehow never getting around to actually getting it done.... Continue reading
Posted Jun 24, 2020 at Klitzman Law Group, PLLC
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Quirk in Medicare System’s Observation Status
“Unfortunately, over a decade, the number of observation stays has increased exponentially and is being used, even when patients have a diagnosis and have been admitted by their own physicians.” There’s a troubling quirk in the Medicare system that occurs when older patients are hospitalized and instead of being officially... Continue reading
Posted Jun 23, 2020 at Klitzman Law Group, PLLC
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Elder Financial Abuse Fraud Occurs, When No One’s Watching
“Take, for example, the sad and sordid tax case of Mary Ellen Cranmer Nice vs. United States of America, which would not have existed if an attentive financial advisor hadn't noticed the large IRA distributions that were allegedly stolen right from under a matriarch’s nose.” The case of Nice vs.... Continue reading
Posted Jun 19, 2020 at Klitzman Law Group, PLLC
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Are You Making the Most of the SECURE and CARES Acts?
“There have been several law changes that affect IRAs passed since December 2019.” The SECURE Act made a number of changes to IRAs, effective January 1, 2020. It was followed by the CARES Act, effective March 27, 2020, which brought even more changes. A recent article from the Milwaukee Business... Continue reading
Posted Jun 19, 2020 at Klitzman Law Group, PLLC
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Your Children Wish You Had an Estate Plan
“Without a proper elder law estate plan, the children’s responsibilities are even more exhausting, stressful and sad.” It is the adult children who are in charge of aging parents when they need long-term care. They are also the ones who settle estates when parents die. Even if they can’t always... Continue reading
Posted Jun 18, 2020 at Klitzman Law Group, PLLC
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Tapping an Inherited IRA?
“When a loved one dies, any leftover IRA funds they had, goes to whomever they labeled as beneficiaries. If you're a beneficiary, you have to decide how you're going to use it—a decision that's a little more complicated this year than it normally is.” Many people are looking at their... Continue reading
Posted Jun 17, 2020 at Klitzman Law Group, PLLC
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Don’t Shrink Your Estate with Last Minute Tax Planning
“Estate planning strategies such as family limited partnerships and gifts to charitable trusts are part of an estate planning professional’s toolbox to achieve client goals, such as minimizing taxes, effectuating philanthropic plans, teaching younger generations about a family business and passing on wealth.” In the best-case scenario, you’d start talking... Continue reading
Posted Jun 16, 2020 at Klitzman Law Group, PLLC
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Protecting a Digital Legacy
“The world exists just as much online, as it does offline. Failing to recognize that when planning for the end of life, can lead to unexpected repercussions for survivors.” There’s never an easy time to talk about end-of-life planning, and a pandemic that has everyone thinking about death can make... Continue reading
Posted Jun 15, 2020 at Klitzman Law Group, PLLC
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What Exactly Does an Executor Do?
“Whether you’re planning ahead for your own heirs or have been asked to serve as executor for someone else, it pays to understand what the role requires.” The job of the executor is an important one. The executor has a fiduciary responsibility to manage the assets and debts of the... Continue reading
Posted Jun 12, 2020 at Klitzman Law Group, PLLC
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What Happens when Mom Refuses to Create an Estate Plan?
“If there's a family member or a friend in your life who refuses to do their will and get their estate in order, here are some tips to finally get them to take action.” This is a tough scenario. It happens more often than you’d think. Someone owns a home,... Continue reading
Posted Jun 11, 2020 at Klitzman Law Group, PLLC
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Alzheimer’s, Dementia and other Brain Diseases Require Special Estate Planning Steps
“Covid-19 or Coronavirus has created health worries and fear for everyone. For those with underlying health issues, which include multiple sclerosis, Parkinson’s disease, Alzheimer’s disease, or other brain diseases, those concerns are even more pronounced.” There are certain steps that can be taken by individuals, loved ones and family members... Continue reading
Posted Jun 10, 2020 at Klitzman Law Group, PLLC
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How Does a Spendthrift Trust Protect Heirs from Themselves?
“What steps can be put into place to ensure an adult child, who makes poor decisions, will be secure after the death of the parent? The main asset is life insurance.” This is not an unusual question for most estate planning lawyers—and in most cases, the children aren’t bad. They... Continue reading
Posted Jun 9, 2020 at Klitzman Law Group, PLLC
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Estate Planning Basics for Difficult Times
“With all these anxieties and unknowns weighing on your mind, it might feel like there’s suddenly a pressing need to get your affairs in order―just in case.” Most people who contract COVID-19 experience mild symptoms, but it does not hurt to be prepared just in case you need to be... Continue reading
Posted Jun 8, 2020 at Klitzman Law Group, PLLC
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Understanding GRATs in Estate Planning
“Simultaneously, T&E practitioners are well aware of the primary risk posed by a GRAT; namely, the mortality of a grantor during the GRAT’s term.” The 9th U.S. Circuit Court of Appeals addressed whether a Grantor Retained Annuity Trust, or GRAT, should be included as a taxable asset in an estate,... Continue reading
Posted Jun 5, 2020 at Klitzman Law Group, PLLC
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How the CARES Act has Changed RMDs for 2020
“Here is what you need to know about delaying required withdrawals from a retirement account until 2021.” Before the CARES Act, most retirees had to take withdrawals from their IRAs and other retirement accounts every year after age 72. However, the Coronavirus Aid, Relief and Economic Security Act, known as... Continue reading
Posted Jun 4, 2020 at Klitzman Law Group, PLLC
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Estate Planning Options to Consider in Uncertain Times
“External events that cause reflection are good reminders to update estate planning documents.” Now is a good time to reach out to an estate planning attorney to review and update beneficiaries, named executors, financial and healthcare powers of attorney, wills and trusts, advises the article “Planning Strategies During Market Uncertainty... Continue reading
Posted Jun 3, 2020 at Klitzman Law Group, PLLC
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What Is an Advance Directive, and Why You Need This Document?
“To put it bluntly, what if you were in a serious accident or were suddenly rushed to the hospital with COVID-19 symptoms or another life-threatening illness, and you were unable to make health care decisions for yourself?” The coronavirus pandemic has had an impact on the entire world. No wonder—it’s... Continue reading
Posted Jun 2, 2020 at Klitzman Law Group, PLLC
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Divorce Reveals How Trusts are Used by the Ultra-Wealthy
“In a lawsuit, Marie Bosarge claims that her estranged husband, Texas billionaire Ed Bosarge, created trusts ‘to hide income and property and to hold what would otherwise have been personal income and assets.’” South Dakota has become a domestic mini-Switzerland for wealthy people who want to shield their assets. Texas... Continue reading
Posted Jun 1, 2020 at Klitzman Law Group, PLLC
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Prevent Estate Administration Problems Before They Occur
“If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.” Estate administration, that is, when the executor gets busy with paying debts, taxes and distributing assets, is often the time... Continue reading
Posted May 29, 2020 at Klitzman Law Group, PLLC
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