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Legacy Counsellors, P.C.
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Retirement accounts are part of your taxable estate. However, if your assets are below the federal exemption levels, your heirs won’t have to pay an estate tax. However, they will have to pay taxes on their withdrawals. A person who is updating their estate plan is wondering what will happen... Continue reading
Posted 5 hours ago at Legacy Counsellors, P.C.
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The people who have the bigger nest eggs aren’t the ones sporting fancy new jewels or driving the most expensive cars. A modest lifestyle allows them the ability to save more during their working years, and they often make the economic transition to retirement with greater ease. People who save... Continue reading
Posted yesterday at Legacy Counsellors, P.C.
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If you’ve never had an estate plan created, or the one stuffed in your desk drawer is more than three decades old, you’re in good company. Bold-face names like Prince and Aretha Franklin all left their heirs with big estate problems. Do you really want to be like them? It... Continue reading
Posted 2 days ago at Legacy Counsellors, P.C.
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A family with three adult children, two parents and an estate valued at $1.5 million, mostly in Certificates of Deposits, has a number of different options for protecting their children’s inheritance. There are a number of different types of trusts that can be used to protect assets. Which one should... Continue reading
Posted Nov 15, 2019 at Legacy Counsellors, P.C.
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Both of these acts include removing the ability of non-spousal heirs to stretch the tax-deferred condition of an inherited IRA. Given the enormous number of retirement accounts, this change will impact many American households. Congress is considering two different acts, SECURE and RESA, both of which eliminate the ability for... Continue reading
Posted Nov 14, 2019 at Legacy Counsellors, P.C.
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The upcoming holiday season often provides opportunities to have those conversations that we often delay. Mix the practical in with the joys of the season and then you’ll be able to relax, knowing that you’ve taken care of some important personal business. There are a number of things outside of... Continue reading
Posted Nov 13, 2019 at Legacy Counsellors, P.C.
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He allegedly said that she’d get a ‘big surprise’ in his will. If that surprise was that he’d leave her out of the will entirely, that’s what she got. However, the secret family is pushing back against John R. Jakobson’s estate. The executor of John R. Jakobson’s estate is relying... Continue reading
Posted Nov 12, 2019 at Legacy Counsellors, P.C.
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Medicare can be daunting to many people, and once you’ve made a decision (or a mistake), you have to live with it for a year, until the next Medicare open enrollment season. Depending on where you live, there may be different Medicare Advantage options to sort through. For starters, Medicare... Continue reading
Posted Nov 8, 2019 at Legacy Counsellors, P.C.
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It’s hard enough to manage the death of one parent, but when both parents die within a relatively short period of time, the executor has double work. Does that mean they are eligible for a double executor fee? An individual who has been named as the executor or personal representative... Continue reading
Posted Nov 7, 2019 at Legacy Counsellors, P.C.
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An irrevocable life insurance trust (ILIT) can provide tax benefits, protect assets and ensure that asset distribution takes place as the benefactor wanted. It may sound formal, but it’s a useful tool in estate planning and may be worth considering. Any irrevocable trust is just that: irrevocable, meaning that it... Continue reading
Posted Nov 6, 2019 at Legacy Counsellors, P.C.
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One of the many reasons to have wills reviewed and, if needed, revised, every few years, is if someone wants to give something to an heir, but it wasn’t mentioned in the will. Changes to a will can be done easily and simply with a visit to an estate planning... Continue reading
Posted Nov 5, 2019 at Legacy Counsellors, P.C.
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At some point in your life, it is likely that you’ll need long-term care. It’s something we don’t like to think about, but the cost of not preparing for this expense can wreck retirement finances. The U.S. Health and Human Services Department estimates that more than half of Americans turning... Continue reading
Posted Nov 4, 2019 at Legacy Counsellors, P.C.
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In principal, the federal government does not have an inheritance tax. However, there are other taxes to be aware of and to plan for. Inheritances of property or cash are not taxed as income, and in 2019, the estate tax does not come into play, unless the estate is valued... Continue reading
Posted Oct 25, 2019 at Legacy Counsellors, P.C.
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A living trust is a useful way to help heirs avoid the probate process. It’s smart to think about what you would like to happen to your property, after you have passed. No doubt you’d like to have certain people receive certain assets. One way to do this is through... Continue reading
Posted Oct 24, 2019 at Legacy Counsellors, P.C.
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Your baby is dependent upon you for everything. That includes naming who should be named as a guardian to raise her, if something unexpected should happen to you. Welcome to parenthood! The birth of a baby is a wonderful time in a family’s life. One task that isn’t usually at... Continue reading
Posted Oct 23, 2019 at Legacy Counsellors, P.C.
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Many adult children add themselves to their parent’s checking account to help manage an aging parent’s finances. In this case, a child added his 79-year old father to his account to make a single transfer easier. Doing paperwork at the bank may not enjoyable, but, adding an elderly parent to... Continue reading
Posted Oct 22, 2019 at Legacy Counsellors, P.C.
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If you have children and you purchased a life insurance policy to protect them, then you still need a life insurance policy. But you may want to make a few changes. Life insurance needs to be addressed during the process of a divorce. If there are children, the beneficiary may... Continue reading
Posted Oct 21, 2019 at Legacy Counsellors, P.C.
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If a parent sells a home to a child for far less than the bank-appraised value of the property, are there tax consequences? What should both parties to the sale expect from the IRS? In this case, a generous couple agree to sell their home to their son. While the... Continue reading
Posted Oct 18, 2019 at Legacy Counsellors, P.C.
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If you own anything that you would like to have distributed to someone else, you need a will. Anyone over the age of 18 should also have estate planning documents, like a Power of Attorney and Medical Power of Attorney. These are needed because life happens, at any age. Young... Continue reading
Posted Oct 17, 2019 at Legacy Counsellors, P.C.
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The idea that someone charged with the safety and well-being of an incapacitated senior would sign a DNR order without their consent is alarming. Florida’s guardianship program is clearly in need of some big changes. Will they occur, or will it be more of the same? A recent article from... Continue reading
Posted Oct 16, 2019 at Legacy Counsellors, P.C.
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A number of regulations for Social Security benefits for the disabled have not been revised since 1972. Rules that do not permit recipients to have more than $2,000 in assets at any time and a penalty for getting married are severe and outdated. The Supplemental Social Security Restoration Act now... Continue reading
Posted Oct 15, 2019 at Legacy Counsellors, P.C.
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This was something you didn’t expect—money that you didn’t spend sitting in a 529 account! If the funds are used for nonqualified expenses, you’ll get hit with taxes plus a 10% penalty on any withdrawals. What should you do? There are a number of ways to use up those extra... Continue reading
Posted Oct 14, 2019 at Legacy Counsellors, P.C.
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When the parties are amenable, using alternative dispute resolution or mediation can be a kinder way to end a marriage. If a couple can remove all or most of the emotional animosity from their negotiations, they have an option of using alternative dispute resolution, also known as ADR, in place... Continue reading
Posted Oct 10, 2019 at Legacy Counsellors, P.C.
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A federal appeals court has ruled that the Department of Veterans Affairs must reimburse veterans for charges for emergency medical care provided at non-VA facilities. The Veterans Administration wrongfully refused to reimburse veterans who needed emergency medical care at non-VA facilities and were forced to pay out-of-pocket, reports MSN in... Continue reading
Posted Oct 9, 2019 at Legacy Counsellors, P.C.
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You want to work with an estate planning attorney who you feel you can trust, who you respect and who has the experience and knowledge. After all, you are trusting them to take care of your family. The reasons for having an estate plan are many: protecting your surviving spouse,... Continue reading
Posted Oct 8, 2019 at Legacy Counsellors, P.C.