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Legacy Counsellors, P.C.

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How to Maximize Social Security Benefits

“Sophisticated analyses take into account the tradeoff of receiving no income during the deferral period and more income later in retirement.” Claiming Social Security benefits early costs American households an average of $68,000 in lost wealth. More than a third of Americans claim Social Security at age 62, and two... Continue reading

Posted Mar 26, 2021 at Legacy Counsellors, P.C.

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Tax Planning Strategies for 2021

“Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.” The uncertainty surrounding the election and possibility of changes to the tax law led many families to make substantial wealth transfers... Continue reading

Posted Mar 24, 2021 at Legacy Counsellors, P.C.

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Preparing for an Estate Planning Meeting

“While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use... Continue reading

Posted Mar 22, 2021 at Legacy Counsellors, P.C.

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How to Avoid Medicaid Estate Recovery

“If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works.” Medicaid is a government program that helps seniors and others pay for long term care. However, it’s not always... Continue reading

Posted Mar 19, 2021 at Legacy Counsellors, P.C.

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What Is a SLAT in Estate Planning?

“If you have been thinking about making large gifts to take advantage of the current $11,700,000 lifetime federal estate tax exemption, you have probably been contemplating a spousal lifetime access trust, commonly known as a SLAT.” A SLAT is a type of irrevocable trust that can only be used by... Continue reading

Posted Mar 17, 2021 at Legacy Counsellors, P.C.

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How Do I Talk to My Children about My Estate Planning?

“Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.” Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the... Continue reading

Posted Mar 15, 2021 at Legacy Counsellors, P.C.

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Estate, Business and Retirement Planning for the Farm Family

“Planning is one of the most important aspects of managing any business. This is especially true for farms and agribusinesses, due to their complexity and the inherent uncertainties associated with agriculture.” The family is at the center of most farms and agricultural businesses. Each family has its own history, values... Continue reading

Posted Mar 12, 2021 at Legacy Counsellors, P.C.

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How Do You Handle Probate?

“Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.” While you are living, you have the right to give anyone any property of... Continue reading

Posted Mar 10, 2021 at Legacy Counsellors, P.C.

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Estate Planning Meets Tax Planning

“By being very selective about who receives which type of money—whether Traditional or Roth IRAs, after-tax brokerage accounts, life insurance, etc.—you can dramatically cut the share that goes to the IRS and increase the amount going to your family.” Not keeping a close eye on tax implications, often costs families... Continue reading

Posted Mar 8, 2021 at Legacy Counsellors, P.C.

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Planning Future for Nontraditional Families

“Some people are concerned that the new conservative 6-3 majority on the Supreme Court will roll back protections for non-traditional families. Regardless of the decisions at the Supreme Court, or the impact on the state family courts, there are many ways that non-traditional families can maintain control.” Today’s non-traditional family... Continue reading

Posted Mar 6, 2021 at Legacy Counsellors, P.C.

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Protect Assets from Medicaid Recovery

“If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works.” Medicaid is a government program used by Americans to pay for nursing home and long-term care. The Medicaid Estate... Continue reading

Posted Mar 5, 2021 at Legacy Counsellors, P.C.

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How to Manage a Will and Trust

“By definition, a Will accounts for a person’s wishes of how their assets and estate should be distributed and handled once they die. It spells out who should get what and who should do what, after the benefactor’s demise.” A last will and testament is used to point out the... Continue reading

Posted Mar 4, 2021 at Legacy Counsellors, P.C.

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Can You Amend a Power of Attorney?

“If the durable power of attorney can't be transferred, what needs to be done to establish a new durable power of attorney for my aunt despite her mental incapacity?” The situation facing one family is all too common. An aunt is now incapacitated with severe Alzheimer’s disease. Her brother has... Continue reading

Posted Feb 26, 2021 at Legacy Counsellors, P.C.

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Can You Be Forced to Inherit a Timeshare?

“Many timeshare contracts include a perpetuity clause, which means the contract and all its fees and obligations are yours for life. It may not end there.” Ask anyone who ever purchased a timeshare and changed their mind about it. Getting rid of a timeshare can be problematic. However, imagine if... Continue reading

Posted Feb 24, 2021 at Legacy Counsellors, P.C.

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Does an Estate Plan Need to Change because of the New Administration?

“Now that there is a Democratic majority in the Senate and the House of Representatives, estate and gift tax law changes are expected to occur in 2021 or 2022.” Changes in the White House and the Senate have many people wondering how federal estate and gift tax laws may change... Continue reading

Posted Feb 22, 2021 at Legacy Counsellors, P.C.

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Divorce, Death and Details: Missteps can Create Estate Planning Disasters

“After the divorce, Mike logged onto the employer’s benefits system and tried, but failed, to delete Wendy as the beneficiary of his life insurance.” This estate battle shows how small details can become huge headaches. Four courts and several years after this estate battle began, a family won a case... Continue reading

Posted Feb 19, 2021 at Legacy Counsellors, P.C.

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Can Unmarried Couples have an Estate Plan?

“The couple needs to create an appropriate estate plan. If they truly want inheritance rights, they need to execute testamentary documents, such as wills.” For unmarried couples, having an estate plan might be even more important than for married couples, especially if there are children in the family. The unmarried... Continue reading

Posted Feb 17, 2021 at Legacy Counsellors, P.C.

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Control of Assets a Key Issue in Deciding on a Trust

“Avoiding probate usually is the main appeal for living trusts. Trusts also can provide a gentler transition, if the grantor becomes incapacitated.” Any trust created while the person, known as the “grantor,” is living, is known as a “living trust.” However, the term is also used interchangeably with “revocable trusts,”... Continue reading

Posted Feb 15, 2021 at Legacy Counsellors, P.C.

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Protect Your Estate from Nursing Home Costs

“No one wants a nursing home but the longer we live, the higher the chance we may need a nursing home at the end of life.” Nursing home care is expensive, costing between $12,000 to $20,000 per month, so most seniors should do all they can to prepare for this... Continue reading

Posted Feb 12, 2021 at Legacy Counsellors, P.C.

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Do We Need Estate Planning?

“Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.” Estate planning is not just about making a will, nor is it just for people who live in mansions. Estate planning is best described in... Continue reading

Posted Feb 10, 2021 at Legacy Counsellors, P.C.

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Does a Trust Have to Be Funded to Be Valid?

“If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.” Thinking you have divided assets equally between children by creating a trust that names all as equal heirs, while placing only one child’s name on other assets... Continue reading

Posted Feb 8, 2021 at Legacy Counsellors, P.C.

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It Is Important to have a Digital Estate Plan

“What happens to all your digital accounts, services and property after you die? The official name for all these is a Digital Estate Plan. With the lines increasingly blurred between our on-and off-line lives, it's more important than ever to have a plan for your digital holdings.” Just as you... Continue reading

Posted Feb 5, 2021 at Legacy Counsellors, P.C.

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Wealthy Women Face Challenges in Estate and Tax Planning

“Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax... Continue reading

Posted Feb 3, 2021 at Legacy Counsellors, P.C.

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What Steps to Take when Diagnosed with Alzheimer’s

“Obviously, the first step is to work with your doctor to slow the progression. However, there are legal steps you need to take as quickly as possible.” A diagnosis of Alzheimer’s or any serious progressive disease takes some time to absorb. However, during the days and weeks after the diagnosis,... Continue reading

Posted Feb 1, 2021 at Legacy Counsellors, P.C.

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Your Estate Planning Checklist for 2021

“Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.” If you reviewed or created your estate plan in 2020, you are ahead of most Americans, but you’re not done yet. If you... Continue reading

Posted Jan 29, 2021 at Legacy Counsellors, P.C.

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