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Legacy Counsellors, P.C.

Recent Activity

How will Pending Legislation Impact Social Security Benefits for the Disabled?

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not permit recipients to have more than $2,000 in assets at any time and a penalty for getting married are severe and outdated.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 14 hours ago at Legacy Counsellors, P.C.

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Will Unspent Funds in a 529 Go to Waste?

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 yesterday at Legacy Counsellors, P.C.

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Why Divorcing Couples are Increasing Looking at ADR and Mediation

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 5 days ago at Legacy Counsellors, P.C.

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Big Win in Federal Court Decision on Veterans Affairs

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 6 days ago at Legacy Counsellors, P.C.

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Looking for a Great Estate Planning Attorney? Here’s Help

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 7 days ago at Legacy Counsellors, P.C.

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Senior Veterans Should Apply for These Benefits

There are funding programs from the VA that can help offset the cost of certain types of care later in life. For those who served their country, these benefits may be a big help. Senior budgets are part of the challenge of aging. For veterans, there’s good news from a... Continue reading

Posted Oct 4, 2019 at Legacy Counsellors, P.C.

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Are Long-Term Care Expenses Tax Deductible?

Americans who are not prepared for retirement are even less ready for the cost of long-term care. One government agency reports that almost a third of Americans celebrating their 65th birthday this year will incur at least $100,000 in long-term care costs. Fifteen percent will require care costing more than... Continue reading

Posted Oct 3, 2019 at Legacy Counsellors, P.C.

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How Much Should You Budget for Medicare?

You’ve watched every deduction from every pay stub, and wondered, after all those years of payroll deductions, would your Medicare coverage be free? Sorry, you still need to pay. About half of people who responded to a survey by a consumer website said that they thought that Medicare was free.... Continue reading

Posted Oct 2, 2019 at Legacy Counsellors, P.C.

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How Does a 457(b) Retirement Plan Differ from a 401(k)?

Designed for employees of state and local governments, plus a few tax-exempt organizations, the 457(b) retirement plan is a way to save for retirement, with tax benefits similar to a 401(k). The tax-free growth of savings is perhaps the best known advantage of the 457(b) retirement plan, says Bankrate’s recent... Continue reading

Posted Oct 1, 2019 at Legacy Counsellors, P.C.

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Preparing for a Baby Includes an Estate Plan

Parents-to-be are busy with juggling doctor’s appointments, preparing a nursery, picking out names and getting ready for their lives to change. However, there’s more. When expecting a new addition to the family, parents need to address the more serious aspects of this milestone. That means taking care of legal, financial... Continue reading

Posted Sep 25, 2019 at Legacy Counsellors, P.C.

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Why Your Will Needs to Change Again

Some people change their wills every time there’s a small family skirmish. However, most sign their wills and shove them in a drawer and try not to think about death. This is a mistake, for them and their families. Even if your own life never changes, there are changes in... Continue reading

Posted Sep 24, 2019 at Legacy Counsellors, P.C.

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Lump Sum or Traditional Lifetime Payout—The Big Pension Question

For those who are lucky enough to have a defined-benefit pension plan, one of the big decisions that comes with retirement is whether or not to take a lump sum payment and mange the money yourself, or receive it in monthly payments. Before coming to any conclusion on this large... Continue reading

Posted Sep 23, 2019 at Legacy Counsellors, P.C.

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Estate Planning Essentials

An estate plan starts with a will, but that’s just the beginning. A true estate plan includes addressing issues that occur while we are living, as well as when we have passed. Everyone needs to have these plans in place, regardless of how much or little one owns. Having an... Continue reading

Posted Sep 23, 2019 at Legacy Counsellors, P.C.

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How Do We Keep Important Papers Protected?

If you had to leave your house because of a hurricane or wildfire, would you be able to grab your important papers on the way out the door? Once an estate plan has been created, the next step is to determine where to keep these and other important documents, so... Continue reading

Posted Sep 20, 2019 at Legacy Counsellors, P.C.

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Titling Property in an Estate Plan

How property is titled is extremely important for an estate plan to work as desired. Titling determines the form of ownership, and that determines the transferability of the owner’s interest in the property. Property titling is not a do-it-yourself project. One of the goals of titling property in an estate... Continue reading

Posted Sep 19, 2019 at Legacy Counsellors, P.C.

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Estate Planning When the Family Includes a Disabled Child

Parents with disabled children face a different set of challenges with their estate planning. It can seem overwhelming, but there are steps to take to plan for their child’s future, when the parents aren’t there to help. The future can seem daunting when parents consider what will happen to a... Continue reading

Posted Sep 18, 2019 at Legacy Counsellors, P.C.

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Changes are Coming to Social Security in 2020

Every October, the Social Security Administration announces changes to the coming year that directly impacts what beneficiaries receive every month. Almost 45 million retired workers make up 70% of the people who receive benefits from Social Security every month. Sixty percent of the recipients are seniors, who rely on the... Continue reading

Posted Sep 12, 2019 at Legacy Counsellors, P.C.

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What if the Executor Won’t Move Forward?

An executor who is not carrying out their duties to the estate in a reasonably timely manner, can be removed and new executors named. It’s not the ideal situation, but sometimes is necessary. Two sisters, equal beneficiaries of their mother’s estate, are having trouble settling their mother’s estate, in part... Continue reading

Posted Sep 11, 2019 at Legacy Counsellors, P.C.

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How to Talk With Parents About Their Finances: Start With Yours

Sometimes it’s easier to talk with aging parents about finances, when you open the discussion with your own situation. They may relax their guard in an atmosphere of mutual sharing. Are you reluctant to talk about your parent’s finances? You’re not alone. More than a third of adult children haven’t... Continue reading

Posted Sep 10, 2019 at Legacy Counsellors, P.C.

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No Power of Attorney? Be Prepared for Complexity and Costs

There are strict rules regarding what must happen in the absence of a power of attorney for a reason: to protect the incapacitated individual. To be able to engage in financial decisions on behalf of an incapacitated person, it is much better if there is a power of attorney in... Continue reading

Posted Sep 9, 2019 at Legacy Counsellors, P.C.

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How a Bypass Trust Could Help Your Family

Depending on your situation and your goals, a bypass trust could be a valuable part of your estate plan. Understand how it works with your plan to determine if a bypass trust is right for you. When it comes to leaving assets to a spouse, there are any number of... Continue reading

Posted Sep 6, 2019 at Legacy Counsellors, P.C.

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How Does a Blind Trust Work, and Do You Need One?

A blind trust is exactly what it sounds like: a type of trust where grantor and the person who will benefit from the trust don’t know what’s in it or how it’s being managed and they have no control over it. In a blind trust, a third-party trustee is the... Continue reading

Posted Sep 5, 2019 at Legacy Counsellors, P.C.

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How Does a “No-Contest” Provision Work?

Sometimes a crisis can bring out the best in people. At other times, it brings out the worst. When a will is read, especially if it’s the first time that the family learns what the deceased had planned, there can be resentments that last for generations. Avoiding family fights because... Continue reading

Posted Sep 4, 2019 at Legacy Counsellors, P.C.

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Which is Better for My Estate Plan: A Life Estate or An Irrevocable Trust?

Estate law is not for amateurs! One of key parts of an estate plan is determining what to do with one of the family’s biggest assets: their home. Does it need to be protected from nursing home costs or passed to a family member? What about other assets? Investopedia’s recent... Continue reading

Posted Aug 30, 2019 at Legacy Counsellors, P.C.

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A Dynasty Trust Lets Wealth be Transferred to the Next Generation

Making a gift through a trust to a younger family member is often a wiser way to go than to gift assets outright. There are numerous advantages, including protection of the asset, tax planning and being able to maintain control, until the beneficiary is deemed mature enough to have access... Continue reading

Posted Aug 29, 2019 at Legacy Counsellors, P.C.

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