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Legacy Counsellors, P.C.

Recent Activity

Can Charitable Giving Still Be A Part of a Tax Strategy?

The holiday season is when most people make their donations to charitable causes. However, there are some questions about the new tax bill and deductions. What you donate—cash, stocks or other investment assets—and how you make your donations—may have an impact on how much of a tax benefit you receive.... Continue reading

Posted 3 days ago at Legacy Counsellors, P.C.

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How Does an Irrevocable Trust Work?

There are many different kinds of trusts, and they all serve different estate planning purposes. An irrevocable trust can be a powerful means of protecting assets. Irrevocable sounds permanent, and it is—and that’s a good thing, says The Patriot Ledge in a recent article, “Sometimes irrevocable is good.” Here’s an... Continue reading

Posted 5 days ago at Legacy Counsellors, P.C.

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Inherit an IRA? Deadlines and Options You’ll Need to Know

From Halloween to the Day of the Dead, the end of October and start of November are a time that many cultures remember and celebrate their ancestors. Instead of being about loss, they are about joy and life. The last thing anyone wants to think about when they are coping... Continue reading

Posted Nov 29, 2018 at Legacy Counsellors, P.C.

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What Does an Advance Directive Do?

An advance directive or a living will is part of a complete estate plan. It’s not an easy document to talk about. However, having it can make things far easier for you and loved ones during a difficult time. A recent article from KRBK, “How to Create an Advance Directive... Continue reading

Posted Nov 28, 2018 at Legacy Counsellors, P.C.

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Dividing Heirlooms Among Family Members

When it comes to distributing your assets, investment accounts are easily divided. However, tangible assets, especially those with sentimental value, can become emotional lightning rods for families. Boomers are today confronting their own mortality, and that includes preparing to transfer their wealth to children and grandchildren. According to an article... Continue reading

Posted Nov 27, 2018 at Legacy Counsellors, P.C.

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An Investment and a Lifestyle: Owning a Beach House

Some people buy a house on the beach for family gatherings, while others as an income-producing property that they can enjoy during the off season. However, it’s not like buying a primary residence. Buying a house on the beach, that can be rented out during the season to cover costs... Continue reading

Posted Nov 23, 2018 at Legacy Counsellors, P.C.

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Qualifying for Medicaid

Qualifying for Medicaid is not easy. Attorneys will be able to help you plan in advance, if it appears that you or a loved one will need to file a Medicaid application. The earlier you begin planning, the better your chances of success. Medicaid was designed to allow people who... Continue reading

Posted Nov 22, 2018 at Legacy Counsellors, P.C.

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What is a Special Needs Trust and Do I Need One?

A special needs trust holds and protects financial assets or receives funds that a disabled beneficiary may receive in the future. The special needs trust, sometimes referred to as a supplemental needs trust, is a legal structure that manages the assets and may receive contributions from a variety of sources... Continue reading

Posted Nov 21, 2018 at Legacy Counsellors, P.C.

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Protect Yourself and Your Family With an Estate Plan

Documents are at the heart of your estate plan, but they have to be created with your unique situation in mind. Not having them, or not having the right ones, could put you and your children at risk, before and after your demise. Everyone over the age of 18 should... Continue reading

Posted Nov 20, 2018 at Legacy Counsellors, P.C.

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How a QTIP Protects Heirs in Blended Families

Lucky enough to find love the second time around? Wonderful. Want to protect your kid’s inheritance? Smart. Here’s one way to make sure they are taken care of. Estate planning for couples in second marriages when each spouse has children from a prior marriage requires a few extra steps. When... Continue reading

Posted Nov 8, 2018 at Legacy Counsellors, P.C.

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College Graduates Do Better When Working Past 65

Almost one in five Americans with a college degree are still gainfully employed. That’s the highest number in more than fifty years. If you’ve got a college degree, your chances of working past age 65 are higher, and you’ll also find it easier to keep working. Americans are delaying retirement... Continue reading

Posted Nov 5, 2018 at Legacy Counsellors, P.C.

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What You Need to Know About Living Trusts

There are benefits to using a Living Trust as part of your estate plan, but they are not the right tool for every situation. For people who want to be in control of their assets while they are alive, a living trust is a good solution, and it also works... Continue reading

Posted Nov 1, 2018 at Legacy Counsellors, P.C.

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Legacy Counsellors, P.C. to Attend 2018 Equine Affaire

When scrolling through Facebook, it is becoming commonplace to see posts about animals looking for homes because their owner either entered a long-term care facility or passed away. With the recent advances of geriatric animal care, all of our animals are living longer. This is wonderful news because we are... Continue reading

Posted Oct 31, 2018 at Legacy Counsellors, P.C.

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Fundamental Parts of Estate Planning: The Will

There are many misunderstandings about what a will can and cannot do. A will is just one part of an estate plan, and it can be a simple or complex document. What is a will? As described in a recent article from USA Today, “Preparing a will: What you need... Continue reading

Posted Oct 31, 2018 at Legacy Counsellors, P.C.

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Passing the Family Vacation Home to the Next Generation

Families with houses or vacation homes that have been the source of many happy gatherings and memories, are often kept in the family, using a number of different types of strategies. It’s the lucky family that enjoy years or multiple generations in a home, whether it’s a vacation retreat or... Continue reading

Posted Oct 30, 2018 at Legacy Counsellors, P.C.

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Planning for Life Insurance to Help Your Beneficiaries

What if you have $4 million in life insurance coverage, but no one in the family knows where the policies are or how to go about finding them? Organizing your records and telling your family members about where important documents are, is a gift to your family. After you have... Continue reading

Posted Oct 26, 2018 at Legacy Counsellors, P.C.

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Estate Planning Basics: The Difference Between a Revocable and an Irrevocable Trust

When you use the word “trusts,” people think you are talking about high income people with complicated estate planning needs. However, everyone needs an estate plan, and trusts serve many different purposes, at all income levels. The purpose of estate planning is to ensure that your property is distributed, according... Continue reading

Posted Oct 25, 2018 at Legacy Counsellors, P.C.

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Planning for the Inevitable: The Loss of a Spouse

We read about long-married couples who die in quick succession, but what happens to most couples is that one is left behind for many years. What happens to the surviving spouse? Given the sadness of the topic, it’s no surprise that most people don’t prepare for the loss of a... Continue reading

Posted Oct 23, 2018 at Legacy Counsellors, P.C.

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Planning Ahead for Senior Care When You’re Not A Billionaire

Regular people like to read about celebrities and business leaders who share the same family issues that many of us do, just on an entirely bigger scale. With big money, moguls, a lover with bad intentions and heirs seeking to gain control of an empire, the HBO series Succession borrowed... Continue reading

Posted Oct 22, 2018 at Legacy Counsellors, P.C.

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Will an Estate Disaster be Your Legacy?

Boldface names like Aretha and Prince make the news, when they die without a will. However, for the average family, someone dying without a will is no headline. It’s an expensive and stressful mess, and sometimes, can tear families apart. What happens when someone dies without a will is usually,... Continue reading

Posted Oct 18, 2018 at Legacy Counsellors, P.C.

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How to Leave a Legacy That Includes Values as Well as Assets

The general idea of planning for your own death isn’t an easy thing to do. However, you should think of it as a parting gift to those you love, giving them an opportunity to gain real insight into who you are, what life has meant to you and how you... Continue reading

Posted Oct 15, 2018 at Legacy Counsellors, P.C.

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Talk Early and Often to Family Members About Wealth and Values

The surest way to make sure the wealth you’ve created never makes it past the next generation, is to keep it a secret, or fail to convey values of service and philanthropy to your children and grandchildren. Creating wealth is one thing. Building a legacy that includes transferring wealth across... Continue reading

Posted Oct 10, 2018 at Legacy Counsellors, P.C.

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Planning for a Successful Business Transition

Start by making a list of pros and cons. Will you sell to a family member? Sell to a key employee? Or just close the whole thing down? There are many different ways to go when it’s time to sell the family business, says the Philadelphia Business Journal’s recent article,... Continue reading

Posted Oct 4, 2018 at Legacy Counsellors, P.C.

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You Can Avoid These Estate Planning Mistakes—And Your Heirs Will Appreciate It!

You hate the idea of dying. We do too. However, we bet what you hate even more is the idea of your husband’s ex-wife inheriting millions in insurance proceeds, because he never updated his beneficiary designations. Documents that were never updated, beneficiary designations that haven’t been changed in decades and... Continue reading

Posted Oct 2, 2018 at Legacy Counsellors, P.C.

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Millennials, Time to Get Real and Get a Will

Unmarried, with no children, you still need to have a will. Think of it as a way to make your parents proud of you—and spare them the further pain of what happens, when no will is in place. It’s not surprising to learn that a recent survey from caring.com revealed... Continue reading

Posted Sep 26, 2018 at Legacy Counsellors, P.C.

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