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Legacy Counsellors, P.C.
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No one wants to believe that they could get hurt or become so sick that they could not work. However, the truth is, this happens to many people. Disability insurance is part of a healthy financial plan. According to the Social Security Administration, as many as one in four adults... Continue reading
Posted yesterday at Legacy Counsellors, P.C.
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The official estate and gift tax limits for 2019 were announced by the IRS. The news for high-net worth families is good. The estate and gift tax exemption will be $11.4 million per individual and $22.8 million for married couples. There will be no changes to the annual gift exclusion... Continue reading
Posted 3 days ago at Legacy Counsellors, P.C.
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There is no end to the ways that people try to come up with ways to transfer their assets. The problem is, even if you technically can try this strategy, it may not work out the way you want. Accounts that are titled as “transfer on death,” or TOD, means... Continue reading
Posted 4 days ago at Legacy Counsellors, P.C.
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It seems like a simple answer: putting a child’s name on bank accounts, so they can access money, if needed, in an emergency or in the case of incapacity. There are some pitfalls to this strategy. Adding adult children’s names to a bank account is a fairly common practice among... Continue reading
Posted 5 days ago at Legacy Counsellors, P.C.
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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 Dec 6, 2018 at Legacy Counsellors, P.C.
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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 Dec 4, 2018 at Legacy Counsellors, P.C.
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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.