Estate Tax Planning in a Biden Presidency (part 4) The Biden proposal to eliminate a step-up in basis is radical and dramatic. Being both radical and dramatic substantially decreases its chance of success in the legislative process, but what are the "step-up" basis rules? To read about other parts of his proposal, see our prior [...]
Estate Tax Planning in a Biden Presidency (part 3) As we have been discussing (see links to part 1 and part 2), those in the “donut hole” (an estate between $6 and $11 million per person or $12 to $22 million per couple), might consider estate tax planning. An obvious question is, can you take [...]
Estate Tax Planning in a Biden Presidency (part 2) In my memory, donut holes are delicious! But when you are in the “donut hole” it isn’t a good thing. Who knows why? You should be most concerned about the impact of a Biden Presidency on estate tax planning if you are in this “donut hole”: [...]
Estate Tax Planning in a Biden Presidency (part 1) To begin with, let’s NOT talk politics! But reality is, we are in the process of changing administrations, and possibly a change of control of the Senate. The November election has raised the very real possibility that a new tax act will be proposed by [...]
I was talking to a friend recently who innocently confessed that he just didn't understand what I meant by "estate planning." I guess, like other attorneys, I take for granted that people understand what we mean by estate planning. Simply put, what I mean by estate planning is planning for the eventuality of death and [...]
If you've ever known a family that had to create a guardianship, you may have heard that the expense was extremely high. It definitely can be. Guardianship is a complex process requiring the court to involve multiple attorneys that are highly trained to find the best solutions for someone who is mentally incapacitated. So, guardianship [...]
If someone dies without a Will, does that guarantee years of probate expense? There is no doubt that if someone dies without a Will, the cost to transfer their property will be higher than if they had a Will. In most cases, an heirship proceeding is necessary which is about double the cost of probating [...]
Do you have “Legacy Assets”? In the attached video, I discuss these assets and the issues that they present in estate planning. First of all, what do I mean by a “Legacy Asset?”. It’s an asset that your intention is to pass through multiple generations without being sold. The most common types of [...]
There is a “goldilocks” time to do Medicaid planning, but it can be a wide range. You can be too young, but you can also be too late. An ideal time to consider Medicaid planning is after retirement (unless your idea of retirement is 90!), especially if you have stable income and expenses. In almost [...]
A common question we get is: Can I Just Continue to Live in Mom’s Property that I have inherited without going through probate and eventually get title? Most people think that if they live in the property of their deceased relative or if they pay taxes on the property they will eventually own [...]