For many, a Revocable Living Trust is a wonderful substitute for a Will to do estate planning. There are many advantages, and a few disadvantages, to a living Trust, so we do not make a blanket recommendation that everyone have a Revocable Living Trust. However, it is not uncommon that we are approached by someone [...]
Medicaid planning seeks to ensure that your assets provide you quality care while maximizing what you pass on to your heirs. The probability that you will need long-term care is extraordinarily high: More than half of those turning 65 will need some type of long-term care services in their lifetimes. As life expectancy continues to [...]
I want to talk to you today about a Medicaid qualification issue. Most people are familiar with what they call the “five-year rule” or the “sixty-month look back.” The issue is whether you are disqualified from Medicaid if you've given away too much money during the five-year look back. And people think, [...]
Hi, here’s a common question we get: Can my ex spouse interfere with my estate? And the answer is, yes, they can. They can’t do it directly because an ex spouse is not someone who will inherit from you, and if there was ever a will that left them anything, the divorce nullifies [...]
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 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 [...]
David Pyke with Pyke and Associates here, I have two things to say to you today. First, Happy New Year! And do we mean that now this year more than ever. We all wanted to see 2020 go in our rear-view mirror and I’m especially happy for that. The second thing I have [...]
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 [...]