Gifting to a Minor with Special Needs We previously have posted blog entries about special needs planning and about gifting. Gifting money to a child with special needs can be a powerful tool for a parent or grandparent to provide support for the special needs child. However, caution must be used when making such gifts…
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Digital Estate Planning Services I was asked recently to give a presentation to the trust officers at a local corporate trust office and one of the possible topics for me to address was estate planning for digital property. The request to devote part of my presentation to this topic both alarmed me, because I have…
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It’s the Holiday Season – time to think about gifts. At this time of year we are frequently discussing gifts with our clients. It’s a confusing topic. We need to consider gift tax, estate tax and income tax. We can just touch on a few basics here, but I thought it might be useful to…
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Montana’s New Uniform Power of Attorney Act Effective October 1, 2011, Montana has adopted the Uniform Power of Attorney Act. The new law applies to powers of attorney created before, on or after October 1, 2011, but an act done before this date is not affected by the Act. Highlights of the new law include:…
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Whither the estate tax? We’ve been hearing a lot lately about what to expect concerning the federal estate tax, so I thought I’d share a few thoughts. Of course, everything I say is strictly a guess! The federal estate tax law with its $5 million exclusion (or “exemption amount”) expires at the end of 2012,…
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Dedication and Heart Today I get to brag about my colleague and mentor, Jon S. McCarty. His dedication and heart should serve as an example to everyone. Although Jon is the managing partner at the firm and has a very busy practice, he has trained over the past two years to become an exceptional cyclist. …
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The Military’s Survivor Benefit Plan and the Disabled Child – Elect with Care Great Falls is blessed to have Malmstrom Air Force Base as part of its community. Not only does the base support active personnel, but many military retirees have opted to live in the Great Falls area. That being the case, I want…
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Some simple planning ideas that are hard to carry out. I spoke to a group of CPA’s yesterday. I had several suggestions for them that I think are relevant to everyone – client and professional – involved in estate planning. First, the professional’s job is to really, really listen to the client. Without interruptons, without…
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Loved Ones Becoming Adults That special season is upon us again, graduation season. Each year I really enjoy watching the seniors beam with pride as they leave high school behind and take off to enjoy the rich years of college. Whether your son or daughter is a Grizzly, a Bobcat, a Duck or any other…
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Planning with Special Needs Trusts Parents sometimes think they must disinherit their disabled child in order to preserve his or her SSI/Medicaid benefits. However, these benefits rarely provide more than subsistence. Plus, this “solution” does nothing to help their child after they are incapacitated or die. Consider using a “Special Needs Trust.” This trust will…
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