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,…
Details
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. …
Details
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…
Details
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…
Details
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…
Details
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…
Details
We now provide long-term care planning -Advertising Material – We are launching a new area of practice: long-term care planning. Because I want to tell you about it, I need to identify this note as “advertising material” according to the Ethical Rules of the State Bar. Here’s what I want to talk about: When families…
Details
Naming a Guardian for your Minor Children This is one of the most personal and difficult decisions my husband and I ever had to make. The thought of somebody else raising our children was hard, and there were so many factors we had to go over. We worried about everything, including who would have the…
Details
The new tax law We certainly didn’t expect to find ourselves with a tax law – even if it is temporary – that gives our clients a $5 million federal estate tax exemption. But here we are! On December 17 President Obama signed into law a tax bill that extended the Bush income tax…
Details
Special Needs Planning Special Needs Planning This is the first post in a category that I, and I’m sure Keith and Laura as well, will be revisiting fairly often—special needs planning. Planning for family members of a disabled loved one has always been necessary, of course. However, with longer life expectancies and, appropriately, greater societal…
Details