If A Decedent Dies Without A Will, How Are The Assets Distributed? Each state has statutes called “Intestacy” statutes that are referred to when an individual dies without a Will. These statutes dictate intestate succession, which is how “probate” property is to be distributed to the decedent’s heirs. What is probate property, or, stated another…
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Estate Tax Exemption And Annual Gift Tax Exclusion For 2021Official Estate and Gift Tax Limits for 2021 The Internal Revenue Service announced at the end of October the official estate and gift tax limits for 2021: The estate and gift tax exemption is $11.7 million per individual, up from $11.58 million in 2020. That means…
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Single? Estate planning is still essential. More people are living single than ever before. In 1970, just about one-third of Americans 15 and older were single, according to U.S. census data. Today, that number’s closer to 50 percent. Whether never married, divorced or widowed, singles need to pay just as much attention to their estate…
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The “Dirty Dozen” – IRS Warns Against Scams Each year, the IRS puts out its “dirty dozen” list. This is a list of scams that are prevalent that the IRS wants everyone to watch out for. This year the scams fall into four main categories: pandemic-related scams; scams relating to personal information; schemes focusing on…
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Preparing for Coronavirus: The #1 Legal Document Every Adult Needs to Have (Round 2) As we seem to be heading into Round 2 of the Coronavirus pandemic, we thought it was important to re-discuss the need to be proactive when it comes to your healthcare planning. Below is an article we originally published on August…
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Montana Supreme Court affirms that assets held in an irrevocable trust may be exempt for Medicaid purposesLong-Term Care Costs Continue to Rise As we all know, long-term care costs continue to rise. We previously discussed how long-term care insurance may be able to make long-term care more affordable. We have also discussed the benefits of…
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A Last Will and Testament devises one’s property after their passing. Great weight is given to this document; Wills have formalities that other documents don’t, hinting to its importance. But what happens when a devise in a Will contradicts a formerly executed contract? This issue was litigated recently in Ohio. In this case, Twila entered…
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May is National Elder Law Month. This designation was established by the National Academy of Elder Law Attorneys (NAELA), of which I have been a member for the past 18 years. Its purpose is a way to acknowledge those members in the legal profession who support the senior community, those persons age 65 or older,…
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ABLE accounts were authorized by the Achieving a Better Life Experience Act of 2014 and can be an excellent resource for individuals with disabilities. Let’s take a deeper dive into what these accounts are, how they can benefit certain individuals, and some new regulations issued by the Internal Revenue Service (IRS) in order to clarify…
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Estate Planning Isn’t Just for Married Couples Estate planning is not only for married couples – if you are single, estate planning can still be an essential financial tool. For example, you may want to: • Arrange for your assets to be distributed after your death • Pick someone to handle your financial affairs if…
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