Federal Estate Tax Portability This is a written summary of the availability of “portability” under the federal estate tax laws. “Portability” refers to the process of transferring a deceased spouse’s unused federal estate tax exclusion or exemption to the surviving spouse. This allows the surviving spouse to add the deceased spouse’s unused exclusion to their…
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The “Death” Tax that Applies to Gifts In the “old days” people made annual gifts to minimize taxes. Today, that’s probably going to increase taxes for most families. Lifetime gifting may be a good strategy to minimize estate tax, but it can have just the opposite result as to income tax. With the high estate…
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What are your options to pay for long-term care? There are several common approaches for dealing with future long-term care expenses: (1) do nothing; (2) assume Medicare or Medicaid will pay for it; or (3) Insurance or other benefits to offset the costs. For risk of being the bearer of bad news, the first two…
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A Checklist for Family of Immediate Tasks After the Death of a loved One (Originally posted May 16, 2014) With my mother’s recent passing and helping my siblings identify and deal with matters as they came up, I was reminded of the checklist that I posted about 5 years ago. Because it still has relevancy…
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Consider using a limited liability company in succession planning for your cabin or vacation home? People who own cabins or vacation homes or other recreational property typically want to pass these often long-time family-owned treasures on to the next generation and beyond. The thought is that through the years family members have gathered together frequently…
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Who can make burial or cremation arrangements in Montana? One question our office occasionally is asked is who can make burial or cremation arrangements in Montana when the decedent has made no prior arrangements or had not preauthorized another person to make arrangements. Montana law has tried to clear up any burial or cremation issues…
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The Lighter Side–Everyone’s Life is a Story Worth Sharing, Even if Make-believe A couple of weeks ago, I came across a touching news item in the Washington Post that I think you may enjoy as much as I did. The link to the piece is as follows: https://www.washingtonpost.com/lifestyle/2018/10/11/daughters-hilarious-obituary-unravels-her-fathers-mysterious-life-you-have-read-end-get-it/?noredirect=on&utm_term=.dfc4cebfd0c3. You’ll want to follow the link above and…
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The 2014 Farm Bill Expired, Now What? The Farm bill covers the country’s agricultural funding, conservation efforts, and food aid. Congress passes a new farm bill every five years. The five-year timeline is triggered by sunset provisions (expiration dates) for specific programs contained in the previous bill. On September 30, 2018, the 2014 Farm Bill…
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Long-Term Care: Planning and Paying for Your Eventual Needs America’s population is living longer, and with longer lives come increasing healthcare needs. When it comes to your future long-term care needs, you have about a 50/50 chance of needing some form of care. Yet, despite the eventuality of long-term care needs, most Americans are wildly unprepared for…
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The Best and Most Practical Financial Advice for Seniors It’s hard work to reach retirement, and you want to spend that time free from financial worries. In order to live comfortably, it’s necessary to understand how you can make the most of every dollar. Here is important information about smart money management for seniors. Cut…
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