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Thursday, November 12, 2020

Our 2020 Reminder to Relax and Enjoy Life (Whenever & However You Can)

This year has been hard for so many of us. The pandemic has changed the way we live in dramatic ways, while adding both worry and loneliness to the stress of a major election year. As the year comes to a close, however, we are so grateful for our health, for each other and for our clients and our trusted advisors. We'd like to take a moment to remind you to care for yourselves by sharing some of our favorite ways to unwind and decompress.

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Thursday, October 15, 2020

Estate Planning Strategies to Consider in an Election Year


With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. Assets included in a decedent’s estate that exceed the decedent’s remaining exemption available at death are taxed at a federal rate of 40 percent (with some states adding an additional state estate tax). However, each asset included in the decedent’s estate receives an income tax basis adjustment so that the asset’s basis equals its fair market value on the date of the decedent's death.
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Thursday, October 8, 2020

Potential Tax Law Changes That Would Affect Estate Planning


The 2020 election is almost upon us. The past has taught us that trying to predict the results of an election are futile at best. Still, estate planning clients need timely counsel as to how the election may impact their financial futures. Estate planning attorneys strive to help clients stay informed and suggest opportunities for clients to respond to changes. While we do not know exactly what the future holds, we do have strong clues as to what the tax laws may look like if the balance of power shifts in 2021 from Republican to Democrat hands.


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Thursday, August 27, 2020

Preparing for Coronavirus: The #1 Legal Document Every Adult Needs to Have

As the coronavirus continues to disrupt daily life and leave Americans uncertain of the future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and plan ahead should you or a loved one fall ill. One of the most important and relatively easy things you can do (and should do) is to select a healthcare agent and set up your advance healthcare directive. 

What Is a Healthcare Agent?
A healthcare agent (also called a medical agent, healthcare surrogate, a healthcare proxy, or a medical proxy) is a person you authorize in a healthcare or medical power of attorney to make decisions about your medical care if you are too ill to make them yourself or are otherwise unable to communicate your wishes. 


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Thursday, May 14, 2020

Protect Your Finances From Coronavirus Complications


Many Americans spend a lot of time and effort in managing their finances. While most are worried about how the coronavirus (COVID-19) will impact their income—whether that’s because they are temporarily furloughed, find themselves suddenly without a job, or watching their investment and retirement accounts dwindle—there is another way COVID-19 can wreak havoc on American’s finances: lack of incapacity planning.  

As the coronavirus continues to expand across the country, thousands of Americans are unable to carry out normal financial responsibilities because they are too ill, or they are stuck abroad and unable to travel home, or from a lack of resources due to being isolated at home. 

While feeling healthy, individuals should plan ahead now and ensure that someone will take care of their financial duties by setting up a Financial Power of Attorney. This important legal document will not only protect your finances should you fall ill from COVID-19 but also from any events that might leave you incapacitated, like an injury or accident.


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Thursday, May 7, 2020

What should I do if I've received a Covid-19 Stimulus Check for a deceased person?


It has come to our attention that some of our clients have received an Economic Impact Payment, authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), for a person who is no longer living.

If you receive an Economic Impact Payment for a person who is no longer living, do not cash the check or use the funds. 

According to the Internal Revenue Service Website, a deceased person is not eligible to receive the payment. 

A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent.
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Thursday, March 26, 2020

CORONAVIRUS / COVID 19: Essential Estate Planning Considerations for Yourself and Loved Ones


With the threat and uncertainty of COVID-19, many people may be thinking about what they should be doing to prepare for and handle their personal estate planning needs or those of an elderly family member. Here is a checklist of estate planning essentials.

Healthcare or medical power of attorney.  This document allows you to designate a person or persons to assist you with your personal affairs and medical care.  It allows for a family member or close friend to make decisions on your behalf about medical treatment options if you lose the ability to decide for yourself.


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