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Home / Blog

Blog

What Is a Qualified Personal Residence Trust?

July 24, 2015 by Marianne Flood, Estate Planning Attorney

High net worth individuals should be aware of potential estate tax exposure. The tax carries a 40 percent maximum rate that can consume a great deal of what you have been able to earn throughout your life. There is an unlimited marital deduction that allows you to leave unlimited assets to your spouse tax-free. Asset transfers to people other than your spouse are potentially subject to the estate tax. In 2014, the first $5.34 million that is passed along can be transferred free of the death … [Read more...] about What Is a Qualified Personal Residence Trust?

Filed Under: Estate Planning

Will Medicaid Take My Home?

July 22, 2015 by Marianne Flood, Estate Planning Attorney

Elder law attorneys frequently help clients who want to qualify for Medicaid coverage. Medicaid is a government health insurance program that is jointly administered by the state government and the federal government. Some people are confused about Medicare and Medicaid. They are both government health insurance programs, and most people will qualify for Medicare coverage. You gain eligibility by accumulating retirement credits. These credits are accrued when you pay your taxes throughout … [Read more...] about Will Medicaid Take My Home?

Filed Under: Elder Law

2015 Estate Tax Exclusion Adjustment Released By IRS

July 18, 2015 by Marianne Flood, Estate Planning Attorney

Taxation is something that you constantly face throughout your life, but it can also come into play after you pass away. Many people question the fairness of the estate tax, because it is imposed on assets that you have left after paying many taxes along the way, but it is a fact of life whether it is fair or not. Fortunately, most people don't have to pay the estate tax, because there is an estate tax exclusion. You can pass along a certain amount before the tax would kick in, and this … [Read more...] about 2015 Estate Tax Exclusion Adjustment Released By IRS

Filed Under: Estate Planning

What Is an ILIT?

July 14, 2015 by Marianne Flood, Estate Planning Attorney

The fact that there are a lot of rather wordy terms used in the legal field is no secret, and this is where the term "legalese" comes from. Sometimes legal devices are reduced to acronyms so that they are easier to refer to, and this certainly enters the estate planning realm. With this in mind, we will look at the ILIT in this post. Estate Tax Efficiency In an estate planning context, the acronym ILIT stands for an irrevocable life insurance trust. This type of trust can be used to … [Read more...] about What Is an ILIT?

Filed Under: Estate Planning

How Do I Choose a Living Trust Trustee?

July 14, 2015 by Marianne Flood, Estate Planning Attorney

In this post we will look at the role of the living trust trustee and the qualities that you should look for when you are choosing a trustee. However, before we get into that subject, we should explain why you may want to consider the creation of a revocable living trust. Efficient Asset Transfers A revocable living trust would be used by someone who would otherwise be using a last will as a vehicle of asset transfer. Why would you want to use a living trust as an alternative? The answer is … [Read more...] about How Do I Choose a Living Trust Trustee?

Filed Under: Estate Planning

Medicaid Planning: What Can the Healthy Spouse Keep?

July 7, 2015 by Marianne Flood, Estate Planning Attorney

Medicaid planning is important for many senior citizens, and this may surprise you. The reason why Medicaid is relevant is because Medicare does not pay for living assistance. Medicare will pay for up to 100 days of convalescent care after surgery, but it does not pay for custodial care. Long-term care is costly, and most people will someday need help with their activities of daily living. Paying out-of-pocket could significantly reduce the inheritances that you always intended to leave to your … [Read more...] about Medicaid Planning: What Can the Healthy Spouse Keep?

Filed Under: Elder Law

What Is a Pennsylvania Family Limited Partnership

July 6, 2015 by Marianne Flood, Estate Planning Attorney

What Is a Pennsylvania Family Limited Partnership from Joseph M. Masiuk If any member of the partnership was sued personally, property that was held by the partnership would be protected.Learn more about Pennsylvania Family Limited Partnership in this presentation.   … [Read more...] about What Is a Pennsylvania Family Limited Partnership

Filed Under: General

What Is the Capital Gains Tax?

July 2, 2015 by Marianne Flood, Estate Planning Attorney

When people start to get serious about estate planning, a lot of questions about taxation are naturally going to arise. There are innumerable taxes that come to mind, and one of them is the capital gains tax. If you are in possession of assets that have appreciated, the capital gains tax can be applicable if you realize a gain. You realize a gain if you sell the asset and take personal possession of the appreciation. At that point you are no longer allowing the market to dictate the value of … [Read more...] about What Is the Capital Gains Tax?

Filed Under: Estate Planning

What Is a Pennsylvania Supplemental Needs Trust

June 30, 2015 by Marianne Flood, Estate Planning Attorney

What Is a Pennsylvania Supplemental Needs Trust from Joseph M. Masiuk It is not exclusively for people with disabilities, but many disabled individuals do rely on medicaid for health insurance.Learn more about Pennsylvania supplemental needs trust in this presentation. … [Read more...] about What Is a Pennsylvania Supplemental Needs Trust

Filed Under: Trust

Free Report: Can A Pennsylvania Trust Provide Nursing Home Asset Protection

June 29, 2015 by Marianne Flood, Estate Planning Attorney

Now that we have provided the necessary background information, we can look at trusts and nursing home asset protection. There are different types of trusts; some are revocable, and some are irrevocable. You retain control of assets in a revocable trust, so Medicaid would count the assets if you were to apply for coverage.Things are different with an irrevocable trust. You can't change your mind and take back the assets, and generally speaking, you can't change the terms of the trust once it has … [Read more...] about Free Report: Can A Pennsylvania Trust Provide Nursing Home Asset Protection

Filed Under: Nursing Home

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