The Hazards of Do-it-Yourself Estate Planning
Many websites offer customized, do-it-yourself wills and other estate planning documents. Although these products are convenient, using them could create serious and expensive legal problems for heirs.
Home » Estate Planning » Page 12
Many websites offer customized, do-it-yourself wills and other estate planning documents. Although these products are convenient, using them could create serious and expensive legal problems for heirs.
When interest rates are low, intrafamily loans can be a good way to assist children with purchasing a house or a family business, and in certain circumstances they can be used to gift money to the next generation.
The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual.
While everyone should have a durable power of attorney that appoints someone to act for them if they become incapacitated, in some circumstances it is not enough. In these cases, a revocable trust can help.
Anyone who gifted assets within five years of applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned.
Elder law and estate planning serve two different–but equally vital–functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets after you die.
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month.
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of your estate.
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021.
What happens if you become incapacitated and are unable to voice your opinion on your health care? If you don’t have a health care proxy or guardian in place, state law chooses who can make those decisions.
1067 N. Mason Road, Suite 3
St Louis, MO 63141
Copyright 2020 The Laiderman Law Firm, P.C. All Rights Reserved