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Category Archives: Estate Planning

When Gifting Does Not Make Sense: Stepped-Up Basis

One of the commonly misunderstood (or perhaps unknown) issues to be considered with regard to the gifting/transferring of one’s property is the issue of “step-up in basis.” Internal Revenue Code §1014(a) provides that the cost basis of property for the person acquiring same from a decedent is the fair market value (FMV) of the property at… Read More »






Why You Need A Statutory Gift Rider

While many people may have a general understanding that a durable power of attorney (POA) allows a person to appoint an agent to take care of their finances, various issues can arise if the POA is not properly prepared and/or executed. One such issue often arises regarding the Statutory Gifts Rider (SGR), which is essential for… Read More »






Can A Person With Cognitive Impairment Sign Legal Documents?

When someone begins to exhibit signs of Alzheimer’s or dementia – or perhaps even has a diagnosis of some type of cognitive impairment, they often turn to us – wondering if it’s too late to prepare estate plans and get advanced directives in place. To better understand what can and cannot be done, consider the… Read More »






UNDERSTANDING A HEALTH CARE PROXY

Richard, an 81 year-old widower, has had his Will and advanced directive documents (Power of Attorney, Health Care Proxy and Living Will) in order for some time. His daughter, Beth, was named his Health Care Agent in his health care proxy. Of his children, she lived the closest and often accompanied him to doctors’ appointments… Read More »






SECOND MARRIAGES BRING CHALLENGES IN ESTATE PLANNING

The complexities attending second marriages often times require special attention, particularly if there are children from a prior marriage, significant age differences or medical conditions, or if one spouse has substantially more assets than the other. Like most people, you may want to assure your new spouse is provided for in the event you pass… Read More »