Selecting Your Agents
When preparing your estate plan, you will have to make at least three significant decisions: who to select as the executor of your will, your agent under a power of attorney, and your agent via a health care proxy. Depending upon the complexity of your estate plan, you may also need to select trustee(s), guardian(s) of… Read More »
What Is An Elder Law Attorney?
Elder Law Attorneys do more than simply draft wills and trusts, we also plan for future medical and long term care needs. We have very specific knowledge of the various and complex laws and regulations concerning Medicaid, Social Security and income, estate taxes, among others. And it’s our job to implement planning techniques and strategies particular… Read More »
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 »
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 »