What Do I Need After the Funeral?
No matter when it happens, the loss of a loved one is a moment we are often unprepared to address. You may have made many decisions related to the funeral, but you may not know what next steps may be…
So, You’ve Been Appointed Trustee of a Trust? Here Are 9 Do’s and 1 Don’t
Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out? Here are nine do’s and one don’t to get…
What to Do When a Loved One Passes Away
Whether your spouse has just passed away or you have lost your mom or dad, the emotional trauma of losing a loved one often comes with a bewildering array of financial and legal issues demanding attention. It can be difficult enough for…
Even Annual Exclusion Gifts Are Counted by Medicaid
This IRS rule has nothing to do with Medicaid’s asset transfer rules. While the $14,000 that you gave to your grandchild this year will be exempt from any gift tax, Medicaid will still count it as a transfer that could make you ineligible for nursing home benefits for a certain amount of time should you apply for them within the next five years.
Probate v. Non-Probate: What Is the Difference?
The probate process includes filing a will and appointing an executor or administrator, collecting assets, paying bills, filing taxes, distributing property to heirs, and filing a final account. This can be a costly and time-consuming process, which is why some people try to avoid probate by having only non-probate assets.
9 (Potential) Problems with Your Trust
It’s a useful exercise to make sure that you understand what is in your trust. Other issues, particularly those related to tax issues, will require consulting with Linda Strohschein. We are hosting a free lunch and learn about the different types of trusts and how to best reach your estate planning goals this Thursday, January 23rd. RSVP today!
How Do Divorce and Remarriage Affect Social Security Benefits?
It is common knowledge that husbands and wives are entitled to collect Social Security benefits on their spouses’ work records. Less well known is that this benefit applies to divorced spouses as long as the spouse has not remarried. Divorced spouses are even entitled to survivor benefits in certain circumstances.
Avoid Horror Stories of Probate
Probate occurs when…
Probate will be required when the Decedent leaves assets over $100,000 to be collected that does not name a beneficiary, a joint tenant or co-owner. Probate begins any time following death and will last for a minimum of six months. Probate can extend for many years based on the parties and the issues involved.