Can I Avoid Taxes when I Inherit?

January 5, 2022 | Estate Planning

Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in, unless an estate exceeds $11.7 million. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million.

How Much Is the Required Minimum Distribution from Retirement Accounts?

January 4, 2022 | Articles | Elder Law | Estate Planning

Americans are living longer than they were a generation ago, and the government knows it. Starting in 2022, that will be reflected in the amount of money you have to draw from retirement accounts at different ages.

What Happens to an HSA when Owner Dies?

January 3, 2022 | Articles | Elder Law | Estate Planning | News

Do you know what happens to your HSA after you die? Health savings accounts, called HSAs for short, function differently than most other kinds of accounts.

Any Ideas How to Pay for Long-Term Care?

December 31, 2021 | Articles | Elder Law | Estate Planning

The costs of long-term care for older adults can be significant. Federal Medicare health insurance benefits do not cover most of these costs. Most people who incur costs for long-term care cover them with a combination of personal savings, long-term care insurance and Medicaid, among other sources.

TOD and POD Accounts: What’s the Difference?

December 30, 2021 | Elder Law | Estate Planning | Probate

A TOD account allows the account holder to name a beneficiary on a non-retirement financial account to receive assets at the time of the account holder’s death, thereby (generally – i.e., when used correctly) avoiding probate.

How Do You Gift Your House to Your Children during Your Lifetime?

December 29, 2021 | Elder Law | Estate Planning | Trust Administration

There are many ways to pass property on to children, including gifting the family home to them while you are still alive, bequeathing it to the children upon your passing, or selling the residence to your heirs.

Is It Necessary to have a Medical Power of Attorney?

December 28, 2021 | Articles | Elder Law | Estate Planning

Selecting medical powers of attorney is an important step that aging parents should take to ensure they get the care they wan,t if they are unable to advocate for themselves.