Have You Planned for State Estate and Inheritance Taxes?
Although most people’s estates aren’t large enough to be affected by the federal estate tax, residents in many state have to consider how state taxes may reduce their estates. Several states have their own estate tax, which can affect much smaller estates than the federal estate tax does. In addition, some states impose an inheritance tax on beneficiaries of an estate. The federal...
Read MoreShould You Prepare a Medicaid Application Yourself?
Whether you should prepare and file a Medicaid application by yourself or should hire help depends on answers to the following questions: How old is the applicant? How complicated is the applicant’s financial situation? Is the individual applying for community or nursing home benefits? How much time do you have available? How organized are you? Medicaid is the health care program for...
Read MoreThe U.S. Supreme Court Rules Gay Spouse Is Entitled to Estate Tax Refund
The U.S. Supreme Court has ruled that a key provision of the Defense of Marriage Act (DOMA) is unconstitutional, clearing the way for the surviving spouse of a lesbian couple to receive a refund of the taxes she was forced to pay because the federal government did not consider her married to her spouse. Although the ruling does not create a national constitutional right to same-sex marriage, it...
Read MoreWriter’s Groups and Copyright
Clients often ask, “Can distributing my novel in my writer’s group “lose” copyright?” No, you can’t “lose” your copyright unless you assign or transfer your copyright in writing. The correct question is “Have I met the definition of ‘publication’?” Why is it important that you have “published” your novel? There are numerous reasons. First, any subsequent...
Read MoreDo-It-Yourself Will Leads to Unwanted Result
If you choose to write your own will, you run the risk of not having your estate distributed the way you want, as a recent Pennsylvania case illustrates. George Zeevering apparently wanted his estate to go to two of his five children. Instead of seeking out an elder law attorney to advise him on drawing up an estate plan, he decided to write his own will. The will gave his pickup truck to his...
Read MoreIs It Better to Remarry or Just Live Together?
Finding love later in life may be unexpected and exciting, but should it lead to marriage? The considerations are much different for an older couple with adult children and retirement plans than for a young couple just starting out. Before deciding whether to get married or just live together, you need to look at your estate plan, your Social Security benefits, and your potential long-term care...
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