Peter and Gail were nearing retirement. Over the years, with the help of their financial advisor, they made solid investments in securities and built a sizable portfolio. While their investments increased substantially in value, their potential capital gains tax bill was rising. Now with retirement on the horizon, they were looking for a way to sell their highly appreciated stock, generate income for their future and avoid paying high capital gains tax. Continue reading
IRAs are one the trickiest assets for estate planning attorneys to handle for many reasons. First, they often are overlooked in the estate planning process because they cannot be transferred during lifetime. This asset, like some other assets, are controlled by beneficiary designation. While the client might remember a large IRA, they often forget smaller IRAs. As a result, beneficiary designations often are left unchanged even when circumstances have changed, making those designations no longer appropriate. Continue reading
Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community while their husband or wife is receiving long-term care benefits, usually in a nursing home. Continue reading
What Do You Own?
John and Helen have been thinking about updating their estate plan. They called and made an appointment with Paul Plant at Harwell & Plant. John and Helen updated Paul on their current family situation. They have three children who are now on their own and successfully pursuing careers. After listening to the short update on the three children, Paul turned to a review of John’s and Helen’s property. Continue reading
A family letter is a key part of a good estate plan. It is much more personal than many of your estate documents. A family letter allows you to share your heart and show appreciation and gratitude to family members. The family letter may have up to ten different sections. Each section will cover an important but separate topic. Continue reading