Tag Archives: tax

Capital Gains Tax Bypassed

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

Basics of Estate Planning Re: IRAs

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

The Best Way to Help a Grandchild with College

A college education — even at a highly rated private institution — was once regarded as a relatively affordable route to lifelong prosperity, but in recent years it has become a hobbling financial burden for many families. As a result, older generations are often stepping up to help their families with college funding. Continue reading

What is a Third Party Special Needs Trust??

Special needs trusts come in three main flavorsfirst-party special needs trusts, third-party special needs trusts, and pooled trusts.  All three trust varieties are designed to manage resources for a person with special needs so that the beneficiary can still qualify for public benefits like Supplemental Security Income (SSI) and Medicaid.  While first-party special needs trusts and pooled trusts hold funds that belong to the person with special needs, third-party special needs trusts, as the name implies, are funded with assets that never belonged to the trust beneficiary, and they provide several advantages over the other two types of trusts. Continue reading