Under current estate planning law, when one spouse dies, the other can inherit all the decedent’s assets with no tax. Changes proposed by the current administration could have a devastating efffect on this kind of planning. Read about steps to take to protect spousal inheritances….
Hoosier Estate Planner
Individuals often seek the comfort that a comprehensive estate plan provides. The ability to prevent heated family disputes by carefully making plans centered on the distribution of assets, wealth and responsibility through wills, trusts and powers of attorney is...
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way to preserve assets for the future.
There are many estate planning factors to consider before taking early retirement…
President Biden has introduced a plan to spend $400 billion over eight years on home and community-based care for the elderly and people with disabilities. The money would go to expand access to care and support higher-paying caregiving jobs.
Clients can make five years’ worth of gifts to a 529 education plan for a child or grandchild, claiming a federal gift tax exclusion for the full amount. There are at least four reasons clients might want to do this:
The U.S. Department of Veterans, through Tricare and the GI Bill, offers numerous basic health care and education benefits to veterans. Even with these programs that help veterans and their families, other little-known services can improve their lives and ease the financial burden of medical care and other expenses. Check your veteran status to see if you qualify for these ten benefits.
Certain families have cause to worry about the American Families Plan proposed by President Biden.
For many families, providing long term care for an aging loved one in the home has become an even bigger priority than normal because of the COVID-19 pandemic and its impact on those in senior living communities. In-home care can be costly, which makes the Aid and Attendance Benefit provided by the Department of Veterans Affairs of critical importance to help pay for such care.
“Many couples don’t foresee the possible financial hit if one partner dies, including the tax crunch sometimes called the ‘widow’s tax’,” Jeff Stimpson writes in Financial Advisor, referring to potential tax and cash flow problems faced by women and men after the loss...