How does an inherited IRA differ from other inherited wealth? Because of its tax advantages, an inherited IRA can be a much greater windfall than funds received outside an IRA. Subject to distribution requirements, wealth in an IRA can grow tax-free. But simple mistakes can lead to costly taxes....

While the terms "estate tax" and "inheritance tax" are often used interchangeably, they are not synonymous. Let's try to clarify the difference. Estate Tax Estate tax is based on the net value of the deceased owner's property.  An estate tax is applied to these assets when they are transferred ...

In this computer age, when so many tasks are accomplished via the internet -- including banking, shopping, and important business communications -- it may seem logical to turn to the internet when creating a legal document such as a will . Certainly, there are several websites advertising how eas...

A Pooled Income Trust is a special type of trust that allows individuals of any age (typically over 65) to become financially eligible for public assistance benefits (such as Medicaid home care and Supplemental Security Income), while preserving their monthly income in trust for living expenses a...

How can you incorporate your pets into your estate plan? Your beloved Fido or Fluffy might be the light of your life. If this is the case, it probably scares you to think about what will happen to your pet or pets after you become incapacitated or die. But, you do not have to live in fear. There...

When should you consider updating your estate plan? If you are one of the responsible Americans who has an estate plan (over half of the population between the ages of 55 and 64 doesn't even have a will!), you should also be aware such a plan has be reviewed periodically. This is particularly tr...

When deciding who will inherit your assets after you die, it is important to consider that you might outlive the beneficiary you choose.  If you have added someone to your financial accounts to ensure that he or she receives this asset after you die, you might be concerned about what will happen ...

Before transferring your home to your children, there are several issues that should be considered. Some are tax-related issues and some are none-tax issues that can have grave consequences on your livelihood.  The first thing to keep in mind is that the current federal estate tax exemption is c...

A tax basis is essentially the purchase price of a piece of property. Whenever that property is sold, the seller must pay taxes on the difference between the sale price and the original purchase price. This concept applies to all property, including stocks, bonds, vehicles, mechanical equipment, ...

One of the pitfalls of being a lawyer is that sometimes you spend so much time around other lawyers that you forget how to talk like a human being. At Byers & Goulding we do our very best to cut out the jargon, but sometimes a little bit slips in. So, below is a lawyer to human translation guide ...

Why is it important to plan your estate or revise your estate plan as soon as you receive a diagnosis of Alzheimer's disease? The early symptoms of Alzheimer's, a degenerative brain disease, are usually mild cognitive impairment, often so mild they are commonly mistaken for signs of simple aging...

There are many reasons why a person might leave a spouse or another loved one out of his or her will. It is possible that the will in question was executed prior to a marriage and was never properly updated. It may also be the case that the husband and wife, though still technically married, are ...

There are certain considerations that should be kept in mind for those with chronic illnesses.   Before addressing this issue, there should be some clarification as to the definition of "chronically ill." There are at least two definitions of chronically ill. The first is likely the most common m...

Are there any pivotal legal changes coming down the pike affecting veterans' benefits? Much like the Medicaid program, there are a certain number of veterans' benefits that are available to those who meet certain financial eligibility criteria. However, the rules surrounding needs-based veterans...

This question presents a fairly common issue posed to estate planning attorneys. The solution is also pretty easy to address in your will, trust and other estate planning documents, including any guardianship appointment for your minor children. First, its important to note that you should not d...

How can I control my assets after death? The practice of estate planning is dedicated to preserving an individual's control over his or her assets after death. A simple will can control which individuals receive what assets, but a more thorough plan has the potential to do much more. Establishin...

Can a mediator assist in resolving elder care issues? Issues related to caring for elder parents is becoming increasingly important as the population ages. In fact, according to U.S. Census figures, in 2013 there were about 45 million adults 65 or older; and by 2030, about I in 5 Americans (72 m...

Mediation is one form of alternative dispute resolution (ADR) that allows parties to seek a remedy for their conflict without a court trial. Parties work with a mediator, who is a neutral third party. Usually, mediators have received some training in negotiation or their professional background p...

I purchased an annuity several years ago. Does this asset impact future Medicaid eligibility? When it comes to planning for long-term care, many Americans are beginning to consider the option of applying for Medicaid benefits – which, unlike Medicare, provide coverage for the staggering costs of...

The Internal Revenue Service has announced that the estate tax exclusion amount will increase to $5,450,000.00 for the estates of people dying in 2016.  The exclusion amount is the amount a deceased person can own without there being a federal estate tax that must be paid out of their estate befo...

Why not wait to consult an estate planning attorney until later in life? While many people believe that they can put off estate planning until they're of advanced age. Some erroneously believe that they needn't do any estate planning because they are not extremely wealthy. Here are some of the ...

We've just had our second baby. What should we specifically include in our estate plan to protect our children? For parents of minor children, there are certain essential estate planning provisions that should be included in the language of a will or trust that will help bring about clarity and ...

Why does an estate end up in litigation and how can it be avoided?   Preparing an estate plan is a vital legal milestone that can ultimately protect your assets from being whittled away in legal fees and court costs. Believe it or not, estate litigation cases are among the most common cases to a...

After I have signed my trust, what are the next steps? Executing a revocable living trust is an excellent way to streamline an estate plan, avoid probate, and provide for loved ones. However, without proper trust funding, the document is essentially useless and will serve no purpose to either th...

I am a veteran of the United States military. What do I need to know about planning for an eventual stay in a nursing home? With proper advanced care planning, a U.S. veterans can enjoy peace of mind that they will be able to access necessary nursing services when the need arises – without relin...