One of the most critical areas of life and estate planning is providing protection for special needs children and beneficiaries. In supporting the needs of children and adults dealing with physical and mental challenges, the U.S. government is pretty good when compared to many other nations. However..
A recent Wisconsin Supreme Court ruling provided a big blow to “simple” Wisconsin probate avoidance plans and reinforced the need for a good revocable living trust by overturning a long-standing state and federal estate tax assumption. The court ruled that anyone receiving an inheritance through a “pay upon death” (POD) or “transfer upon death” (TOD) designation is not responsible for paying their fair share of state or federal estate taxes. Instead, those estate taxes are paid out of the residue of the estate. (http://bit.ly/ax3qLr)
While we usually include more personal law office news in the second article of the newsletter, there was just too much good news for the LGBT Community to skip this one. In late 2008, I wrote about the elections and problems with referendums. While several state constitutional bans on gay marriage were troubling, most of [...]
All hospitals receiving reimbursement for Medicare and Medicaid must honor advance healthcare directives such as healthcare powers of attorney… read to find out more.
On Friday April 16, Jeffrey G. Marsocci taught the “Estate Planning Boot Camp” continuing education course for attorneys and life insurance agents. The course focused on the basic principles of life and estate planning using plain English rather than legalese. “Many attorneys looking to expand their practices into the life and estate planning area are [...]
Despite most people not knowing what a revocable living trust is, it is actually not some new invention from a few years ago. It has actually been around longer than gunpowder let alone being a new invention in the last century. A revocable living trust is simply a trust set up by a person during [...]
After the substantial response we received from the posting/newsletter on different special needs trusts, I thought it would be valuable to mention a strategy for magnifying the inheritance of a special needs beneficiary. Life insurance can provide a great amount of inheritance for a special needs beneficiary, but only if handled properly. The restriction on [...]
The Law Offices of Jeffrey G. Marsocci, PLLC is proud to announce the launch of its revamped website at www.livingtrustlawfirm.com. In addition to providing a new look and feel, it incorporates the same great basic information with the ability to provide updated news and articles.
One of the most critical areas of life and estate planning is providing protection for special needs children and beneficiaries. In supporting the needs of children and adults dealing with physical and mental challenges, the U.S. government is pretty good when compared to many other nations. However, the government is also very stringent in making sure that the person receiving support has no other means of support. This often leads to a quandary because parents and other relatives want to provide support in their estate planning documents, but parents know all too well that this well-intended support can quickly lead to a benefits being cut off until all of the inherited money is spent.
There are a lot of misconceptions out there about life and estate planning… and your loved ones could be at risk! You can reduce that risk dramatically by planning ahead.