Assets such as your home, vehicles, investment accounts, and securities likely come to mind when you contemplate estate planning; however, there is another category of assets that may also need to be considered – intellectual property. Whether you own intellectual property rights acquired directly by you because of your own work or because they have been gifted to you, they could be very valuable and should be included in your estate plan. To get you started, a North Andover estate planning … [Read more...] about How Do I Protect Intellectual Property in My Estate Plan
Retirement Planning Tips
The earlier you begin planning for retirement the less you will need to save in the long run. In fact, you might be amazed to find out what a huge difference it makes to start saving earlier in your working career. To ensure that your retirement plan works as intended, however, it should be created in conjunction with your overall estate plan. A North Andover estate planning attorney at Legacy Care Law Firm offers some retirement planning tips. How to Get Ready for Retirement While saving … [Read more...] about Retirement Planning Tips
How Can an Incentive Trust Help Me?
Your initial estate planning efforts may consist of nothing more than executing a Last Will and Testament that ensures your assets will be distributed according to your wishes in the event of your sudden death at an early age. You will, however, undoubtedly elaborate on that plan as you acquire more assets and as your family expands. Eventually, your estate plan will likely include a wide range of estate planning tools, one of which may be an incentive trust. The North Andover trust … [Read more...] about How Can an Incentive Trust Help Me?
How Much Does a Trustee Get Paid?
As both your estate and your family grow, so will your estate plan through the addition of estate planning tools and strategies that can help accomplish additional goals. One of the most common of those additional tools is a trust agreement. If you create a trust, someone must administer that trust. The North Andover trust attorneys at Legacy Care Law Firm explain Trustee compensation for administering a trust. Trust Fundamentals A trust is a legal relationship where property is held by … [Read more...] about How Much Does a Trustee Get Paid?
Understanding the Medicaid Transfer Penalty
If you are still relatively young, the idea that you may one day need to rely on Medicaid to cover your medical expenses may seem farfetched. The reality, however, is that could actually happen in the future. If you do find yourself in a position where you need to qualify for Medicaid, any recent assets transfer could be problematic. To help you understand, a North Andover Medicaid planning attorney at Legacy Care Law Firm explains how the transfer of assets can impact Medicaid … [Read more...] about Understanding the Medicaid Transfer Penalty
Application of the Transfer for Value Rule to the Sale of Life Insurance
Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences. Read on to learn more. … [Read more...] about Application of the Transfer for Value Rule to the Sale of Life Insurance
Are You Ready to Create Your First Last Will and Testament?
One of the most common reasons people give for not having an estate plan is that they are unsure of where or how to begin. The “where” is easy enough to explain. Begin with a Will. The “how” can be a bit more complicated. The best way to ensure that your Will accurately reflects your wishes and can withstand any challenges that might be raised during the probate process, is to work closely with an experienced estate planning attorney. To get you motivated and prepared for your consultation … [Read more...] about Are You Ready to Create Your First Last Will and Testament?
The Evolution of our Unified Estate and Gift Tax System
Many individuals think that if their estate is below a certain amount that they need not be concerned with Estate Planning. As this article demonstrates, because the Estate Tax evolves constantly, it’s important to talk with a professional to create a plan to accomplish your goals. Read on to learn more. … [Read more...] about The Evolution of our Unified Estate and Gift Tax System
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
What Everyone Should Know about the New FDIC Regulations
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application. Read on to learn more. … [Read more...] about What Everyone Should Know about the New FDIC Regulations
