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Mar
Keeping Beneficiaries “Happy” Leads to Punitive Damage Award
In April 2017, I was made aware of a case arising out of Mississippi where a corporate trustee was the trustee of a trust left for the benefit of a widow. The case discussed at length how far the trustee went to conceal from the trust beneficiary the fact that the trust corpus wa...
View MoreCategories: Estate Planning Trust Administration Trusts
06
Mar
2017 Brings Big Changes for Captive Insurance Owners: The PATH Act Diversification Tests for Section 831(b) Captive Insurance Companies
In 2015, Congress passed the PATH Act, enacting substantial changes to the law governing captive insurance companies, Internal Revenue Code Section 831(b). This article briefly discusses how those changes affect the use of captives in combination with certain estate planning te...
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Mar
No Wills, Old Wills, Trust Mills and other Estate Planning Ills
In estate planning consultations, I often tell clients that for most people, having no estate plan is better than having a badly drafted or very old one. North Carolina probate law contains default provisions for those who die “intestate,” or without a will (or trust). Those defa...
View MoreCategories: Estate Planning Trusts
06
Mar
Helping Aging Families Qualify For State Assistance Without Going Broke: A Financial Rock And A Hard Place
As the baby boom generation ages at the same time that health care costs are rising, many middle class elderly individuals and their families face the prospect of paying enormous health care costs. Chief among these is the cost of skilled nursing facilities, which range from $5,0...
View MoreCategories: Elder Law Estate Planning Legal Advice Medicaid
06
Mar
How a Testamentary Special Needs Trust Made a World of Difference for a Middle Class Family How a Testamentary Special Needs Trust Made a World of Difference for a Middle Class Family, Medicaid Benefits
The specter of Long Term Care costs haunts many otherwise happy, seemingly, financially secure, middle class families. It's scary to contemplate the possibility that a medical event or end-of-life illness could undo literally decades of mindful saving. What can these famili...
View MoreCategories: Elder Law Estate Planning Legal Advice Medicaid Trusts Vets
06
Mar
Thinking Through Year End and New Year Taxes
As we approach the end of 2016, we at Strauss Attorneys, PLLC would like to remind you of measures you can take to minimize your income tax liability. By taking proactive steps to secure credits and deductions, or accelerating or postponing income or deductions, a savvy taxpayer...
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Mar
The End of Valuation Discounts is Coming: Proposed Regulations to Section 2704
Copyright 2016, WealthCounsel, LLCThe days of reducing gift and estate tax through valuation discounts for closely-held family businesses appear to be coming to an end. After months of anticipation, the U. S. Treasury has released proposed regulations that will significantly re...
View MoreCategories: Business Planning Estate Planning Taxation Trusts
06
Mar
Life Insurance, the Forgotten Asset Class
Estate Taxes are not the only reason to own Life Insurance. Life Insurance can be regarded as a vital, asset class separate from other savings and investments that adds diversification and certain unique benefits. With the November 2016 presidential and Congressional Election loo...
View MoreCategory: Estate Planning
25
Mar
New Discounted Entity Regulations Leave Small Window for Tax Planning
By Lorin G. Page, Esq. In early August, the Internal Revenue Service issued long-awaited proposed regulations in an attempt to limit the use of a key tax planning technique. In light of the proposed regulations, individuals and families with estate tax exposure should consider im...
View MoreCategory: Advisors
06
Mar
Medicare Rehabilitation Coverage – There is no “Improvement” Standard
Our clients frequently are faced with a common myth or misconception regarding what nursing home care may be covered by Medicare following a hospitalization when rehabilitation has been prescribed by the patient’s attending physician. Many times providers or insurers erroneously...
View MoreCategories: Elder Law Legal Advice Medicaid Vets
