Category Archives: Estate Planning
Higher Estate and Gift Tax Limits for 2021
We aren’t entirely sure of what the new year will bring, but one thing we are confident of: our clients will be able to leave more of their money to their loved ones tax free. The IRS recently announced that the official estate and gift tax limits are increasing in 2021. We encourage residents… Read More »
Divorce & Your Estate Plan: 5 Things to Know
Increasing numbers of Americans are divorcing later in life. Indeed, Forbes notes that although the divorce rate is declining across the nation, it is increasing for those over age 50. Divorce as a senior is very different from divorce when you are 30. Chances are, you have more assets, more retirement income in play,… Read More »
Should You Set up a College Savings Plan for Grandchildren?
Many grandparents want to leave assets to their grandchildren but don’t know how to go about doing that. Today, the most important asset that a person can have is education. With a college education, a person can earn much more over their lifetime and enjoy other benefits, such as greater life expectancy. Many clients… Read More »
Women & Retirement Security
The U.S. Government Accountability Office (GAO) published an interesting report on concerns women have about their retirement security. Generally, women live longer than men, and many women marry men who are at least a few years older. This combination results in women usually outliving their husbands by several years. And for women who never… Read More »
5 Mistakes to Avoid with a Trust
Trusts are a popular estate planning tool, as they provide flexibility and more options than a standard will. For example, some trusts can reduce estate taxes, while others can make it possible for your beneficiaries to continue to receive government benefits. Creating a trust is not a “one size fits all” process, which is… Read More »
Benefits of Including Life Insurance in Your Estate Plan
Few people think of life insurance as part of an estate plan, but many of our clients would benefit from buying a policy. Life insurance also has many attractive tax features and can ensure that your loved ones are provided for in the event you die. At Millhorn Elder Law Planning Group, our estate… Read More »
Will You See a Bump in Social Security Check for 2021?
The cost of everyday goods like groceries and medicine only seem to go up. But will seniors see any increase in their Social Security checks for 2021 to help offset these increases? According to The Street, there is a strong possibility that retirees will see a cost of living adjustment (COLA) of around 1.3%… Read More »
Estate Planning Considerations for Unmarried Couples
Increasingly, people are choosing to cohabitate without marrying. This is an especially attractive option for seniors who might already have been married and see no allure in the prospect of another trip down the aisle. However, unmarried couples need to carefully create an estate plan, otherwise your partner could be left with few assets… Read More »
Revocable versus Irrevocable Trust: Which is Right for You
Many of our clients use a trust as part of their overall estate plan. A trust is a legal vehicle in which a trustee holds and manages property for the benefit of someone else, called the beneficiary. There are generally two types of trusts: revocable and irrevocable. Below, our estate planning lawyer in The… Read More »
Waiver on Required Minimum Distributions for 2020
Taxed-deferred retirement plans are a great way to save. However, the government must wait until a person retires before they can begin taxing the money invested in them (along with any gains generated). To avoid waiting forever, Congress stepped in and mandated required minimum distributions (RMDs). The RMD is the amount that a person… Read More »
