Search Results for: gun trusts

LEGALLY DELICATE AREA OF THE LAW This blog explored the topic of gun trusts in the past and it is high time to reexamine the matter in some more detail. While it is probably true that most people with a fairly sizable gun collection are hunters and gun enthusiasts, that is certainly not the only […]

The sales of firearms in the United States is rising, and for people who want to pass on their collection of guns to the next generation, estate planning has been particularly difficult. However, with the advent of the “gun trust” there is now a way to ensure that your collection is passed safely and to […]

In previous posts, we have discussed the use of trusts to pass down pieces of art and other collectibles to your heirs. However, special considerations come into play when estate planning involves the inheritance of guns. Regardless of whether it is an antique gun from the Revolutionary War, your grandparent’s service gun from his time […]

New York laws governing the disposition of a firearm part of an estate or trust when a gun owner dies may be affected by the Secure Ammunition and Firearms Enforcement (SAFE) Act of 2013. The legislation amending legislative regulation of gun ownership, includes rules and timeline for safeguarding firearms after the registered owner is deceased. […]

When participating in estate planning, many people focus solely on large assets like real estate or retirement accounts. This often means that people end up downplaying the value of personal property planning. People who make this mistake often overlook the point that personal items can have a value that far surpasses anything measured by monetary […]

In December 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was launched. Among the changes introduced by the Act, one of the most notable developments is that stretch IRAs have been eliminated. “Stretch” IRAs let a beneficiary gradually withdraw the balance from an IRA throughout that person’s life. As such, the Act […]

Stretch IRAs refer to an estate planning strategy that was utilized to extend the tax-deferred status of an inherited IRA when it passed to a non-spouse beneficiary. Stretched IRAs allowed for continued tax-deferred growth. The SECURE Act, which was passed by the Senate on December 19, 2019, however, will end stretch IRAs.    The most […]

Deciding to get divorced presents several considerations. While things like what will happen to your children as well as where you will live are likely at the front of your mind, estate planning is likely something that you have not yet begun to consider.    It is a good idea to both review and update […]

The Michigan Supreme Court recently decided the case of Hegadorn v. Dept. of Human Services, which involves the Medicaid spend down process.   A “spend down” in this context refers to the process of reducing the assets of a person applying for Medicaid so the individual qualifies for Title XIX Medicaid coverage. Spend down also […]

There are many factors that can influence how we decide to distribute our assets to heirs after our death. Most of the time, a large portion of our estate is left to our closest family members, including a spouse and children. However, determining exactly what we leave to those family members can be challenging especially […]

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