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Passing assets through generations can be a nuanced process. Assets are routinely an emotionally difficult issue, and a loved one’s plans for transferring assets can trigger various reactions from those left behind. Data shows that by at least 2045, almost $75 trillion in assets will be transferred to heirs while…
The stock market over the last ten years has increased the valuation of many retirement accounts. Consequently, many people interested in estate planning are focused less on internal growth necessary for succession planning than at other times. Inflation is much like gravity. Both rise and fall. With inflation occurring at…
In the last few decades, the rate of divorce among middle-aged as well as older people in this country has risen. Studies of the issue have discovered that in recent history, the divorce rate for people over the age of 43 in the country has substantially increased. This increase in…
When the Biden administration proposed new nursing home regulations recently, some people were content while others were confused. The regulation establishes minimum staffing requirements as well as advocates for stronger regulatory oversight and improved public details about the quality of nursing homes. These measures have been the subject of advocate…
Current federal regulations require Medicaid programs run by states to try to recoup the cost from estates of recipients who have since passed away even if the state would rather not pursue such recovery. Medicaid programs must pursue compensation for the cost of nursing home services as well as home…
Nursing home staffing levels frequently decreased on weekends. In 2018, the Center for Medicare and Medicaid Services distinguished facilities with low staffing on weekends and ordered states to perform surveys in a section of those locations on weekends. In January 2022, the Center started posting weekend staffing levels at nursing…
New York’s estate tax cliff can lead to heirs in the state paying estate tax at a rate that surpasses 100%. The existing per-person New York state estate tax exemption is $6.11 million. This is the amount that a person can pass on to heirs at his or her time…
If you’re creating a plan for what will happen to your estate after you pass away or become incapacitated, you’ve likely familiar with the advantages you can realize by creating a living trust. Items positioned in a trust do not pass through probate, which can be a costly and time-intensive…
In the recent case of MBM Family Trust, one party initiated legal action against another concerning a foreign judgment. The party who initiated the lawsuit later added a trustee of a trust that the plaintiff claimed helped the defendant conceal assets. The trustee pursued a special appearance and argued over…
Estate planning relies on a countless number of assumptions. One assumption is that assets only flow in one direction: from older person to younger person. In reality, this does not always have to be the case. By making the most of some unconventional estate planning techniques, people can realize some…