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In a major victory for art collectors, the Fifth Circuit court recently gave a $14.4 million estate tax refund and affirmed the use of fractional interest discounts for artworks to reduce estate taxes. Rejecting the government’s random assessment of a 10% discount on the valuation of the art, the Fifth…
All across the country there are cemeteries for people and cemeteries for pets. Virginia has become the third state in the nation to pass a law allowing pet owners to be buried with man’s best friend. Joining New York and Pennsylvania, Virginia’s new law went into effect in July and…
In part one of this article the statistics and reasoning behind an increased possibility of LGBT elder abuse was discussed. The second part of this article concludes the reasons why LGBT seniors are at a higher risk of elder abuse and what to look for to prevent elder abuse against…
Between two and ten percent of seniors experience some type of elder abuse, and LGBT seniors have additional vulnerabilities that open them up to further opportunities for abuse. As discussed by the National Resource Center on LGBT Aging (led by SAGE), many people believe that elder abuse only pertains to…
According to estate planning professionals, almost 65% of Americans do not have a basic will or estate documents drafted. Although it is nice to think that your family will be able to take care of your estate and know your wishes, the truth is that if you do not have…
A large scale study recently published by The Gerontologist looked at the effects of the fuzzy concept, resilience, and how it impacts the lives of seniors. The surprising results of the study showed that this intangible concept can have a major effect on aging seniors‘ lives. What is Resilience? Resilience…
There are a lot of benefits to establishing a trust in your estate plan. It can eliminate the need for probate, keep your affairs private, and reduce the chances of issues arising among your heirs regarding their inherited share. However, creating a trust is a big investment that involves a…
One of the most common estate planning mistakes comes in the handling of beneficiary designations. Many people do not understand that inheriting retirement accounts, life insurance, and other assets that involve a beneficiary designation are different than inheriting from a will. Here are some of the most common mistakes that…
A lot of people who have not started estate planning often ask if they really need a will, or if any estate planning is really necessary? Usually, it is followed with a statement about how the children will take care of it, or that the situation is pretty straight forward,…
For the last four years, doctors, pharmacies, and medical clinics have all offered seniors a higher dose version of the annual flu shot. At the time that the vaccine was released the science was lacking but the hope from medical professionals was that the higher dosage would provide better protection…