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Estate Plan
Friday, January 15, 2010
DO YOU HAVE THE RIGHT FIDUCIARY FOR YOUR ESTATE?
 posted by admin at 12:54 || under Estate Plan
When creating an estate plan, especially in your will and/or trust, an important decision is who to name as your fiduciary. A fiduciary is a fancy legal term for the person who will take care of your property for you if you are unable to do it yourself, such as the executor of an estate, the trustee of a trust, or an attorney-in-fact under a power of attorney. Your first instinct might be to name one of your children as a fiduciary, but if you want to avoid conflict among your children, this might not be the best option.
When naming a fiduciary, it is important to be able to trust the individual, which is why people often name family members as fiduciaries. However problems can arise when a parent with two or more children names one child ...
>> full
Friday, January 15, 2010
NURSING HOMES FOR VETERANS
posted by admin at 12:49 || under Estate Plan
Nursing home coverage for veterans is available from two sources within the Department of Veterans Affairs — the veteran’s health care system and the state veteran’s homes system.
Nursing Home Coverage Through the VA Health Care System
Nursing home coverage along with other long term care services such as home care and assisted living as well as geriatric care management are available through the Veterans Health Administration for qualifying veterans.
In order to get into the veterans health care program, the veteran must have service-connected disabilities, or be below a qualifying income level or be receiving Veterans Pension income. Once in the system, veterans are not guaranteed long term care services, including nursing home care, unless they meet specific requirements. Here is a list of these requirements for nursing home coverage.
Who is Eligible for Nursing Home Care
» Any veteran who has a ... >> full
Friday, May 15, 2009
KEEPING TRACK OF YOUR WILL
posted by admin at 9:33 || under Estate Plan
Once you’ve taken the step to create a will and get your estate plan in order, you need to figure out what to do with the will itself. It is important to keep track of the location of your current will as well as any old wills.
Where to keep a will
The safest place to keep the original copy of your will is in a bank safe deposit box. If you keep the will at home, even if it is in a safe–you run the risk of it being stolen or being destroyed in a fire. Some attorneys may keep the original copy of the will. But if you leave the will with your attorney, make sure the attorney receives updated contact information from you when you move. That way if the attorney moves offices or retires, he or she will know where to find you and you will know ... >> full
Friday, May 15, 2009
ESTATE AND GIFT TAX RETURNS AND RECORD-KEEPING REQUIREMENTS
posted by admin at 9:28 || under Estate Plan
Gift Tax Returns - The same general rules applicable to income tax returns apply to annual gift tax returns. That is, a 3-year statute of limitations applies to the initiation of an audit. The IRS has issued regulations describing substantiation requirements to ensure the protection of the statute of limitations for gift tax purposes. At this time, we have no cases or rulings on these new requirements. It is possible that the IRS could challenge the substantiation or appraisal information on gift tax returns many years after the expiration of the statute of limitations. The challenge will be based on the adequacy of the substantiation provided with the initial return and will most likely occur when the donor’s estate is audited. Our recommendation at this time is that all records, such as valuation reports, bank records, and any other items substantiating a gift tax return, should be kept until the ... >> full
Thursday, May 14, 2009
ESTATE PLANNING
posted by admin at 11:58 || under Estate Plan
Monmouth County Law Firm is Focusing on Elderly and Disabled
Hanlon
Niemann’s Fredrick P. Niemann got a first-hand look at the problems of
the elderly many years ago with the aging of his beloved grandparents.
“When my grandmother developed dementia, my parents would try to get
answers to questions about things like Medicare, benefits, insurance,
Medicaid,” he said. “We would get little snippets of information, a
few answers, but no one seemed to be able to put it all together. I
thought there was a crying need for someone to do it right.”
This experience moved Niemann years later to become more involved in
elder law and life care planning for the elderly. Today, his law firm,
Hanlon Niemann in Freehold, New Jersey focuses on issues affecting
seniors such as elder law, Medicaid, Medicare, guardianship, asset and
income protection planning, estate planning, and how to find a
... >> full
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