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Posts Tagged ‘trusts’

What Is Estate Planning, & Why Is It Important?

You’ve heard the term “estate planning” thrown around by family, friends, and news reports, but you don’t quite know what it all means and why it’s so important. Is estate planning just making sure you have a will written out or are there other aspects to the process? And, if you’re still young, do you need to worry about estate planning yet?   What Is Estate Planning? Estate planning is making plans about who will receive your personal items – cars, house, financial assets – in the event of your death. Additionally, designating who will care for your children, finding…

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Estate Planning for Young Families: 7 Important Steps to Take

Beginning a family is an exciting time full of memories and milestones. No one wants to consider bad situations while marriages are new and the kids are young. But, unfortunately, sometimes tragedy hits and families are left to pick up the pieces. Planning for the worst is a way for parents to show they care about their family and will continue to do so even if something happens to them. Estate planning for young families is extremely important to ensure a safe and secure future for children and other dependents. While it may appear to be a confusing process, there are…

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GETTING YOUR FINANCIAL AFFAIRS IN ORDER

        What happens if you become mentally or physically ill? What happens if you have an accident?  If something happens to you, who will look after your affairs?  Can you imagine your family having to ask what should be done or could be done because you did not put your affairs in order?  Yes, you are busy at work and managing the lives of your children, but if you are reading this article and have not considered an estate plan, you need to do one now.         As a businessperson, you probably encounter problems every day and are…

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Your Estate Plan: What Legacy Will You Leave?

Estate planning is primarily about how to pass your property on after your death to the recipients of your estate with a minimum of fuss, expense and taxes. But it's about a lot more as well. Over the years practicing estate and elder law planning, I have seen many families torn asunder by poorly planned estates. (Of course, the cracks were already present.) Whether and how you plan your estate can mean that your children will or will not be on speaking terms after you're gone. It can determine whether they will be shortchanged by Medicaid claims or estate taxes,…

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Why Plan Your Estate?

  The knowledge that we will eventually die is one of the things that seems to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your demise until it is too late, you run the risk that your intended beneficiaries — those you love the most — may not receive what you would want them to receive whether due to extra administration costs, unnecessary taxes or squabbling among your heirs.   This is why estate planning is so important,…

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TRUSTS & ESTATE PLANNING 101 – A FREE SEMINAR

Thursday, February 27, 2014 Courtyard Gaithersburg Washingtonian Center 204 Boardwalk Place, Gaithersburg MD 20878 Times 2.30 pm and 6.30 pm This seminar will help you understand the basic details about Trusts, Estates and Long Term Care.     Types of Trusts and when should a Trust be used     The difference between a revocable and irrevocable Trust     Trusts that provide for future generations     How to avoid probate     How to preserve your assets Please RSVP as limited seating. Cal 240 453 0070 (Rockville office) or 301 663 9230 (Frederick office) or email jaynika@davidwingate.com  

TRUSTS & ESTATE PLANNING 101 – A FREE SEMINAR

A Free Seminar on Tuesday, /janary 21, 2014 at 2.30 pm at the Courtyard Gaithersburg Washingtonian Center, 204 Boardwalk Place, Gaithersburg MD 20878. This seminar will help you understand the basic details about Estate and Long Trem Care Planning. You will learn:         The most important document that everyone needs         When a Trusts should be used         The difference between a Revocable and Irrevocable Trusts         How a Trust can protect your assets         Using special needs trust         Trusts that provide future generations   Call 240 453 0070 or email jaynika@davidwingate.com TODAY to reserve your spot Related articles…

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Special Needs Trust Fairness Act

On November 7, Senate Special Committee on Aging Chairman Bill Nelson (D-FL); Judiciary Committee Ranking Member Charles Grassley (R-IA); Finance Committee – Health Care Subcommittee Chairman Jay Rockefeller (D-WV); and Health, Education, Labor, and Pensions Ranking Member Michael Enzi (R-WY) introduced the Special Needs Trust Fairness Act in the Senate (S. 1672).  The House companion (H.R. 2123) recently picked up six new cosponsors. The bill would allow people with disabilities to create their own special needs trusts without having to ask a parent, grandparent, legal guardian of the individual, or the court.   Now is the time to take action…

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Bill Introduced to Allow Individuals with Disabilities to Create Own Special Needs Trusts

Rep. Glenn Thompson (R-Pa.) introduced the Special Needs Trust Fairness Act of 2013 on May 23, 2013 (H.R. 2123). According to a press release from the National Academy of Elder Law Attorneys (NAELA), the bill would allow people with disabilities to create first-party special needs trusts to hold their assets without interfering with their access to Supplemental Security Income (SSI) and Medicaid. The bill addresses a quirk in the current law defining special needs trusts that prevents mentally competent people with disabilities from establishing so-called (d)(4)(A) trusts. As the law stands today, a first-party special needs trust must be created…

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How To Avoid Probate.

There are many planning devices of which families can take advantage to avoid having to go through the probate/ administration process. Most of them are relatively simple. For example, your bank accounts can pass outside of probate simply by putting a POD (paid on death) or TOD (transfer on death) designation on the account. Once you have a POD or TOD on the account the money will go to the designated person(s) upon the presentation of a death certificate to the bank. Each bank has its own procedure for doing this so please check with your financial institution for their…

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