Can I Create My Own Special Needs Trust or Supplemental Needs Trust So I am Not Disqualified?
Yes. If you are disabled and receive benefits and a personal injury award and or inheritance and you do not want to be disqualified from government benefits a “self-settled” trust can help. A “self –settled” trust is frequently created by individuals who have become disabled as a result of an accident or medical malpractice and later receive a personal …
The Deadline For Gift Tax Returns? April 15th or October 15th?
You Must File The Gift Tax Return or Extension for Gifts In 2010 By April 15th 2011 If you made a gift to a child or grandchild in 2010 you must file the return or an extension by April 15th. Once the extension is filed, you have until October to …
Income Taxes, Agents, and Preparers Oh My!
Are you thinking about having your return done for you? A Brief Income Tax Checklist for those hiring or changing their tax preparer For many clients, the thought of doing your own income tax return is tantamount to doing your own tooth extraction. You probably could, but who wants to. And, the likelihood of making …
Veteran’s Benefits Can Help With Assisted Living Costs
Many clients prefer to remain in an assisted living setting rather than make the move to a nursing home. The Veteran’s Administration Aid and Attendance Benefit can help extend your or your family member’s stay in an assisted living facility and delay the transition to a nursing home. Assisted living facilities cannot receive Medicaid payments …
How Important is a Trustee in a Special Needs Trust?
The trustee of any trust is an important position. In special needs trusts the trustee has sole discretion to decide what the beneficiary, your disabled loved one, needs and what can be distributed under state laws or federal regulations without disqualifying the beneficiary. They may spend quite a bit of time at the job in order …
Did You Pick The Wrong Trustee For Your Spouse Kids or Grandchildren?
Did You Pick The Wrong Trustee Under Your Will or Revocable Trust? A Quick Guide To Fixing This Mistake And Updating That Old Will Or Trust First, What is a Trustee? A trustee is named in the trust to manage and oversee the trust.A trustee has the ability to make decisions regarding the assets …
Inheritance Tax Waiver on Investment Account
What are Inheritance Tax Waivers? During an estate administration process there are probate and non-probate assets. Non-probate assets typically transfer with ease to the surviving joint owner or named beneficiary. Now there may be an unexpected additional requirement that can slow the transfer process. Investment accounts such as stock, bond or mutual fund accounts owned …
Why Your College Student Needs To Do A Power Of Attorney Over Spring Break!
Spring Break is almost here and your college age students will be homeward bound. Utilize this time to get your son or daughter a power of attorney. Why? If you do not have a power of attorney for your child who is 18 or older you do not have the ability to make financial or …
Who Will Take Care of Your Disabled Child When You are Gone?
Special Needs and Supplemental Needs Trusts Are The Vital Tool To Protect Our Loved Ones When We No Longer Can A special needs trust or supplemental needs trust is a way to provide for your disabled child or disabled loved ones quality of life. The great thing about this type of trust is your child …
Roll Back Taxes and Natural Gas Leases
As previously discussed, we have many clients who have found themselves in the midst of the Oil and Natural Gas craze that has swept through Pennsylvania (PA). As I have come across nuances in the leasing process and potential pitfalls I have tried to apprise you of them. Recently, we had a client who …