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Recent Blog Posts

Ten Tips When Caring for a Parent or Other Loved One

It is always difficult when your parent, spouse, aunt, uncle, sibling, or other loved one becomes ill or aged. Below are ten helpful tips to help you prepare for, and even avoid, a bad situation. (1) UPDATED AND VALID ESTATE PLANNING DOCUMENTS It is imperative that you review and confirm that your loved one has […]

Medicaid Eligibility for Green Card Holders (a.k.a. “Permanent Residents”)

Requirements are different for certain special categories of permanent residents (“PRs”) (e.g., asylee, refugee, etc.), but assumes the person does not fall into one of those categories, and that he/she received their Green Card after August 22, 1996. There are two types of Medicaid: Emergency Medicaid and Full-Scope Medicaid. Emergency—PRs qualify as long as they […]

I have heard that I can “disclaim” inherited assets or property. What does this mean?

A “disclaimer” is the refusal to accept a gift, bequest, or beneficiary designation on an account (e.g., an IRA or life insurance policy). The person making the disclaimer must disclaim this property within nine months and not have accepted any interest in the property. As an example, say Sue is the named beneficiary on her uncle’s […]

In Terrorem Clause/No Contest Clause

You may have heard of an “In Terrorem Clause,” also called “No-Contest Clause.” Joan Rivers had one in her Will.* This is a provision that can be included in a Will which states that if any beneficiary or legal heir of the Estate tries to contest the Will, they will be treated as though they predeceased he […]

IRS Subpoenas and Summons—What to do?

The IRS is getting much more aggressive in seeking and collecting monies that may be owed. A number of my clients have received summons from the IRS. The IRS does have the power to issue administrative summons to taxpayers, oftentimes requiring them to produce papers, books, or other documents, and requiring them to appear before […]

Q and A: Non-Probate Property

Q: My relative just passed away. It says in their Will that their IRA goes to me, but I found out that it is passing to someone else instead. What’s going on? A: An IRA account is a type of asset called “non-probate property.” This means that regardless of what is written in a person’s […]

Hoarding: How Does It Affect You?

We are all affected by hoarders. Some of us more directly than others. Almost everybody has an “Uncle Charlie” in their family who has been collecting things forever. Is he a hoarder? Does he need help? If he does need help, how can you help him? Even if you don’t have a direct connection to […]

IRS Taxpayer Bill of Rights

The IRS recently adopted a “Taxpayer Bill of Rights.” These rights already exist in the tax code, but this initiative is intended to consolidate those rights into more straightforward categories to improve taxpayers’ understanding of what rights they have before the IRS. The provisions included in the Taxpayer Bill of Rights are: 1. The Right […]

1031 Exchanges

Often clients will come to us wanting to sell a property, but feel trapped by the high capital gains taxes that they would incur by selling. We have the pleasure of informing these clients that there is a special rule in the Internal Revenue Code that will allow them to defer capital gains by making […]

Unclaimed Property (Part 2)

Earlier, we began to discuss how to claim your own Unclaimed Property (See Part 1 on Unclaimed Property here). But what if the owner of the Unclaimed Property is deceased? The process is still very simple, and similar to the process described above, but with some extra documentation required. Be aware that only the Executor or the Administrator of the decedent’s Estate […]

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