In the estate planning world, Bypass Trusts, commonly called “B Trusts,” have historically been used to minimize taxes. Recent changes to income and estate tax rates, however, have altered the usefulness of these trusts by creating higher capital gains taxes without providing estate tax savings. As such, existing B Trusts are being called “ticking time…
A recent article in the Utah Bar Journal by John A. Adams 1 revealed interesting insights into district court judges’ opinions in trust and estate cases. These observations are important to anyone planning their estate, since we benefit from understanding what a judge might say about our efforts. This awareness can elevate the overall planning…
As we and our family members age, the prospect of needing and paying for long-term care services looms large in our futures. Of the options available, many of us should contemplate whether a Long-Term Care Insurance Partnership Policy would be beneficial and, perhaps, provide peace of mind. Long-Term Care Insurance (LTCI) policies provide coverage for…
As if tax time is not stressful enough, you must increasingly be aware of fraudsters and scammers trying to steal your identity and your money under the guise of legitimate IRS activity. Yearly, the IRS warns of the top frauds and scams about which you should be mindful when filing your taxes. A recurring top…
For Medicaid purposes, a “gift” is an uncompensated transfer of assets or the transfer of an asset for less than its fair market value. Some things that you may not think of as a “gift” may be treated as such by Medicaid. This may significantly affect Medicaid eligibility if the transfer is made during a…
