Our readers have likely heard of the possibility of going with trust-based estate plan and the various benefits of trusts. Many people, in particular, have questions about how income tax impacts trusts. Here we'll look at some basic trust income taxation matters.
Trusts and federal income tax liability
Medicaid estate recovery and the "community spouse"
In our last couple posts, we've been looking at the concept of Medicaid estate recovery. As we've noted, Medicaid estate recovery refers to the ability of state governments to recover from the beneficiary's estate benefits paid out while they were alive. Because these claims only arise after the beneficiary's death, they are sometimes described as Medicaid's "death tax."
Will my estate be subject to Medicaid estate recovery?
In our last article, we took a brief look at Medicaid estate recovery and noted that beneficiaries may be subject to recovery of once they're gone. As we noted, it can be difficult to determine when an estate will be subject to recovery, but there are some brief comments that can be noted, particularly with respect to life estates.
Medicaid estate recovery can affect beneficiaries' estates
Our readers are likely not aware of the Medicaid Estate Recovery process. Medicaid Estate Recovery is something you should be aware of as part of your Medicaid planning. The term refers to a process initiated by state governments in order to recover payments made under the Medicaid program from estates that are able to pay.
More thoughts on funeral planning
In our last two posts, we have been looking at funeral planning and its importance within the broader task of estate planning. Here we'll look at some further tips with regard to funeral planning.
Funeral planning: consider it part of your estate plan, P.2
In our last post, we began discussing funeral planning, an important aspect of estate planning. We left off by saying that it is important to set aside money for your funeral. One common approach is to set up a trust through a funeral home. Usually, there are no limits to the amount of money that can be placed in such trusts, but there may be limitations if the money is being set aside in order to qualify for Medicaid.
Funeral planning: consider it part of your estate plan
Funeral planning should be part of everybody's estate planning process. That is especially the case for those who want more than the standard funeral. More and more, folks are choosing to do something more untraditional for their funeral. Part of this is possible because of more technology and a market that caters to people's wishes.
Estate tax portability: file your estate tax return to take advantage
Estate planning attorneys and their clients are keeping busy filing 2011 estate tax returns, despite the fact that the smallest number of estates in 75 years will actually owe any estate tax in 2011. The reason? Estate tax portability.
Estate tax portability: file your estate tax return to take advantage
Estate planning attorneys and their clients are keeping busy filing 2011 estate tax returns, despite the fact that the smallest number of estates in 75 years will actually owe any estate tax in 2011. The reason? Estate tax portability.
Deceased copper heiress' family in midst of will contest
One purpose of probate is to ensure that the will according to which property is distributed is valid, that it accurately represents the intentions of the person who left it behind. There is, of course, always the possibility that family may challenge the validity of a will. Typical grounds on which wills are challenged include undue influence, insane delusion and fraud.
