Asset protection planning is an important part of estate planning. The purpose of asset protection in the context of estate planning is to prevent a person's lifesavings from going down the tubes as a result of a lawsuit, an imprudent investment or an unforeseen...
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Ridgewood Estate Planning Blog
Recommendations for a basic estate plan
On Behalf of The Manna Helmy Law Group | Jan 19, 2012 | Estate Planning
In estate planning, things can get fairly complex depending on the amount and type of assets, the family situation, and estate planning goals. Still, there are some things that are considered fundamental to an estate plan. These things constitute what might be called...
Special needs trusts a valuable estate planning tool, P.2
On Behalf of The Manna Helmy Law Group | Jan 13, 2012 | Estate Planning
In our previous post, we began looking at special needs trusts and the benefits they present for estate planning.Special needs trusts can hold a number of types of assets, including money wom in a lawsuit resulting from an accident that disabled a person. And these...
Special needs trusts a valuable estate planning tool, P.1
On Behalf of The Manna Helmy Law Group | Jan 13, 2012 | Estate Planning, Trusts
Ensuring that a loved one with special needs is properly cared for is often a burden for many families. The number of families dealing with this challenge is not small either. Census statistics show that roughly 21 million families are currently caring for an...
Time getting short to take advantage of $5 million estate tax exemption
On Behalf of The Manna Helmy Law Group | Jan 12, 2012 | Inheritance And Estate Tax
As we have mentioned on this blog in the past, the federal estate tax exemption amount, which is currently at $5 million through the end of this year, is set to decrease to $1 million if Congress takes no action. That means that, in 2013, those who die with estate...
Changes in gift, estate tax set to take place in 2013, P.2
On Behalf of The Manna Helmy Law Group | Jan 7, 2012 | Inheritance And Estate Tax
In our previous post, we began looking at the various changes set to take place in the income tax and estate/gift tax systems. These changes, which could be significant, should prompt readers-especially those who are wealthy-to review their estate plan to take maximum...
Changes in gift, estate tax set to take place in 2013, P.1
On Behalf of The Manna Helmy Law Group | Jan 6, 2012 | Inheritance And Estate Tax
At the start of 2012, all the same incentives to engage in estate planning that were present in 2011 are still present. What may be different, though, is a greater sense of urgency, as things are set to change at the end of the year, unless Congress takes action. Both...
Trusts and federal income tax liability
On Behalf of The Manna Helmy Law Group | Dec 30, 2011 | Trusts
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...
Medicaid estate recovery and the “community spouse”
On Behalf of The Manna Helmy Law Group | Dec 28, 2011 | Estate Planning
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...
Will my estate be subject to Medicaid estate recovery?
On Behalf of The Manna Helmy Law Group | Dec 26, 2011 | Medicaid Planning / Nursing Home Planning
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...