Will my Heirs Have to Pay Capital Gains Tax on Inherited Assets?
When heirs inherit assets, they generally do not have to pay capital gains tax on the inheritance itself. However, if and when they decide to sell the inherited assets, they …
Estate Planning FAQ’s
What is a Living Will?
A Living Will is a legal document that outlines your wishes regarding medical treatment and end-of-life care in the event that you become unable to communicate your decisions due to …
What is a Life Estate Deed?
A life estate deed is a legal document used in real estate to transfer ownership of property in a way that divides the ownership into two distinct phases: the life …
What is the Five Year Look Back Period & How It Could Effect My Estate Plan?
The five-year look-back period is a crucial factor in estate planning, particularly when planning for long-term care and Medicaid eligibility. This period refers to the timeframe during which Medicaid reviews …
What is a Power of Attorney?
A Power of Attorney (POA) is a legal document that allows one person, known as the principal, to appoint another person, known as the agent or attorney-in-fact, to act on …
What is a QTIP Trust?
A QTIP Trust (Qualified Terminable Interest Property Trust) is a type of irrevocable trust that allows a grantor (the person establishing the trust) to provide for their surviving spouse while …
How can I plan for long-term care and Medicaid eligibility?
Planning for long-term care and Medicaid eligibility is crucial for ensuring that you or a loved one can afford quality care in the future while protecting personal assets. Long-term care …
Can I Make Changes to My Will or Trust After It’s Created?
Yes, you can make changes to your will or trust after it has been created, but the process for doing so depends on the type of document and the specific …
What is an A/B Trust?
An A/B Trust is an estate planning tool that is designed to help married couples reduce or eliminate estate taxes while ensuring the financial security of the surviving spouse and …
How do I Plan my Estate if I Have a Blended Family?
Planning an estate for a blended family requires careful consideration to ensure that all family members—such as children from previous marriages, a current spouse, and any stepchildren—are fairly and properly …