Asset Protection-Joint Tenancy and Intentionally Defective Irrevocable Grantor Type Trust

Why Joint Tenancy is bad advice from lawyers? Why Joint Tenancy has no Asset Protection? The alternative is Intentionally Defective Irrevocable Grantor Type Trust.

Medicaid Nursing Home Spend-Down Program: 5-Year Look Back

The Medicaid nursing home spend-down program mandated by the government has 5-year look back provisions placing financial devastation on senior elderly couples and the next generation baby boomers. What are the government's Medicaid long-term care plans? Is reverse mortgaging an option? Pros and cons of a reverse mortgage. Plan ahead with solid Medicaid estate planning and protection.

Asset protection with Joint Tenancy, Tenancy in Common, Tenancy in Entirety & Community Property

Protecting assets by Joint Tenancy, Tenants in Common, Tenancy in Entirety or Community Property have many disadvantages. Loss of step-up in basis upon the death of the first Tenant; loss of estate tax protection; possible exposure of the assets; Joint Tenancy disinherits all other heirs; possibility of a gift tax consequence; Joint Tenancy supersedes any trust with the loss of all trust benefits.

How to Invest When You Have No Money

A quick discussion of three easy ways to invest from $25 to $250 dollars.

Ground Rules for the Division of an Estate

Ground Rules for the Division of an Estate

Preparing for the Inevitable

Preparing for the Inevitable

The Three Main Causes Of Conflict In An Estate Settlement And What To Do About Them

Most attorneys believe that the majority of problems related to dividing an estate should be solved outside of the courtroom – in other words, prevented.

Limited Liability Company - LLC - What is it?

Limited liability company (LLC) is the strongest asset protection business devise. The limited liability company has significant financial and tax benefits. LLC with multiple members avoids double taxation by reporting income tax and tax deductions on member's income tax return using IRS Form 1065 and Schedule SE (i.e. Self-Employment Tax). Creditor has to pay taxes because of charging order providing asset protection from creditors and contingent-fee lawyers.

Heirloom Antiques for the Comfort of Being Home

When you purchase a hand made or antique item today you are buying character and quality that adds to the beauty, comfort and gives you the feeling of being grounded, provides a conversation starter, and sense of being home. Leaving this item to your heirs becomes part of your legacy and intersects their history with yours, and provides a deeper connectedness and sense of home. Some advice on purchasing quality antique or art items that will add to your legacy.

Will Contest - What Is It? How Can You Protect A Will?

What is a Will Contest? Anna Nicole Smith, James Brown example in Will Contest. Valid objections to pursuing a Will Contest- testator never signed Will- Will did not meet statutory requirements- testator was under the influence when drafting Willl- testator lacked mental capacity. How to protect your Will? Attorney uses language to minimize ambiguity. Attorney used Non-contest Provision or Forfeiture Clause to Will which means beneficiary who chooses to contest Will loses any right to inheritance.

Estate - Don't Leave Loved Ones In A Lurch

Nothing brings home the importance of having our affairs in order than seeing the effects firsthand in your own family. My mother-in-law's recent death means my family is dealing with the realities of settling her affairs. Her advanced-planning greatly simplified the process. And it will for you, too.

The Shock of Sudden Death and Probate

The sudden death of a loved one is a terrible shock. As this author discovered, the shock increases if you have to go through Probate. Her advice may help you with estate planning and to expedite Probate if you must go through it.

Tax Sheltered Annuity TSA 403b - What is It?

Tax-Sheltered Annuity or TSA (also known as 403(b)) is an alternative retirement savings plan. Tax-Sheltered Annuity benefits are contributions to a Tax-Sheltered Annuity are done through a payroll deduction and are therefore taken out pre-tax. Rollover funds into other investment options such as 401(k), another 403(b) or Individual Retirement Account (IRA). Unlike deferred annuity, there are contribution limits of Tax-Sheltered Annuity. Tax penalties, income tax and excise tax on Tax-Sheltered Annuity.

When Not to Name Your Spouse the Beneficiary of Your IRA

Have you blindly named your spouse as the beneficiary of your IRA? Is this your best choice? Depending on your situation and objectives, other beneficiary elections may be better. Here are three options you may not have considered.