What are UTMA and UGMA accounts? Are there better alternatives? Read on to learn more about these accounts, their drawbacks, and better alternatives.What are UGMA and UTMA Accounts? … [Read more...]
Gifting to Grandchildren
If you are fortunate enough to be a grandparent, you understand the joy a grandchild brings into your life. Becoming a grandparent may also prompt you to make some changes to your estate plan if you wish to include your grandchildren in your plan. When including your grandchildren in your estate plan, the North Andover estate planning attorneys at DeBruyckere Law Offices urge you to consider the following tips: Make lifetime gifts. If your long-term plan is to pass down a portion of your … [Read more...]
Is Paying Your Caregiver under the Table a Good Idea?
Thanks to advances in Medicine coupled with an overall better quality of life in the United States, we can all look forward to a significantly longer average life expectancy than we would have had just a couple of generations ago. The natural aging process, however, will catch up to all of us eventually. When that happens, physical and/or mental deterioration may make help around the house a necessity. Paying your caregiver under the table may seem like a win-win situation; however, the North … [Read more...]
What Are 529 Plans and What Are Their Advantages?
What are 529 plans? Can they be held in trusts? Read on to learn more about these plans and why to consider them.What Are 529 Plans and What Are Their Advantages? … [Read more...]
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help.ABLE Accounts … [Read more...]
New Estate Tax Proposal
A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read on to learn more about this proposal and its prospects.New Estate Tax Proposal … [Read more...]
What Happens If an Estate Lacks Sufficient Cash to Pay Claims?
Creating a successful estate plan requires you to consider much more than just how you want your estate assets distributed after you are gone. You must also protect those assets both during your lifetime and at the time of your death. Failing to consider claims that are likely to be filed against your estate during probate, for example, can be a costly mistake. To illustrate that point, the Londonderry estate planning attorneys at DeBruyckere Law Offices explain what happens if an estate lacks … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more.Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
State Income Taxation of Nongrantor Trusts
States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more.State Income Taxation of Nongrantor Trusts … [Read more...]
Questions to Ask an Elder Care Attorney
Experts indicate that by the year 2030 -- not that far away – one in five Americans will be retirement age. As the population of older Americans continues to grow at a historic pace, the rest of society has scrambled to try and keep up with their needs. Seniors face many of the same legal issues as their younger counterparts; however, they also have some unique legal needs and concerns. To service those needs, a new area of the law evolved known as elder law. The following questions and answers … [Read more...]
