Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...]
Being Thankful and Sharing Your Blessings
The holidays are a time for sharing. This article examines ways for giving effectively, both to loved ones or to charity. It examines the use of 529 plans and ABLE accounts for loved ones. It examines gifting of appreciated assets to charity and bunching charitable deductions for the most bang for the buck. Read on to learn more.Being Thankful and Sharing Your Blessings … [Read more...]
Proposed Regulations Address “Clawback” Issue
The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more.Proposed Regulations Address … [Read more...]
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more.How Are Trusts Taxed? … [Read more...]
Is Probate Necessary in New Hampshire If There Is No Property?
When a loved one passes away, there are a multitude of practical and legal concerns that must be addressed despite that fact that you are grieving the loss. Among the most important of those concerns is the need to administer the estate and distribute the assets of the decedent. Often, that requires the estate to go through the lengthy and costly process of formal probate. If the decedent did not own any real property, however, you may be wondering if probate is still necessary. Because every … [Read more...]
5 Things You Probably Didn’t Know about Medicaid
If you are among the many Americans who go through their entire working years without ever needing to turn to Medicaid for healthcare assistance, you probably know very little about the program. You may, however, find that you do need to rely on the benefits offered by the Medicaid program when you enter your retirement years. As such, it may be beneficial to learn more about the program. With that in mind, the Nashua Medicaid planning attorneys at DeBruyckere Law Offices have put together the … [Read more...]
Reasons to Consult with an Elder Law Attorney
Lawyers are like doctors in the sense that lawyers generally focus on specific areas of the law, just like doctors typically specialize in a specific area of medicine. After all, you would not consult with a dermatologist if you had cancer or were pregnant so why would you consult with a criminal defense attorney if you were injured in an accident or needed to update your estate plan? While it may be easy to recognize when you need a criminal law, personal injury, or family law attorney, it can … [Read more...]
Special Accounts for People with Special Needs
ABLE accounts provide tax benefits and flexibility to disabled people. ABLE accounts are available to those disabled before age 26. Read on to learn more about ABLE accounts and how they can be used with a Special Needs Trust for maximum advantage.Special Accounts for People with Special Needs … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider.Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
Estate Planning is About More Tan Taxes
Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. Learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits.Estate Planning is About More Tan Taxes … [Read more...]
