Estate planning concern over tax penalties eased by portability

On January 31, 2014

Many families in Colorado may not fall into the mega-rich category of the 1 percent. However, it isn’t just the ultra-wealthy who have estate planning tools at their disposal to protect their assets. In fact, wealth-protection professionals taking part in the 2014 Heckerling Institute on Estate Planning in Orlando focused on portability becoming a permanent option for taxpayers in the American Taxpayer Relief Act of 2012. Portability was hailed as a rule designed specifically to help the estate administration needs…
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Digital assets may also need estate planning

On January 20, 2014

Colorado residents may be interested in what happens to their digital assets when they pass away and what they can do to protect those items. Digital assets are those that are primarily available online, like online-only bank accounts, Paypal accounts, e-books and other digital products sold online, blogs, email and social media accounts. There is relatively little law that covers the post-death distribution of these assets, so individuals are advised to take control of the matter with a digital estate…
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Veterans Benefits can help with long term care costs

On January 15, 2014

Many veterans are eligible for VA pensions to help pay for assisted living, nursing homes, and home care. There are different levels of pensions but Aid and Attendance and Housebound cover long-term care. However, many do not understand what is available and how to apply. The facility does not have to be a VA facility nor does it have to be VA certified. The veteran can also choose any home care provider. Requirements: •1. The veteran must have served at…
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Playing favorites with Colorado estate distributions

On January 14, 2014

Most of the time, Colorado parents go to great lengths to make sure they provide equally for all heirs without playing favorites. However, in some estate planning situations, parents purposely play favorites. They may do this for business reasons, perhaps because one of their children has helped them make their family business successful, and they are interested in perpetuating it. In other situations, parents may want to reward a child who has cared for them or punish another one that…
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Leaving money to disabled individuals

On January 7, 2014

If someone living in Colorado has a family member with special needs or a disability, they may want to leave assets for them that can help cover the cost of their care. It is actually a bad idea in some cases to leave these individuals money or property in a will, as it can put Supplemental Social Security Income and Medicaid benefits at risk. Those benefits are based on income and assets. If they are left money in a will,…
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IRAs, retirement accounts and tax implications

On January 5, 2014

People in Colorado sometimes do not realize that a retirement account is not covered in a will. These accounts have their own designated beneficiaries that are set up when the account is opened. Holders can later change the beneficiary if they wish. Experts suggest that people review any accounts they have and ensure that beneficiaries are current. In some cases, a divorce or death might change who the account holder wants listed. When reviewing estate planning basics, people should also…
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2014 Goals and Estate Planning

On January 2, 2014

2014 is here and many people are setting their goals, resolutions and to do lists for the year. For some the standard things are topping their list: weight loss, better job, and more time with the family are a few of the ones we hear the most. Perhaps you should consider a goal that will benefit your loved ones the most. Getting your Estate Planning done is something that you don’t see the fruits of. The people you love and…
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