By Jill Roamer, J.D. and Marchesa Minium, J.D., contributors to Eldercounsel The hottest immigration topic this fall bleeds into elder law. It concerns amendments to the Public Charge determinations for those looking to enter into the country or to alter their immigration status. Last year, the Trump Administration sought to expand the criteria for preventing…
A 529 plan, otherwise known as a qualified tuition plan, is a tax-sheltered way of saving for education expenses. 529 plans are sponsored by states, state agencies, or educational institutions. A contribution to a 529 plan is not federally income tax-deductible, though it may qualify for a state income tax deduction in some states. Assets…
Gloria Vanderbilt chose early on that her family’s legacy would be hard work and determination without the backing of a large trust fund. Perhaps this was fueled by the turmoil she endured as a child that seemed to have roots in her family’s money. Gloria Vanderbilt was born in 1924 as the great great granddaughter…
The intention of the Setting Every Community Up for Retirement Enhancement Act of 2019 is to make it easier for Americans to start retirement funding earlier in life, but some are calling it the Extreme Death Tax for IRA and Retirement Plan Owner’s Act. Currently only 40% of Americans utilize their retirement benefits offered by…
An intentionally defective grantor (IDGT) trust is an estate-planning tool used to freeze certain assets of an individual for estate-tax purposes, but not for income-tax purposes. The intentionally defective trust is created as a grantor trust with a purposeful flaw that ensures the individual continues to pay income taxes, as income tax laws will not recognize that assets have…
Contribution by the Eldercounsel, Jill Roamer, J.D. and Marchesa Minium, J.D. For a promissory note to be used successfully as a strategy for long-term care planning, it must meet certain requirements. The Nebraska Court of Appeals filed a Memorandum Web Opinion March 26, 2019 regarding a failed attempt by a Medicaid applicant to use a promissory note…
