Estate Planning and Asset Protection for Retirement Accounts
For many estate planning clients, their retirement account represents the majority of their wealth. Typically these accounts are held in "tax qualified plans" such as a 401(k), or an IRA. Because they are not subject to income tax until withdrawn -- typically at age 70 1/2 -- they provide the ability to accumulate large amounts of wealth during one's lifetime. In...
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Estate Planning Challenges Faced by Non-Citizen US Residents
Generally, if you are domiciled in the United States (US) at death, your estate is subject to US estate taxes. The determination of domicile is subjective. If you are a permanent resident, however, and have a green card, you will undoubtedly be considered domiciled in the US. But does that mean that you are treated the same as...
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Saving Assets for Your Children Using the Medicaid Asset Protection Trust
Many people still believe that Medicare will cover all of their healthcare needs after the age of 65. Although Medicare covers much of one’s general health care, if you need to move into a nursing home, only a portion of the first ninety days of your stay will...
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