Our Promise to You During COVID-19/Coronavirus At Kuhn and Kuhn Law Firm, the health and safety of our clients, team members, and friends of the law firm are top of mind amid concerns about the spread of the Coronavirus (COVID-19). As estate planning and elder law attorneys, our practice is dedicated to serving our most vulnerable citizens, including seniors, those who are ill, disabled, experiencing mental health challenges and children with special needs. The uncertainty around the … [Read more...]
Incapacity Planning
Nobody wants incapacity, not for yourself and not for your loved ones. But planning for that possibility can avoid complications and increase options. The article discusses the elements of incapacity planning and the need for flexibility to do Medicaid planning. It discusses how a trust with Medicaid triggers can allow that. Incapacity Planning … [Read more...]
Have You Included an Authorization for Final Disposition?
There is more to estate planning than executing a last will or a trust to arrange for the distribution of your financial assets to your family members after you die. It is a good idea to discuss everything with an experienced estate planning attorney so that you are certain that you are taking care of all the details. If you were to do this your lawyer would ask you about your preferences when it comes to final arrangements. You can execute a document called an authorization for final … [Read more...]
Take Increasing Longevity Into Account When Planning Ahead
The United States Census Bureau issued a report back in 2010 that contained some data that is very relevant to those who are interested in elder law, retirement planning, and estate planning. Your anticipated longevity is going to be a very important piece of information to work with when you are attempting to come up with a budget for your retirement years. And of course, if you have specific ideas regarding what you would like to be able to do for your loved ones after you pass away this is … [Read more...]
Budget Compromise Changes Estate Tax Rate
The big financial news that was on everyone's mind at the end of the year involved the possibility of the United States going over what was being called the "fiscal cliff." If the powers that be did not come up with some type of new legislation certain tax increases and spending cuts would have been implemented. One of these tax increases would have been applied to the federal estate tax. The maximum rate of the tax was scheduled to rise from 35% to 55%, and the exclusion would have gone down … [Read more...]
Have You Taken Action to Protect Your Young Children?
We all hear about "risk/reward" equations. Ask yourself this: What is the reward when you go through life without an estate plan as the parent of a young child or children? And, what exactly is the risk? It's hard to find any type of reward that goes along with failing to plan ahead for the well-being of your children. When you hear about a very challenging situation that could have been easily avoided with some simple advance planning it is quite sad to say the least. On the other side of … [Read more...]
Private Foundations & Donor Advised Funds
Most people have heard of private foundations such as the Bill and Melinda Gates Foundation and the Ford Foundation. Because these names are associated with extraordinary wealth you may feel as though you have to be a billionaire to start a private family foundation. In fact, there are thousands of foundations in existence that are not staffed that are funded with less than $1 million. The Association of Small Foundations has some good information to share if you are interested in learning … [Read more...]
Our Series Continues: Download Your Trust Administration Report
We understand the fact that the average layperson is probably not going to know a whole lot about estate planning. For this reason we have developed a series of informational reports that we offer to our readers here in South Carolina absolutely free of charge. The report that we are providing access to at the current time is our treatment of the subject of trust administration. When you start a revocable living trust to arrange for future asset transfers to your heirs you are taking an … [Read more...]
Net Worth Statement Invaluable When Calculating Estate Tax Exposure
There is an old Kenny Rogers song that gives out some free advice: "Don't ever count your money, when you're sittin' at the table." This strategy may be good for gamblers, but it is something to avoid when it comes to estate planning. The estate tax can do a lot of damage to your financial legacy. Not everyone is exposed to the tax, but if you are you must work with an experienced estate planning attorney to take steps that provide estate tax efficiency. How is tax responsibility evaluated? … [Read more...]
Put Estate Planning Procrastination Behind You in 2013
Every time a new year rolls around people decide to take certain positive steps as they experience a sense of renewal. With this in mind we would like to encourage anyone who is going forward without an estate plan to make this the year that you finally take the appropriate actions. It does not take much to arrange for a consultation with an estate planning attorney. The investment that you make in the present can save your family members a lot of time, trouble, and money later on. A lot of … [Read more...]
