Planning for Your Special Needs Child’s Future: What you don’t know can hurt them.

Anyone caring for a special needs child knows how valuable it can be to have access to government benefits. As you plan for the long term needs of your child, preserving their eligibility for these services is essential to continuity of care. Just like your special needs child has an Individualized Education Plan for their schooling, they also need an individualized financial plan for their care after your death. So, what can you do? [Read more…]

The Candidates’ Estate Tax Proposals: A Quick Side-by-Side Comparison

If you are considering updating your estate planning documents, you may want to look at the candidates’ Estate Tax proposals.

Talk of increasing the estate tax can generate strong feelings among voters. In actuality the federal estate tax affects only 0.2% of the United States population.  With the current exemption set at $5.45 million per person, only two of every 1,000 Americans who die in 2016 will have estates large enough to pay estate tax.  [Read more…]

Tax Obligations of Estate Administrators

When someone dies, the Executor or Administrator of the person’s estate must close out the person’s financial affairs. One of the responsibilities of the Executor or Administrator is to file tax returns for the person who died and pay any taxes due. There are usually three or four different types of tax returns required.  The Executor or Administrator is personally liable if these taxes are not paid. [Read more…]