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Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself.
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Archives

Monthly Archive for: "November, 2020"
Home /
 Will Medicaid Count Payment on Life Insurance Policy as Gift By Mom?
0
By Harry Margolis
In Long-Term Care Planning
Posted November 27, 2020

Will Medicaid Count Payment on Life Insurance Policy as Gift By Mom?

Question: Mom owned a life insurance policy on my father, who recently passed away. They named us kids as the beneficiaries. There was some cash value. When Mom eventually applies for Medicaid, [...]

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 When Do Trustee-Beneficiaries Take Their Trustee Fees?
0
By Harry Margolis
In Trustee
Posted November 25, 2020

When Do Trustee-Beneficiaries Take Their Trustee Fees?

Question: My sister and I are co-trustees of our parents’ trust, who are both now deceased. Are the administrative fees, which we both want to collect, considered separate from the trust? [...]

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 Will Bequest to French Citizen be Subject to French Inheritance Taxes?
2
By Harry Margolis
In Non-US Citizens, Property in Other Countries
Posted November 22, 2020

Will Bequest to French Citizen be Subject to French Inheritance Taxes?

Question: My wife and I have an estate worth just less than the current federal estate tax limit, so I do not worry about US estate taxes. We have no children and plan to have a family member as [...]

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 Does Step-Up in Basis at Death of Joint Owner Apply Only to Her Half of Real Estate?
0
By Harry Margolis
In Long-Term Care Planning, Real Estate
Posted November 17, 2020

Does Step-Up in Basis at Death of Joint Owner Apply Only to Her Half of Real Estate?

Question: Brother and sister owned highly-appreciated real estate jointly with rights of survivorship.  Sister passed last year so now brother owns it 100% and would like to move it to an [...]

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 Can I Divorce My Husband So He Can Get Medicaid Coverage of His Nursing Home Care?
0
By Harry Margolis
In Long-Term Care Planning
Posted November 13, 2020

Can I Divorce My Husband So He Can Get Medicaid Coverage of His Nursing Home Care?

Question: I would like to try and provide proper care for my spouse. My question is: Is there anything in Medicaid criteria that would prevent me from divorcing my spouse so that he can qualify [...]

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 What’s the Best Way to Leave My Estate to My Non-US Citizen Son?
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By Harry Margolis
In Non-US Citizens
Posted November 12, 2020

What’s the Best Way to Leave My Estate to My Non-US Citizen Son?

Question: I am a US citizen, living in California. I am planning to return back to the Czech Republic, where my son lives. He is a non US citizen. My assets are my savings account, CDs, my [...]

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 Can Irrevocable Trust Borrow Money on Real Estate?
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By Harry Margolis
In Irrevocable Trusts, Real Estate
Posted November 9, 2020

Can Irrevocable Trust Borrow Money on Real Estate?

Question: Can I borrow money on our house if it is in an irrevocable trust? Response: Probably not. The trust itself may or may not permit you to borrow, but no bank will loan money or take a [...]

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 Should You Name a Bank as your Durable Power of Attorney Agent?
0
By Harry Margolis
In Durable Powers of Attorney, Trustee
Posted November 8, 2020

Should You Name a Bank as your Durable Power of Attorney Agent?

Question: Should your trustees on your revocable trust be the same people as those named on your durable power of attorney? Do you recommend bank trust departments for powers of attorney? [...]

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 How Should Trustee Fees be Reported on Trust Income Tax Returns?
0
By Harry Margolis
In Trustee
Posted November 2, 2020

How Should Trustee Fees be Reported on Trust Income Tax Returns?

Question: When issuing a K-1 to a trustee of a decedent’s irrevocable trust for trustee fees, how should this be reported? Should it be reported as Other Portfolio and non-business income? [...]

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Categories
  • Asset Protection (34)
  • Charitable Giving (10)
  • Durable Powers of Attorney (44)
  • Estate and Gift Taxes (56)
  • Guardianship and Conservatorship (5)
  • Health Care Directives (13)
  • Irrevocable Trusts (51)
  • Long-Term Care Planning (173)
  • Non-Traditional Families (16)
  • Non-US Citizens (27)
  • Pets (4)
  • Practical Matters (15)
  • Probate (38)
  • Property in Other Countries (5)
  • Real Estate (69)
  • Retirement Plans (19)
  • Revocable Trusts (102)
  • Second Marriages (11)
  • Social Security (18)
  • Special Needs Planning (69)
  • Trustee (52)
  • Vacation Homes (3)
  • Wills (50)
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