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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: "February, 2023"
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 When Does a Trust Become a Foreign Trust for Tax Purposes?
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By Harry Margolis
In Irrevocable Trusts, Non-US Citizens
Posted February 14, 2023

When Does a Trust Become a Foreign Trust for Tax Purposes?

Question: At what stage is a trust is treated as a foreign trust? If the trust has a non U.S person trustee, would it be deemed to be a foreign trust. But at what stage does it become a foreign [...]

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 What is the Process for Closing Out a Revocable Trust Upon Grantor’s Death?
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By Harry Margolis
In Revocable Trusts
Posted February 13, 2023

What is the Process for Closing Out a Revocable Trust Upon Grantor’s Death?

Question: What is the process (“best”, if more than one) for accounting for and dissolving a revocable living trust upon death of the surviving parent (as the primary trustee). The [...]

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 Does LTCI Partnership Protect IRAs and 401(k) Plan Funds?
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By Harry Margolis
In Long-Term Care Planning
Posted February 10, 2023

Does LTCI Partnership Protect IRAs and 401(k) Plan Funds?

Question: Are 401(k)s or IRAs protected under the LTCI Partnership program? Response: Probably, yes. The long-term care insurance (LTCI) partnership program was authorized by Congress to permit [...]

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 Can Non-Citizen Spouse Withdraw IRA Over Her Lifetime?
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By Harry Margolis
In Pets
Posted February 6, 2023

Can Non-Citizen Spouse Withdraw IRA Over Her Lifetime?

Question: I am a US Citizen, age 87, with an IRA invested a US mutual fund. My wife is a not a US citizen (she’s Thai), is 45 and is the named beneficiary on my IRA. She has a tax [...]

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 What Complications are There If I Leave My Trust to Non-U.S. Beneficiaries?
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By Harry Margolis
In Non-US Citizens, Revocable Trusts
Posted February 4, 2023

What Complications are There If I Leave My Trust to Non-U.S. Beneficiaries?

Question: I am US citizen living in Illinois. I have a revocable living trust, the beneficiaries of which are my two nieces who are non-US citizens from Argentina. The assets that will be going [...]

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 May Nursing Home Resident Give House to Spouse Without Medicaid Transfer Penalty?
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By Harry Margolis
In Long-Term Care Planning
Posted February 3, 2023

May Nursing Home Resident Give House to Spouse Without Medicaid Transfer Penalty?

Question: Can you tell me if the exception for Medicaid applies between spouses to transfer the home, when one spouse does not live in the home but is not legally separated and is the healthy [...]

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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 (52)
  • 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 (70)
  • Trustee (52)
  • Vacation Homes (3)
  • Wills (50)
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