What Will 2017 Bring to Seniors and Persons with Disabilities?

Donald Trump’s election and Republican majorities in both houses of Congress surprised much of the nation. With control of legislative and executive branches of government, the expectation is Republicans will finally be able to push through long-awaited legislation, as well as follow through on promises made by candidate Trump. And they are expected to move quickly. This blog post will summarize some key issues to watch out for in 2017 that affect seniors and persons with disabilities. What the Election Outcome Means in Congress The House has remained in Republican control—about 45% Democrat and 55% Republican. The majority rules, so...Read More

ASK TOM: Why Would I Choose A Corporate Trustee For A Revocable Trust?

  When creating a trust, there are two basic choices for a trustee: (1) an individual; or (2) a corporate entity. In our last article, we addressed the individual trustee and factors to consider when choosing an individual trustee. In this article, we review factors to consider when choosing a corporate trustee. There are three basic types of corporate trustees: (1) Bank Trust Departments. The bank trust department is the traditional full service corporate trustee with fee schedules for their services as trustee. (2) Brokerage Firm Trust Departments. Most major national brokerage firms have in-house trust departments that combine the...Read More

ASK TOM: Do I Really Need a Lawyer For Estate Planning?

In a culture of Do-It-Yourself, does it make sense to retain an attorney to complete your estate planning? We are all aware of the availability of legal documents on the Internet and the ease with which you can purchase a legal package to complete your own Will and some related documents. I read an article in a reputable business magazine a few years ago in which the writer evaluated five different Will packages she obtained from the Internet or the local office supply. All of the Will packages were recommended as legal in her state. After completing the five Will...Read More

You May Regret Transferring Assets To Your Children Now

Parents often think about transferring assets to their children outright or as joint-tenants during their life.  They may believe that the transfer will avoid probate and make it easier for the children upon the parent’s death.  Lifetime transfers are sometimes used as an estate planning tool in limited circumstances and may avoid probate; but, for most of the population these transfers could trigger unfavorable consequences. There are several problems associated with an outright gift of an asset to a child or children.  What if you regret your decision or realize later that you need the asset for your daily needs? ...Read More
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