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Category: Estate Planning

The End of the Stretch IRA: New Law Makes Big Changes to Retirement Plans

For those who have a significant amount of savings in retirement accounts, the amount those individuals can transfer to next the generation has been greatly reduced.  President Trump signed a spending bill on December 20, 2019 that made major changes to retirement plans. The new law is designed to provide more incentives to save for retirement, but […]

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When Inheriting Real Property, Consider Your Options

Inheriting real property from your parents is either a blessing or a burden — or a little bit of both. Figuring out what to do with the property can be overwhelming, so it is good to carefully think through all of your choices. There are three main options when you inherit real property: move in, […]

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Special Ownership for Married Couples: Tenancy by the Entirety

Married couples have a special way to jointly own property in Indiana and many other states that has advantages over regular joint ownership. If you are married and own property jointly, you should make sure you have the right form of ownership. Joint tenants with rights of survivorship must have equal ownership interests in the […]

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Prevent Your Power of Attorney from Being Ignored

A durable power of attorney is one of the most important estate planning documents there is. It allows someone you appoint — your agent or “attorney-in-fact” — to act in your place for financial purposes when and if you ever become incapacitated. However, many people experience difficulty in getting banks or other financial institutions to […]

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5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning

Many seniors consider transferring assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in need and serve as expressions […]

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Three Reasons Why Giving Your House to Your Children Isn’t the Best Way to Protect It From Medicaid

You may be afraid of losing your home if you have to enter an assisted living facility or a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it. Your home can be a barrier to Medicaid eligibility if […]

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