Monthly Archives: September 2011
When “Equal” is not Always “Fair”
Every parent wants to be fair to their children; avoid showing favoritism, give each the same advantages, and eventually leaving each a fair and equal inheritance. But every parent also knows that there are times when equal is not always fair—a dilemma that is often faced by parents drawing up their will or estate… Read More »
Do I Have to Give Up My Home To Be On Medicaid?
In order to be eligible for Medicaid, the countable assets for a single person cannot exceed $2,000. For a married couple, the spouse not applying for Medicaid may keep up to $109,560 in countable assets. Because of this rule, many of our clients believe that they won’t qualify for Medicaid because they are not… Read More »
Three Estate Planning Documents You Need During Your Lifetime
There are a number of very important documents in your estate plan which come into play after your death, but as this article in Forbes reminds us, there are two or three estate planning documents that are of the utmost importance while you are still alive: your Healthcare Proxy, your Advance Directive (also called… Read More »
“The Little Things:” Leaving Cherished Personal Items to Heirs
When most people think about estate planning they think about how to leave financial assets—savings, retirement accounts, investment assets, or large assets such as a home—to their children, grandchildren or other loved ones. But our firm knows that estate planning is about much more than just money. In fact, once clients get beyond the… Read More »
There’s More than One Way to Name IRA Beneficiaries
Do you know the best way to pass your IRA savings on to your loved ones when you die? It sounds like a simple question, but naming beneficiaries for your IRA is not always as straightforward as it sounds. This article in CBS MoneyWatch explains: “Without proper estate planning, you may be reducing your… Read More »
City of Portsmouth to launch program to help residents pay for prescription medications
Starting on August 30, 2011, the City of Portsmouth will launch a program to give residents relief from the high cost of prescription medications. Portsmouth residents will be able to obtain prescription discount cards at no cost. The cards can be used at most pharmacies in Portsmouth, as well as at over 60,000 pharmacies… Read More »
Is Planning for the Future Easier if You’re Single?
“The grass is always greener on the other side of the fence.” It seems that this old adage is appropriate for married people planning for retirement, who look over the fence at their single counterparts and imagine how much easier it must be for them. According to a recent article in the New York… Read More »
How Important Is Religion When Planning Your Estate?
In a multi-cultural, multi-religious country such as ours the subject of personal faith or religious beliefs is one that many advisors are reluctant to bring up. Some advisors are afraid of offending their clients, other advisors may simply feel that religion has no bearing on the financial service they provide; but a recent article… Read More »
How To Give An Inheritance To A Child Who Might Squander Or Abuse It
Giving your children an inheritance can be one of the most generous, most loving things a parent can do… Unfortunately, under certain circumstances it can also be the most dangerous. A recent article in the New York Times addresses a question asked by many parents in estate planning offices all over the country: How… Read More »
IRS Announces Another Extension for Estate Tax Filing Deadline
Just a few weeks ago the IRS announced the November 15, 2011 estate tax filing deadline for large estates of decedents who passed away in 2010; but some executors might be relieved to know that the IRS recently extended the deadline to January 17, 2012. This extension gives executors of large estates more time… Read More »