I will reach out to local Indian counsel regarding their views on this question and many others throughout the course of my Journey to India and share their answers with you.]]>
I will reach out to local Indian counsel regarding their views on this question and many others throughout the course of my Journey to India and share their answers with you.]]>
Join me as I explore this multifaceted country with practices that are intriguing, serene and diverse. First stop is New Delhi. Over 11 million people, of the 1.2 billion people of India, live in New Delhi. For perspective, the population of U.S. is 317 million with just over 8 million in New York City and 1.5 million in Philadelphia. Let's just say, New Delhi has lots of people who need Wills, Trusts and other estate planning.
]]>
Thank you for your support over the years.
I choose Estate Planning because it allowed me to reach those who needed professional service at an affordable price. We successfully help individuals, families and businesses plan for the people they love. We focus on all aspects of our client’s life – their personal assets, business assets and more importantly their dreams for the future.
For 10 years, we have cared to listen to our clients and exceed their expectations and we look forward to another decade of outstanding service in probate, estate planning, guardianship, business succession planning and elder law.]]>
We have just celebrated the MLK Holiday with a day of service for many across the nation.Carolyn Newsom, an attorney and intern at my office, recalls her father saying “we have a responsibility in life to put more jelly beans back in the jar than we take out. ”She expressed that “ it was his folksy way of saying that we have a duty to serve others and to help make the world a better place in which to live.”
As evident in the rise of volunteerism, many others would agree with this “folksy” expression.In honoring Martin Luther King, Jr., many organizations sponsored not only parades, speeches, panel discussions but also projects to clear vacant lots, help rehab a housing unit or plant a garden for a homeless shelter. We have witnessed volunteers who helped victims of Sandy and other devastations.
In addition to volunteer efforts, many people give their financial support.With proper planning this support can also have a lasting impact.Make charitable contributions a part of your estate plan which can establish the basis for continuation of your dream.]]>
The American Taxpayer Relief Act which was signed into law on January 2, 2013 provided “permanent” (unless continued political debate over the federal budget result in further changes) rules that create a more predictable environment for planning and decision making.As pertains to the Federal Estate Tax the following is now in effect:
1. Who has to pay federal estate tax? If your estate is in excess of $5 million dollars (excess of $10 million for couples), the federal estate top tax rate would be 40%. Your estate will not be subject to federal estate tax if your estate falls under these limits.
2. Do spouses have to pay the tax when they inherit from each other?The unlimited spousal deduction from estate tax still applies under the new law. Though there will not be a tax upon the death of the first spouse, the tax would apply at the second spouse’s death if the estate exceeds the limits noted in the first question.
3.What is the status on lifetime gifts?The federal estate gift tax exemption is the same as the federal estate tax, $5 million dollars, indexed for inflation. The 2013 exemption is $5,250,000.Gifts in excess of the limit will have a top tax rate of 40%. In 2013 you can give up to $14,000 to as many individuals as you like and this does not require filing of a gift tax return.]]>
I was reading an article recently in an AARP publication that experts now estimate a couple aged 65 will need nearly $250,000 in addition to Medicare, to pay for future medical costs.This amount is much higher if nursing home care is ever needed.More importantly, if planning is not done, children could be held responsible for their parents’ long term care debt.
Approximately 25% of seniors will spend some time in a skilled nursing facility and Medicare benefits for these services are conditional and time limited.Therefore, the options for payment are, private pay (if you have the money), long-term care insurance (if you purchased when younger and healthy) or Medicaid.Medicaid is only available to those eligible for the benefit.An individual or couple is required to spend down assets to apply for Medicaid.
In a recent case, the court held that a son was liable for his mother’s nursing home bill under Pennsylvania’s Filial Support law.This law is not new but was rarely used to go after children.Financing healthcare and protecting your estate can be complex. Minimizing your risks requires planning and proactive action that should start with a comprehensive estate plan.]]>
When it comes to your children, should everyone be treated equally?
Sometimes parents have a difficult choice to make when writing a will.One child may be financially successful and secure.Another child could have a low paying public service job.There may be a child with special needs or a child who is unable to manage finances responsibly.While there may be good reasons to differentiate between children, unequal allocations of an estate can strain sibling relationships and create unintended ill will in the surviving family.
So, what is fair?
Family dynamics differ.The amount of assistance provided to children during life time maybe unequal.The amount of care provided by one child for an aging parent can further complicate the challenge.
So, what is fair?
Have you considered meeting with your children to explain your wishes and obtain agreement or, at least, understanding? Unless you have discussed with your children any unequal distributions, I highly recommend equal distribution under your will.]]>
 |
| A good samaritan provides electricity for storm victims to charge electronic devices on 11th Street, Oct. 31, 2012 in Hoboken, N.J. (Jeff Zelevansky/Getty Images) |
 |
| Workers try to clear boats and debris from the New Jersey Transit's Morgan draw bridge, Oct. 31, 2012, in South Amboy, N.J. (Mel Evans/AP Photo ) |
 |
| People line up to fill gas containers at the New Jersey Turnpike's Thomas A. Edison service area, Oct. 31, 2012, near Woodbridge, N.J. (Mel Evans/AP Photo ) |
 |
| People wait to use a pay phone on Bright Beach Avenue, Oct. 31, 2012, in the Brooklyn borough of New York. (John Minchillo/AP Photo ) |