President Biden’s administration will usher in, two possibilities are that it will propose lowering the estate tax exemption and eliminating the stepped-up basis on death. The first would affect only multi-millionaires, but the second could have an impact on more modest …
By Bakalar & Asociates, PA Many financial planners have been ill advised regarding the modern benefits of Irrevocable Trusts. Traditional Irrevocable Trusts pose several historical problems which include: 1. Requirement for a new EIN number from the IRS for income …
By Bakalar & Associates, PA We cannot overemphasize the importance of properly “funding” your Trust. Your Trust can only control the assets you put into it. You may have a great Trust, but until you “fund” it (transfer your …
Every person should have a legal will that dictates the wishes of the one who wrote the legal document. This document is considered legal and binding after the person dies. Sometimes, others attempt to challenge a will for several different …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. At the doctor’s office and want to know if a procedure is covered by Medicare? There is an app for that. Medicare Launches App that gives beneficiaries a quick way …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. Thinking about your funeral may not be fun, but planning ahead can be exceedingly helpful for your family. It both lets them know your wishes and assists them during a stressful …
Are you planning to create a will? The main purpose of doing this is so your estate will be distributed to your designated heirs in the manner that you see fit. In order to do so, you will need the …
Are you thinking of establishing an advanced healthcare directive? This is the document that will outline your wishes as to the medical care that you will receive if you become unable to communicate them on your own. For example, your …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. A power of attorney is one of the most important estate planning documents you can create, but it is also one that can be misused. While it isn’t possible to …