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 …
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. It is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. …
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 …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. How can you make sure your funeral and burial wishes will be carried out after you die? It is important to let your family know your desires and to put …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don’t have enough money to reap the tax benefits …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. Paying for day care is one of the biggest expenses faced by working adults with young children, a dependent parent, or a child with a disability, but there is a …