Lake Auburn Legal & Accounting, LLC

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Auburn, ME
Lake Auburn Legal & Accounting, LLC

Providing legal and accounting services to the Lewiston/Auburn, Maine area and beyond.

08/28/2026

Maine nonprofits who need bookkeeping services, visit our website at https://www.lakeauburnlegal.com/nonprofit-consulting to learn more about our package pricing for services.

08/27/2026

AVCOG is a great resource for small businesses in Androscoggin County.

08/26/2026

August is Make a Will Month and it's almost over! It is never too early to create a will. It can only be too late. Call Lake Auburn Legal & Accounting today at 207-899-7592. A simple will with Power of Attorney is only $450.

08/25/2026

When is a trust NOT the answer? Are you looking for simplicity? What are the costs and benefits? Is asset control still needed? What are the tax benefits? Do you have a complex family dynamic? What are some other tools? If you have questions about trusts, Lake Auburn Legal & Accounting has answers. Call 207-899-7592.

08/24/2026

We are excited that our signs got installed in our office. If you are looking for Lake Auburn Legal & Accounting or Breakwater Public Adjusting, find us at 86 Main Street Suite 205 in Auburn. Many thanks to The Sign Store & Flag Center in Auburn for their great work!

08/20/2026

The IRS recently increased its mileage rate for self employed and businesses to .76. See the details and other mileage rates here: https://www.irs.gov/tax-professionals/standard-mileage-rates

08/19/2026

Creating a personal balance sheet is an essential step toward understanding your financial health and planning for the future. This list of assets and liabilities is also helpful when you create your will. You may have more assets than you realize, and a will helps protect them in the future. August is Make a Will Month and Lake Auburn Legal & Accounting can help.

08/18/2026

Irrevocable Trust: What It Is & When It Makes Sense

An irrevocable trust is a trust you create where the assets you place inside are no longer legally yours—and you cannot change, amend, or dissolve the trust once it’s set up (except in very limited circumstances). A trustee manages the assets for the benefit of your chosen beneficiaries.

3 Pros
Strong Asset Protection — Because you no longer own the assets, they’re generally shielded from lawsuits and creditors.

Estate Tax Reduction — Assets moved into an irrevocable trust are removed from your taxable estate.

Medicaid & Long‑Term Care Planning — Properly structured trusts can help someone qualify for benefits without spending down everything.

3 Cons
No Control After Transfer — Once assets go in, you can’t take them back or change the trust terms.

Complex & Costly Setup — Requires careful legal drafting and ongoing compliance.

Potential Gift Tax Implications — Transferring assets may count as a taxable gift depending on value and structure.

Example
Mark is 68 and wants to protect his home and savings from future long‑term care costs. He creates an irrevocable trust, transfers his home and a portion of his investments into it, and names his children as beneficiaries. Because he no longer owns the assets, they’re protected from nursing‑home spend‑down rules, and they won’t be included in his taxable estate.
Call Lake Auburn Legal & Accounting at 207-899-7952 with questions.

Address

Auburn, ME

Telephone

+12078996998

Website

http://lakeauburnlegal.com/, https://calendly.com/kryston

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