The Pyfrom Law Firm

11/11/2022

3 factors to consider when developing an estate plan for a loved one with special needs.

It is never too early to begin planning.

08/23/2022

Life changes affect more than the present; they can influence our legacy too.

Don't let a major change just slip by.

05/25/2022

While guardianships can protect aging loved ones, they can be restrictive.

3 alternatives to consider.

03/08/2022

This critical power can be incredibly beneficial in the right hands.

This power of attorney can be used for assets.

01/31/2022

Medicaid is a federal/state program designed to assist low-income seniors with limited income and assets in affording healthcare and long-term care. It has been reported that many seniors believe they can only qualify for the program by spending down their assets. Even though this is true in some cases, proactive Medicaid planning can prevent you from losing an inordinate amount of assets if it is done correctly. As the program’s eligibility rules and application process are complicated, you may benefit from the assistance of an elder law attorney with expertise in Medicaid planning.


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01/24/2022

If you thought Medicaid planning only involved meeting strict income and asset limits, think again. Additionally, you must show that you need nursing home-standard care. In order to qualify for nursing home coverage or a Medicaid waiver program, you must meet these eligibility requirements. Each state has a level of care requirement and its own criteria to determine if you meet the mandated level of care. This is not always clear since eligibility criteria vary from state to state.


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01/17/2022

Death of a spouse is a difficult event in a person’s life emotionally, spiritually, and financially. It is common for one spouse to handle the family estate and tax planning, so a widow(er) will likely need to tackle a complex financial situation with more questions than answers. When a spouse passes away, it is a mistake to think that an estate plan is complete. Many times there are decisions to make and act on within a set timeframe. Taking a fresh look at your finances and estate plan is a must.


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01/10/2022

As the House Ways and Means Committee approves the tax provisions of President Biden's Build Back Better Act (BBBA), the bill has made a significant first step towards passage. Currently, the legislative proposal may limit high-net-worth individuals' ability to shelter assets from tax consequences within their estate planning strategies. There is little time left to take action and use more favorable regulations on gifting assets before the more restrictive tax proposals are likely to become law in 2022. In the end, the provisions of this new law remain ambiguous; however, overall, it is highly likely that more restrictive rules will be implemented.


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01/03/2022

As the holiday season approaches, third-party scammers seek to exploit people’s good intentions in the belief that they are making a charitable contribution to help the less fortunate. The ubiquitous web of emails, fake mirror websites, deceptive GoFundMe pages, even postal mail scams can overwhelm an older adult who is trying to figure out what is real.


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12/27/2021

The truth is, we don’t know what the future holds. There is considerable uncertainty regarding the outcome of US tax legislation proposals. The estate and gift tax exemptions may get cut in half or not, and whichever happens will affect all deaths and transfers after December 31, 2021. As part of your estate planning, there are still ways to legally reduce your estate and income taxes.

Creating a strategic estate plan will take time and a great estate planning attorney who understands you, your business interests, and your family relationships. Do not overlook the importance of synergy among your family members in creating an effective estate tax strategy. Your children can be a strategic ally when passing assets before death, thus eliminating tax consequences to your overall estate.


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12/20/2021

Probate can be avoided by using legal techniques to save taxes, keep your estate private, and avoid the need for court approval at every step. You can save yourself time, frustration, and in many cases, significant court and attorney fees. Upon your death, your representative, sometimes called an executor, must formally notify all of your creditors. In doing so, the probate process gets started. Most often, this involves publishing a notice of death in a local newspaper (or newspapers) and having creditors respond promptly and file an estate claim for payment of the claim with the probate court.



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12/13/2021

A 2021 Wills and Estate Planning Study of 2,400 Americans by Caring.com with YouGov finds that since 2019 the percentage of Americans aged fifty-five and older who have created a will has decreased from sixty to four-four percent. As surprising as this decrease is the fact that younger adults now have twenty-four percent more wills than they did before the pandemic. Overall, the prevalence of estate planning is considerably lower, especially for seniors, despite the COVID-19 pandemic.



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