Mills Law Office

04/25/2022

04/25/2022

02/16/2022

Whether you have a will or not, assets may go through the probate process when you die. People use trusts to pass assets outside of their probate estate, but they don’t always understand the relationship between wills and trusts.

Assets transferred to a trust during lifetime pass assets outside of their probate estate. Make sure you understand the implications.

02/14/2022

Less than 50% of Americans have a formal estate plan. What are the assets you should consider in your estate plan?

02/11/2022

Many families use their estate, gift and generation-skipping transfer tax exemptions to fund a flexible modern directed trust for non-tax reasons.

Many families use their estate, gift and generation-skipping transfer tax exemptions to fund a flexible modern directed trust.

02/10/2022

Wills and estate planning may not be the most exciting things to talk about. Elder law deals with estate and asset protection planning.

02/09/2022

What if you want to disinherit your children and give your assets to a charity or a college after you pass away nor contest the Will?

02/08/2022

HEMS language in a trust is a discretionary provision that gives the trustee more control over how assets are distributed and spent.

02/07/2022

The distinction between probate and non-probate assets can have a profound impact. Non-probate assets are not governed by your Will.

The distinction between probate and non-probate assets can have a profound impact. Non-probate assets are not governed by your Will.

02/04/2022

To begin, the first step with your estate plan is to create a vision of your future. Consider the most important people in your life or your charitable goals. This should help with the distribution of your assets. Then, plan who gets what, both when and how.

To begin, the first step with your estate plan is to create a vision of your future. Consider the most important people in your life.

02/03/2022

Since the coronavirus pandemic hit the U.S., baby boomers have been speeding up their retirement plans. Many Americans have also been moving to new states. It is important to review your estate plan as the laws in the new state may be different.

Americans have been moving to a new state. It is important to review your estate plan as the laws in the new state may be different.

02/02/2022

For now it is status quo on estate and gift taxes for 2022 with the current exemption at $12.06 million per person (double that for a married couple). It’s possible that some of these proposals may be enacted in 2022, but for now, they are moot. In the meantime, with the exemption at $12.06 million, taxpayers have a chance to lock in rates and exemptions before the federal estate tax sunsets to $5 million (unadjusted for inflation) and some “change” for inflation.

For now it is status quo on estate and gift taxes for 2022. taxpayers should plan before the federal estate tax sunsets in 2025.

02/01/2022

Couples should consider paying the spousal inherited IRA to a bypass trust for benefit of the surviving spouse for estate tax planning.

02/01/2022

https://estateelderlawyer.com/estate-tax-planning-and-a-spousal-inherited-ira/

Couples should consider paying the spousal inherited IRA to a bypass trust for benefit of the surviving spouse for estate tax planning.

01/31/2022

Estate planning with a living trust and transferring your home to it can be a way to provide your loved ones with a legacy and inheritance.

01/28/2022

Simply put, a charitable trust holds assets and distributes assets to charitable organizations. As discussed below, the tax law favors a charitable trust which can be a charitable lead trust or a charitable remainder trust. Which one you choose is based on your situation and objectives.

Acharitable trust holds assets and distributes assets to charitable organizations. The tax law favors a charitable trust (CRT or CLT).

01/27/2022

When it comes time to transfer what we’ve work so hard to accumulate, the way in which we transfer our wealth can have a big impact on how much of our wealth is actually received by our heirs and how much is transferred to the federal government.

Tax mistakes can mean losing a lot of hard earned money and are some of the biggest mistakes made in wealth transfer planning.

01/26/2022

When you started your business you may not have thought about succession planning. However, for many business owners, between 70% and 80% of their wealth is tied up in their business. Research also shows that just 20% to 30% of businesses that go to market actually sell. That leaves 80% of business owners with limited options to monetize the value of their business and wealth for future financial security.

When you started your business you may not have thought about succession planning. Only about 20% of businesses sell as a succesion plan.

01/25/2022

While you may be excited about the prospect of receiving unexpected money, there are certain financial moves you should make to make sure you're prepared when you do get your inheritance.

Receiving an inheritance can be bittersweet. There are certain financial moves you should make to make sure you're prepared.

01/24/2022

Using a QTIP for estate tax and blended family planning.

This is "What is a QTIP?" by Darren Mills on Vimeo, the home for high quality videos and the people who love them.

01/24/2022

Generally, there is three ways property passes: contractually, by operation of law, and under the law of probate. Estate planning attorneys advise their clients how a particular asset will be included in an estate and has to go into probate.

Property passes in one of three ways. Estate planning attorneys advise their clients how a particular asset will be treated for probate,

01/21/2022

Irrrespective of the cost, it is more prudent to hire a caregiver through an agency then privately. The Pros greatly outweigh the cons.

Irrrespective of the cost, it is more prudent to hire a caregiver through an agency then privately. The Pros greatly outweigh the cons.

01/20/2022

Many financial planning articles are geared towards people starting out or those nearing retirement. But what about people in their 50s? A recent article by The Street entitled “5 Things to Do in Your 50s,” points out five simple action items for people in their 50s.

Planning in your 50s is important. A recent article by The Street points out five simple action items for people in their 50s.

01/19/2022

https://estateelderlawyer.com/do-not-forget-substance-in-planning/

Lessons about tax planning with trusts may all be found in the outcome of a tax case addressing substance over form.

01/18/2022

https://estateelderlawyer.com/what-estate-planning-documents-should-everyone-have/

There are certain estate planning documents that every person who is emancipated should have. Those are your living documents.

01/17/2022

Beneficiary desginations will by-pass the terms of a Will. It is critical to make sure the beneficiary designations are up to date.

Beneficiary desginations will by-pass the terms of a Will. It is critical to make sure the beneficiary designations are up to date.

01/15/2022

People incorrectly assume that estate planning is just for seniors. That is a false statement. In fact, anyone 18 or older should have an estate plan.

People incorrectly assume that estate planning is just for seniors. In fact, anyone 18 or older should have an estate plan.

01/13/2022

Feeling comfortable using virtual care technologies in the home, demanding more tech in independent living communities and becoming more engaged in their own health data are trends that show that seniors will be turning to technology more than ever to enhance their healthcare in the next year.

Seniors will be turning to technology more than ever to enhance their healthcare in the next year like telehealth.

01/12/2022

An overview of long-term care insurance from an elder lawyer's perspective.

01/12/2022

A comprehensive succession plan is a set of legal guidelines to ensure an orderly transfer of financial control and executive responsibilities to a new generation of leaders. A business owner must identify the individual who has the skills to run a business.

A comprehensive succession plan is a critical to ensure an orderly transfer of control and responsibilities of the family business.

01/11/2022

At least 2.4 million U.S. workers provide in-home personal and health care for older adults and people with disabilities. That number has more than doubled since 2010.

At least 2.4 million peopl provide in-home personal and health care for older adults and people with disabilities. Doubled since 2010.

01/07/2022

Grantor trusts are usually preferred for income and estate tax. A non-grantor trust however, can be more beneficial in estate planning.

Grantor trusts are usually preferred for income and estate tax. A non-grantor trust however, can be more beneficial in estate planning.

01/06/2022

There are a number of reasons to consider Roth IRAs as part of your estate planning. Tax-free withdrawals and growth are critical.

There are a number of reasons to consider Roth IRAs as part of your estate planning. Tax-free withdrawals and growth are critical.

01/05/2022

An HSA can be an excellent way to save for medical expenses. For wage earners with high-deductible HSA-eligible health insurance plans, the IRS allows generous contributions on a pre-tax basis to an HSA.

An HSA is a way to save for medical expenses through generous contributions on a pre-tax basis. When the HSA owner dies, what happens?

01/04/2022

For the loved ones of people who neglect to update the beneficiaries on their estate plan and assets with the option of naming beneficiaries, the cost in time, money and emotional stress is quite high.

People who neglect to update the beneficiaries as part of their estate plan having an increased cost and time in probate. Learn more here.

01/03/2022

Although long-term care insurance can be a good way to pay for long-term care costs, not everyone can buy a policy. Insurance companies won’t sell coverage to people already in long-term care or having trouble with activities of daily living.

Although long-term care insurance can be a good way to pay for long-term care costs, not everyone is insurable and must look to other means.

12/29/2021

The last thing families want to think about after a loved one has passed are taxes, but they must be dealt with, deadlines must be met and challenges along the way need to be addressed.

When a loved one has passed, there may be death taxes and income taxes to be dealt with as well as deadlines and challenges.

12/28/2021

An ILIT's main purpose is to provide liquidity to an estate to fund, death taxes since the proceeds are received income tax free.

12/27/2021

Estate planning is more than the finanical aspect. It is also the healthcare aspect.

Estate planning is more than the finanical aspect. It is also the healthcare aspect including a healthcare POA and living will.

12/22/2021

Once you celebrate your 72nd birthday (the SECURE increased from 70.5 to 72), Congress requires you to take a minimum amount from IRAs or other tax-deferred retirement accounts. Most people take the minimum, however, taking the minimum is not always the right strategy.

At 72, Congress requires you to take a minimum amount from retirement accounts but you can take more. There could be tax benefits to do so.