As a legal entity, a private foundation has corporate and tax filings to maintain on a regular basis and myriad administrative tasks that go with any corporate endeavor. The overhead costs alone are typically too expensive and time-consuming for most of us, as individuals or as families, to establish such a philanthropic structure. You want your giving to achieve the most bang for the buck.
I urge you, whether you find yourself taking care of parents and young children or even if you have no children, make the time to sit down with an attorney experienced in estate planning. Such an attorney should be trained and familiar with estate planning and probate. The advice they provide will assist you in making the best and least complicated plan to take care of both parents and children if that is the need.
President Obama has come out with a comprehensive plan for changes that could take away many of the strategies that save families estate taxes. Annual exclusion gifts, generation-skipping trusts, grantor retained annuity trusts (GRATs) and many more estate tax vehicles are in his target.
There is no free lunch. These words ring true when it comes to Medicaid. Since 2005, the state is allowed to recover some of the Medicaid money spent on individuals by tapping patients’ estates after they die. In most cases, the most valuable asset is the home.On March 1, 2005, Texas implemented the Medicaid Estate Recovery Program in compliance with federal Medicaid laws. The program is managed by the Texas Department of Aging and Disability Services.
“THE LEGAL CORNER” By Sam A. Moak STOP INHERITANCE FEUDS BEFORE THEY START The information in this column is not intended as legal advice but to provide a general understanding of the law. Any readers with a legal problem, including those whose questions are addressed here, should consult an attorney for advice on their particular …
“THE LEGAL CORNER” By Sam A. Moak WHAT ARE NONPROBATE ASSETS The information in this column is not intended as legal advice but to provide a general understanding of the law. Any readers with a legal problem, including those whose questions are addressed here, should consult an attorney for advice on their particular circumstances. One …
“THE LEGAL CORNER” By Sam A. Moak Learning From Celebrity Mistakes The information in this column is not intended as legal advice but to provide a general understanding of the law. Any readers with a legal problem, including those whose questions are addressed here, should consult an attorney for advice on their particular circumstance. …
“THE LEGAL CORNER” By Sam A. Moak Did They Really Do That? The information in this column is not intended as legal advice but to provide a general understanding of the law. Any readers with a legal problem, including those whose questions are addressed here, should consult an attorney for advice on their particular circumstances. …
“THE LEGAL CORNER” By Sam A. Moak New HIPAA Rule The information in this column is not intended as legal advice but to provide a general understanding of the law. Any readers with a legal problem, including those whose questions are addressed here, should consult an attorney for advice on their particular circumstances. The U.S. …
