As year-end approaches, many individuals look for ways to lower their income tax burden. Charitable contributions allow individuals to offset a portion of their income, but not all charitable contributions are created equally, and each has certain requirements to obtain the charitable deduction. Certain charitable-giving vehicles allow a donor to get more bang for their buck. Read on to learn more. … [Read more...] about It’s a Great Time to Consider a Donor Advised Fund
The primary focus for most people when they contemplate estate planning is the distribution of their assets when they pass away. You, however, may have a somewhat contrary concern. You may be worried about how your debts will be handled. Specifically, you may be concerned that your adult children will inherit your debts instead of your assets. To help you plan accordingly, the Essex Junction attorneys at Unsworth LaPlante, PLLC explain what happens to your debts when you pass away. What Legal … [Read more...] about What Happens to My Debts When I Pass Away?
Most Americans qualify for Medicare coverage when they reach retirement age and many of them rely on Medicare to cover healthcare expenses. If you are one of them, it is crucial to understand what Medicare covers and, more importantly, what Medicare will not cover. To help get you started, the Essex Junction attorneys at Unsworth LaPlante, PLLC explain why Medicare may not be enough and how a Medicaid planning component in your estate plan can help. What Is Medicare? Medicare is a … [Read more...] about Why Medicare May Not Be Enough
Unless you are exposed to estate planning concepts and strategies on a regular basis they can be intimidating and frightening. Frequently this causes people to shy away from creating an estate plan despite understanding how important it is to have one in place. To help you create a successful estate plan, the Essex Junction estate planning attorneys at Unsworth LaPlante, PLLC offer 10 estate planning tips. Ignore myths and misconceptions. One of the most important tips is simple – do not … [Read more...] about 10 Estate Planning Tips to Help Your Plan Succeed
When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become incapacitated. … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
An inheritance can come in many forms. One of the assets that is frequently passed down to loved ones is an IRA or 401(k) account. If you recently inherited one of these accounts, you need to understand the rules and the tax consequences that go along with your inheritance. Toward that end, the Essex Junction estate planning attorneys at Unsworth LaPlante, PLLC explain what you need to know about an inherited IRA or 401(k). Estate Tax Basics When an individual passes away, his/her estate … [Read more...] about What You Need to Know about an Inherited IRA or 401(k)
The older adult population in the United States has increased dramatically in recent years and is expected to continue to increase in the years to come. Sadly, that increase has led to a corresponding increase in elder abuse. Elder abuse occurs in several forms, including physical abuse, emotional abuse, and financial abuse. If you are the caretaker of an older person, it is imperative that you take steps to prevent elder financial abuse. Toward that end, the Essex Junction elder law attorneys … [Read more...] about Protecting Elderly Loved Ones from Financial Abuse
Most estate plans begin with the creation and execution of a Last Will and Testament. That Will may remain as the cornerstone of your estate plan throughout your entire life; however, an equally popular estate planning tool is a trust agreement. Opting for a trust in your comprehensive estate plan entails the selection of a Trustee to oversee its administration. Given the important role a Trustee plays in the success of a trust, choosing the right Trustee is crucial. With that in mind, the Essex … [Read more...] about The Importance of Appointing the Right Trustee
One of the most popular, and important, components of a comprehensive estate plan is Medicaid planning. You may have made it through several decades without ever needing to qualify for Medicaid; however, that could change rapidly once you reach your retirement years if you need long-term care. You may have also heard several disconcerting things about Medicaid eligibility, most of which likely revolve around the loss of assets because of the need to qualify for Medicaid. If you have a 401(k) … [Read more...] about Does My 401(k) Account Count for Medicaid Eligibility?
As much as we prefer not to think about it, the reality is that the longer we live, the greater the odds are that we will need some type of care. The idea of ending up in a nursing home facility probably does not sit well with you. The good news is that there are numerous options for senior care that might help you avoid, or at least put-off, the need for nursing home care. Toward that end, the Essex Junction elder law attorneys at Unsworth LaPlante, PLLC explain various senior care options that … [Read more...] about Senior Care Options