WAEstate

Vermont Estate Planning and Medicaid Planning Attorneys

Vermont: (802) 879-7133
New York: (518) 389-6020

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Have You Considered the Impact of a Guardianship?

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Studies that are conducted to gain an understanding of the estate planning preparedness of people around the country consistently yield some rather disturbing results. Most adults are going through life without any type of estate planning documents, and a very high percentage of younger folks are remiss.According to the American Association of Retired People, only 22 percent of individuals between the ages of 18 and 36 have a will or some other asset transfer vehicle in place. For people … [Read more...]

Two Tax Issues That Can Impact Your Estate

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Many people feel as though the assets that you have left after you pay taxes all of your life should not be subject to taxation while they are being transferred after you die. Though this argument has merit, there is in fact a federal estate tax, and it is far more than a nuisance. This tax carries a very hefty 40 percent maximum rate.The existence of the estate tax is the bad news; the good news is that most families do not pay the tax, because there is an estate tax credit or exclusion … [Read more...]

Living Trusts Provide Versatility

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If you have not given the matter a lot of thought, you could fall into a paradigm of limitation that many people accept what they don’t seek estate planning guidance from a licensed attorney. Far too many people assume that a last will is the only asset transfer vehicle to use if you are not very wealthy. They assume that trusts are for high net worth individuals that have to make fancy moves to avoid the estate tax.Someone that adopts this perspective will look at the estate planning … [Read more...]

State Income Taxation of Nongrantor Trusts

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States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more.State Income Taxation of Nongrantor Trusts … [Read more...]

Can an Irrevocable Trust Be Changed?

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There are many misconceptions held by people with regard to trusts, and one of them is the notion that you surrender all control of assets that you convey any type of trust. The first thing to understand about trusts is that there are two different classes: revocable trusts, and irrevocable trusts.As the name would imply, with the former variety, the grantor of the trust has the right of revocation. If you establish a revocable living trust, and you decide that you want to dissolve it … [Read more...]

Estate Planning for Family Owned Businesses and Farms

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If you own a business that you operate along with members of your family, your estate planning situation can be a bit complex. For example, let’s say that you have three children. One child has been running the business alongside you for years, and the other two have pursued different career paths. The business is your most valuable asset, and you want to take care of all of your children equally. How do you proceed under these circumstances?There are estate planning solutions that can be … [Read more...]

Beneficiary Designations, etc., Aren’t a True Substitute for a Trust

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TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more.Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]