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Vermont Estate Planning and Medicaid Planning Attorneys

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How Are Trusts Taxed?

January 25, 2019 by Stephen Hartnett

Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: grantor trust, nongrantor trust, Trusts

A Special Option for Special Kids

January 30, 2018 by Stephen Unsworth

When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26. A Special Option for Special Kids … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: Estate Planning, planning, Trusts

Yes, Estate Planning Matters

April 2, 2014 by Ellen LaPlante

Our country, as a whole, has seen many shifts in the financial and healthcare sectors in recent years. The Affordable Care Act really changed everything – especially the way Americans see healthcare. While the internet provides instant access to anything you can imagine, it’s also prone to many experts with ulterior motives doing their best to shift the facts and of course, information is subjective. What one person reads and takes away from any website might be construed in a different way by … [Read more...]

Filed Under: General Tagged With: death panel, elderly, end of life decisions, estate plan, health care directives, health care laws, healthcare laws, hospice care, living wills, Medicaid, medical powers of attorney, obamacare, Trusts

Disappointing Turnout for Alzheimer’s Testimony

March 17, 2014 by Ellen LaPlante

In what should have resulted in a robust turnout among the nation’s lawmakers actually became testimony about Alzheimer’s disease being delivered to just two senators. Seth Rogen, a Hollywood actor, director and producer who’s starred in several films, testified in front of the Senate Committee on Appropriations about the rising costs of Alzheimer’s disease and to ask what the committee intended to in order to provide better funding. One look at the statistics reveals why so many Americans are … [Read more...]

Filed Under: General Tagged With: alzheimer's disease, Estate Planning, Medicaid, medicare, retirment, senior citizens, seth rogen, Trusts

A Look at HEMS Standards in Estate Planning

February 26, 2014 by Ellen LaPlante

HEMS is the acronym for “health, education, maintenance and support” distributions. It’s used most often in trusts. Those named as trustees are the ones who must discern what’s best in terms of property distribution for all things related to a beneficiary’s well-being, comfort, best interests, quality of life assurances and many others. Collectively, it becomes HEMS. HEMS Standards It’s perhaps the most common standard used in setting up a trust. It can help avoid transfer tax problems later … [Read more...]

Filed Under: Estate Planning, General Tagged With: beneficiaries, distributions, hems standards, liabilities, scope of the trust, trustees, Trusts

Your Best Protection Against Estate Litigation

February 21, 2014 by Ellen LaPlante

Estate litigation has somehow found its way front and center in this particular law sector. The reason is simple: poor estate planning. When your estate plan is vague or open to interpretation, you can be sure that’s exactly what will happen: people will try to interpret your decisions. It’s unfortunate, but it can also be avoided. Selecting an estate planning lawyer with experience and a commitment to each of his clients’ needs should be top priority. The more he knows about your needs, you … [Read more...]

Filed Under: Estate Planning Tagged With: administrators, estate litigation, Estate Planning, estate planning lawyer, executor, living will, power of attorney, Trusts, will

Understanding Capital Gains Taxes in Essex Junction Vermont

November 20, 2013 by Stephen Unsworth

Here it comes – that dreaded word: taxes. Coupled with “capital gains” and most people cringe when they hear it. Those who haven’t had to wrestle claim capital gains taxes yet eventually realize why just the thought of it is so overwhelming. In short, it boils down to the IRS and its cut on monies we've earned when we sell those big ticket items like stocks and real estate. She Said Yes…Then No Taking a step further, a capital gain is what happens when you sell an asset for more than what you … [Read more...]

Filed Under: Estate Planning Tagged With: assets, capital gains taxes, capital gains taxes in essex junction vermont, estate plan, Estate Planning, estate planning attorney, heirs, incomes, irs, stocks, tax rate, tax rates, Trusts

Senior Citizens Reality: 1 in 4 File Bankruptcy

November 19, 2013 by Stephen Unsworth

It’s difficult to even fathom, but a report released by the Journal of General Internal Medicine shows that 25 percent of senior citizens file for bankruptcy each year. The reason? Overwhelming out of pocket medical costs. The soaring costs are keeping many away from much needed medical attention, which is the true tragedy. The study shows that out of pocket expenses in the final five years of life totaled $39,000 for individuals and $51,000 for couples where one spouse dies. A staggering “25 … [Read more...]

Filed Under: Elder Law, Incapacity Planning Tagged With: alzheimer's, assisted living facilities, bankruptcy, cancer, Elder Law, estate plans, Journal of General Internal Medicine, Living Trusts, Medicaid, nursing homes, out of pocket medical costs, retirement, social security, Trusts

Trusting Trusts in Estate Planning

November 16, 2013 by Stephen Unsworth

There are many trusts, each with its own distinctions. Not only that, but it’s not uncommon for trusts to be called something entirely different, depending on which state you’re in. Is it any wonder, then, that many aren’t sure if a trust – however it’s defined – will serve their purposes? This week, we take a look at trusts of all kinds and each with the goal of helping you in all of your estate planning purposes. Our goal is to lift that confusion over the sheer volume of them and present … [Read more...]

Filed Under: Trusts Tagged With: asset protection trusts, bankruptcy laws, beneficiary, Estate Planning, grantor, irrevocable trusts, Living Trusts, principle, revocable trusts, testamentary trusts, trustee, Trusts

A Special Needs Trust for Your Child

September 26, 2013 by Stephen Unsworth

As parents, we know how our heart skips a beat anytime we think of those little ones going through life without us. For those with a child who has special needs, those thoughts can be even more frightening. While we can't control what hands we are dealt, we can do our best to pave the path for an easier future. A special needs trust is often the solution and a way to offset those fears. In short, a special needs trust is a way of providing financially for our children who have special needs – … [Read more...]

Filed Under: Estate Planning, Special Needs Planning Tagged With: Estate Planning, estate planning attorney, incapacity planning, Living Trusts, special needs lawyer, Special Needs Planning, Trusts, Wills

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Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

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Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM

Albany, NY

415 New Karner Road
Albany, NY 12205
Phone: (518) 389-6020
Fax: (518) 389-6074

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Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM
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