How to Protect Assets from a Medicaid-Required Spend-Down
Many people rightly worry about what happens if they have to go into a nursing home and they don’t have long-term care insurance. They’ve heard stories about people who had to spend down their entire nest egg before they could qualify for any government benefits. The stories are true, and it happens all the time, but it’s not your only option.
The 2023 Estate Tax Threshold Announced by the IRS
Federal Estate Tax is owed on a person’s gross estate over and above the exempted amount. I remember back in the day, in the early 2000s, when that limit was only $675.000. Over the years it has gone up, and then in 2010 or so, it jumped up quite a bit and then again in 2018. In 2022, it stands at $12.06 per person or $24.12 for a married couple.
How a Community Property Trust Works in Florida and Tennessee
This article applies to Florida and Tennessee law, but note that ANYONE in ANY STATE can create and fund (put assets into) a Tennessee or Florida Community Property Trust (including real property, brokerage accounts, etc.), even when that property is located in another state and even when the person is not a resident of either state. Some restrictions apply, but they are fairly easy to accommodate for most people. Read on to learn more about Community Property Trusts and how they might be a valuable part of your comprehensive estate plan.
How Real Estate Investors in Tennessee Avoid Franchise and Excise Taxes: The FONCE Exemption
Anyone who owns an LLC in Tennessee is liable for Franchise and Excise taxes unless they qualify for one of seventeen exemptions (the article referenced above lists all of them.) This article is going to focus on exemption #11: the Family Owned Non-Corporate Entity (FONCE) exemption.
Should I Use a Will or a Trust For My Estate Planning?
This is a question estate planning attorneys hear almost every day. The answer to this question is pretty typical of lawyers: “It depends.” In this post, we’ll give you some things to think about before you meet with a lawyer.
What is a TIST? Everything You Need to Know About the Tennessee Investment Services Trust
Tennessee is one of the best states for asset protection trusts, many of which are available to people who aren’t even residents of the state. One of the more unique ones is the TIST, the Tennessee Investments Services Trust. Note, for our Florida clients, there’s a very similar asset protection trust in Florida as well, and the language of the Florida Statute effectively mirrors the language in the Tennessee Code, so we can offer this to our clients confidently in both states.
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