When I talk to clients about the best way to leave assets for the next generation, I try to impress upon then the idea that inherited money feels different than money that is earned. It's like Monopoly money, which is to say that it seems that it exists for play. Perhaps that's the reason why[...]
A common misperception about estate planning is that it is a "set it and forget it" activity. Often listed as a to-do on a long checklist of prudent adult responsibilities, creating a Will or naming guardians is a task that tends to be postponed year-to-year until something happens that causes you to visit an estate[...]
FOR IMMEDIATE RELEASE: March 25, 2011 Victor J. Medina, Esq. Elected President of the American Association of Trust, Estate & Elder Law Attorneys Pennington, New Jersey, March 25, 2011 — Victor Medina, Managing Partner for the Medina Law Group, has been elected President of the American Association of Trust, Estate & Elder Law Attorneys[...]
One of the topics I discuss in my initial client meetings is the federal estate tax and its future. Over the years, the discussion has had to change as the landscape of federal estate tax changes. I'm often asked what I think Congress will do in the future with the estate tax…and the truth is…I[...]
There's an old acting joke whereby actors look to directors to learn, "What's my motivation for this scene?" I often help clients understand, as they are bombarded with advice from people on the issue of VA benefits and Medicaid, what the motivation of the people giving advice is. There are two types of institutions who[...]
The VA Aid and Attendance program – where veterans and their surviving spouses can receive a special pension to cover medical expenses – has certain financial eligibility requirements, which include an income and asset test. In short, qualifying applicants cannot own more than a certain level of assets (based in part on their life expectancy).[...]
Last month, Congress passed a broad tax law that included estate tax provisions increasing exemption amounts to $5 million per person. The new law, now known by an acronym that, if I write it here, will have you fleeing to another site — it's that boring — also includes a provision that allows an individual[...]
I work with a fair number of financial advisors, insurance professionals and CPA/accountants. One of the services I provide for those valued planning partners is to review their client's existing estate plans (where I was not the attorney or scrivener) and give my opinion on the documents they have. The review is my way of[...]
I can't quite put my finger on why, but folks have an awfully hard time discussing their estate planning, their finances, and their wishes with their family. Whether it stems from a denial of mortality or simple modesty, most people do not have frank conversations with their loved ones about their Wills or Trusts –[...]
Are you confused about life insurance and how it plays into your estate plan? Many people have misconceptions about life insurance and whether it passes estate tax free or not. Watch this short video to learn the basics. Posted by Victor Medina, Medina Law Group, LLC[...]