One of the issues I run into frequently with my estate planning clients is that they have a child who is disabled that they want to “cut out of the Will” out of fear that an inheritance may jeopardize the child’s benefits. In some instances, this is a huge concern. In others, however, it’s not […]
On November 3rd, we will vote in the next Presidential election. Depending on the outcome of this election, there is a possibility that the estate tax exemption will be reduced. We want to alert you to this potential change in case you have any questions or would like to update your estate plan. While there […]
Benjamin Franklin has famously said, “in this world nothing can be said to be certain, except death and taxes.” The two depressing topics always seem to go together. Every year, the deadline for filing our income taxes is April 15. But did you know April 16 is National Healthcare Decisions Day (NHDD)? Because death and taxes […]
Despite the COVID-19 pandemic, we here at McCarty Law are still up and running! To be safe, however, all but a handful of employees are working remotely from home. So if you’ve suddenly got some downtime and have been thinking about preparing or updating your estate plans, please let us know! While we normally would […]
In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act became effective on January 1, 2020, and makes significant changes to retirement accounts, including Individual Retirement Accounts (IRAs), 401(k), 403(b) and 457 plans (“Retirement Plans”). The following is a brief summary of the key changes: The beginning […]
Lots of clients bring their old Wills and Powers of Attorney to our office when we are going through the estate planning process. Whenever we sign new documents with our clients, those new drafts say, “I hereby revoke any prior Will and make this new Will effective as of today’s date…” Signing new documents with […]
Like Christmas, the back-to-school season seems to creep up faster every year. While you might be focusing on more typical school supplies for your college student (like a new computer, clothes, dorm supplies, etc.), don’t forget about the legal issues a new school year can bring. Remember, though they’ll always be our kids, we don’t […]
There are several tools available to accomplish estate planning goals. One of the most frequently used tools by estate planning attorneys is referred to as a “trust.” Trusts come in all shapes and sizes. You can create a trust during your lifetime (called a “living” trust). Alternatively, you can have your trust come into existence […]
At least two or three times a year I will get a phone call from a client with questions about cosigning a loan on their child’s behalf. Invariably, the parent has received a notice that their child has defaulted on the loan. The client then proceeds to ask, “Could I possibly be on the hook […]
We have already discussed a bit of background on WisPACT trusts. WisPACT trusts are useful tools for disabled beneficiaries, allowing them to set aside assets that normally would push them over an asset limit and make them ineligible for various government programs. Today, I want to explain a bit more about the who, what, and […]