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Estate Planning and Elder Law Blog

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Could Your Estate Plan Be a Disaster?

Posted on: November 21, 2022 | By: David Parker, Esq.
We’re all looking to save taxes, court costs, legal fees and ‘make it simple’ for our heirs. A last will and testament is the cornerstone of all estate planning, maybe with a trust.
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Paying for Funeral Expenses

Can Loved One’s Funeral Expenses Be Deducted?

Posted on: November 18, 2022 | By: David Parker, Esq.
The ability to deduct funeral expenses on your tax returns depends on who paid for the funeral expenses.
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HIPAA rules

What Does New Research Tell Us About Muhammad Ali’s Parkinson's Disease?

Posted on: November 17, 2022 | By: David Parker, Esq.
Muhammad Ali had idiopathic Parkinson's disease that emerged at an early age, according to new evidence from physicians who repeatedly evaluated the fighter over 20 years.
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Co-op and transferring to the kids

Bargain Sale - There are Ways to Transfer Home to Your Children

Posted on: November 16, 2022 | By: David Parker, Esq.
Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
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What wrong with the Presley estate?

IRS Announces New Lifetime and Gift Tax Exemptions

Posted on: November 15, 2022 | By: David Parker, Esq.
The Internal Revenue Service Today announced new inflation-adjusted limits for 2023 that will allow well-off individuals to transfer much more to their heirs tax free during life—or at death.
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What does the surviving spouse get?

Is Spouse Automatically Your Beneficiary?

Posted on: November 14, 2022 | By: David Parker, Esq.
If the surviving spouse is a second or subsequent spouse and did not have any children with the decedent, the surviving spouse takes even less.
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Long-Term Care Insurance?

Why Long-Term Care Insurance ?

Posted on: November 11, 2022 | By: David Parker, Esq.
The financial consequences of a diagnosis of Alzheimer’s disease or any one of the rarer dementias can easily fall to the family of the patient. In any diagnosis that includes declining mental health, it’s important to get one’s financial house in order.
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Social Security and In VItro

Is a Baby Born After Dad’s Death Entitled to Social Security Benefits?

Posted on: November 10, 2022 | By: David Parker, Esq.
In March 2013, 17 months after her husband died, Kathleen Steele gave birth to a child conceived through in vitro fertilization. She used a sperm sample her husband had provided to a fertility clinic before his death. However, years later, Florida and federal courts are trying to sort out an unusual legal question: Is the child, identified by the initials P.S.S., eligible for Social Security benefits resulting from Phillip Steele’s death?
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Your kids can help as co-trustee

Who Should I Name as a Co-Trustee?

Posted on: November 9, 2022 | By: David Parker, Esq.
Unlike a last will and testament, a revocable living trust is effective during your lifetime.
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5 biggest mistakes for beneficiaries

What Happens When Inheritances are Unequal?

Posted on: November 8, 2022 | By: David Parker, Esq.
Robert, the older brother, and Lon, the younger one, were close as they were growing up in the Queens borough of New York City. However, when their mother passed away and left the bulk of her estate to Robert, Lon was devastated.
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