While these estate tax rates have stayed fairly consistent over the past few years, Oakland County estate tax attorneys have recently been asked by their clients how they think the 2016 Presidential election may affect the federal tax limits. By and large, the answer all depends on who gets elected to the White House, as the political parties and presidential candidates have differing views on what should be done with the estate tax.
The Democratic candidates, through proposals and past actions, are against lowering estate tax limits. Hillary Clinton has a track record of voting against raising the federal gift tax exemptions – in 2006 she voted against raising the exemption to $5 million, and in 2007 she voted against repealing “death taxes.” While she has no specific proposal in place for changing the federal estate tax exemptions, her voting record gives some insight into which direction she may go if elected President. Bernie Sanders, on the other hand, actually does have a proposal in place for what he calls a “Responsible” estate tax, which includes a $3.65 million limit and a 65% top estate tax rate.
The Republican field, by and large, are in favor of either lowering the estate tax limits or abolishing the estate tax altogether. Front runner Donald Trump, along with Jeb Bush, Rand Paul, Marco Rubio, and Mike Huckabee, have all proposed either eliminating the federal estate tax or letting individual states decide whether or not they want to collect estate taxes. John Kasich and Carly Fiorina have not put forth any specific proposals for how they would approach the estate tax, but Kasich eliminated the estate tax in Ohio during his time as governor.
No matter who is elected President, it’s important to note that he or she does not actually have the power to eliminate the estate tax, since Congress is the branch of government that controls taxes. This past year, the Republican controlled House of Representatives voted overwhelmingly to repeal the estate tax, while the Senate may vote on its own repeal bill next year. That being said, whoever is elected President will have the ability to either veto or sign into law whatever changes are made by Congress to the federal estate tax.
No matter who wins the 2016 election, Oakland County estate tax attorneys are expecting big changes to come to the federal estate tax limits. If you have any questions about how the federal estate tax exemptions can affect you, or if you qualify for an exemption from state estate taxes, please contact us at (888) 390-4360.
The post Oakland County Estate Tax Attorney: The Future of the Federal Estate Tax appeared first on The Elder Care Firm.
The post Oakland County Estate Tax Attorney: The Future of the Federal Estate Tax first appeared on SEONewsWire.net.]]>While these estate tax rates have stayed fairly consistent over the past few years, Oakland County estate tax attorneys have recently been asked by their clients how they think the 2016 Presidential election may affect the federal tax limits. By and large, the answer all depends on who gets elected to the White House, as the political parties and presidential candidates have differing views on what should be done with the estate tax.
The Democratic candidates, through proposals and past actions, are against lowering estate tax limits. Hillary Clinton has a track record of voting against raising the federal gift tax exemptions – in 2006 she voted against raising the exemption to $5 million, and in 2007 she voted against repealing “death taxes.” While she has no specific proposal in place for changing the federal estate tax exemptions, her voting record gives some insight into which direction she may go if elected President. Bernie Sanders, on the other hand, actually does have a proposal in place for what he calls a “Responsible” estate tax, which includes a $3.65 million limit and a 65% top estate tax rate.
The Republican field, by and large, are in favor of either lowering the estate tax limits or abolishing the estate tax altogether. Front runner Donald Trump, along with Jeb Bush, Rand Paul, Marco Rubio, and Mike Huckabee, have all proposed either eliminating the federal estate tax or letting individual states decide whether or not they want to collect estate taxes. John Kasich and Carly Fiorina have not put forth any specific proposals for how they would approach the estate tax, but Kasich eliminated the estate tax in Ohio during his time as governor.
No matter who is elected President, it’s important to note that he or she does not actually have the power to eliminate the estate tax, since Congress is the branch of government that controls taxes. This past year, the Republican controlled House of Representatives voted overwhelmingly to repeal the estate tax, while the Senate may vote on its own repeal bill next year. That being said, whoever is elected President will have the ability to either veto or sign into law whatever changes are made by Congress to the federal estate tax.
No matter who wins the 2016 election, Oakland County estate tax attorneys are expecting big changes to come to the federal estate tax limits. If you have any questions about how the federal estate tax exemptions can affect you, or if you qualify for an exemption from state estate taxes, please contact us at (888) 390-4360.
The post Oakland County Estate Tax Attorney: The Future of the Federal Estate Tax appeared first on The Elder Care Firm.
The post Oakland County Estate Tax Attorney: The Future of the Federal Estate Tax first appeared on SEONewsWire.net.]]>
Children caught in the middle of contentious custody battles between divorcing parents can sometimes become victims of parental alienation.
In a case that grabbed nationwide attention this past summer, a judge in Oakland County, Michigan held three kids — ages 9, 10 and 15 — in contempt of court for refusing to meet with their estranged father. During a June 24 hearing to arrange parental visitation, Judge Lisa Gorcyca decided to send the kids to Children’s Village, a juvenile detention facility.
At their father’s request, they were released from the center on July 10 and sent to a two-week summer camp, where both parents will be allowed to visit them. Gorcyca said her decision was in the “children’s best interests.”
The judge’s controversial move has ignited public outrage. However, Gorcyca claims she was trying to help the children out of concern for their welfare as they were being “brainwashed.” According to court transcripts, she blamed their mother for alienating the kids from their father and not living up to the terms of the couple’s shared custody arrangement.
The children’s parents have been embroiled in a bitter divorce since 2009, failing to reach common ground during dozens of court appearances for issues such as therapy and parenting time. The mother has physical custody of the kids, while the dad sees them during supervised visits.
Each parent claimed the other is trying to turn the children against them. The father’s lawyer contended his ex-wife violates court orders and did not allow the children to see him, while the mother’s attorney said that she fears for the children’s safety. William Lanset, the guardian ad litem representing the kids, is in agreement with the father’s attorney, arguing that the mother’s actions are a form of parental alienation.
What does all this mean? Well, child custody disputes can be very stressful. In cases of parental alienation in divorces, one parent repeatedly presents a negative view of the other to the child, so that the child no longer wants to spend time with the other parent. Such actions destroy the crucial parent-child relationship rather than strengthening it, and the child ends up suffering as a result. When dealing with claims of parental alienation, it is essential for the court to determine the reason behind the child’s alienation and listen to what he or she has to say. Then, steps can be taken toward mending the broken relationship in order to establish both parents’ roles in raising the child. It is important to understand that dealing with and undoing parental alienation issues is a long, difficult, and complicated process.
For more information concerning this story, see the following:
- http://www.foxnews.com/us/2015/07/10/judge-releases-3-kids-locked-up-for-failing-to-meet-with-dad/
- http://www.huffingtonpost.com/entry/tsimhoni-judge-lisa-gorcyca-juvenile-detention_559e25f5e4b0967291557f38
- http://www.divorcenet.com/states/california/child_custody_and_parental_alienation
- http://observer.com/2015/07/exclusive-interview-dad-whose-kids-were-locked-up-for-not-having-lunch-with-him/
- http://www.theoaklandpress.com/general-news/20150709/judge-gorcycas-decision-to-jail-kids-causes-backlash
- http://www.theoaklandpress.com/general-news/20150710/gorcyca-sends-three-children-to-summer-camp-both-parents-can-visit
Gerald A. Maggio is an experienced Orange County divorce and family law lawyer and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.
Michigan Veterans Benefits For Seniors
Many Michigan families do not realize that there are Veterans Benefits available to pay for home care, care contracts and assistance in the home for seniors. As one of the few Certified Elder Law Attorneys in Michigan, my practice is devoted to helping seniors, veterans and their families navigate the long-term care legal maze.
A common mistake I see families make is that they wait to long to try to secure their Aid & Attendance veterans benefits. It’s unfortunate because many times if they would have come into our Bloomfield Hills law office years ago, we could have had their VA Benefit turned on this whole time.
This means that families could literally be leaving thousands of dollars on the table.
For example, let’s say Joe is a senior veteran living in Troy, Michigan. He’s living on his own, however his daughter helps him with some activities of daily living a few times a week for a couple hours a day. Plus, he receives a couple hours of private duty home care from a commercial Oakland County home care company.
Let’s assume Joe receives $1500 per month in Social Security and has $300k in savings and a house. He is paying the commercial home care company $1000 per month.
If Joe or his family were to go to a local veterans service organization, chances are they would tell him that he will not qualify for the full benefit (or any benefit) because he does not meet the income or asset tests.
However, if he were to come to our office, as a VA accredited attorney, I would counsel the family in setting up a Veterans Asset Protection Trust, Care Contract and submit the VA application on his behalf. In the end I would be able to turn on a $1,700+ monthly tax free benefit.
It’s unfair that it is all in who you talk to and where you get advice from. That is why you should seek advice from VA Accredited Certified Elder Law Attorneys. There aren’t many of us in the state.
The post Michigan Veterans Benefits for Home Care first appeared on SEONewsWire.net.]]>The Oakland County Probate Process
The Novi probate lawyer’s job is to offer assistance as an estate passes through the court system in order for it to be distributed properly. There are several steps that the court must go through to close an estate, and the attorney’s job is to make sure everything is initiated and followed through on as these steps are being followed.
Some of the basics of probate include:
- Validating the will
- Creating an inventory of assets
- Getting appropriate appraisals for assets
- Creating a list of debts
- Paying debts
- Dispersing the remaining property according to the will
If there is no will, the estate is said to be “in testate,” and the court will have even more say in what becomes of the decedent’s property.
When You Need a Probate Lawyer in Oakland County
Not every estate needs a probate lawyer. Some Novi families have placed their assets into trusts that actually don’t go through the probate process, for example. Additionally, some wills are very simple and easy to execute, say as in a case where there are little to no debts and common property is left to a surviving spouse alone.
In most other cases, however, hiring a probate lawyer in Novi will simplify the process for all involved and will most likely save the estate a fair amount of money. That is because the attorney will be able to implement strategies to help lower the amount of taxes that need to be paid.
He or she can also become an objective outside party who can act as the executor of the will in situations where family tensions run high. Along those same lines, if someone with a legal financial interest in the estate wants to contest the will, it makes sense to have a probate attorney working to make sure the decedent’s wishes are carried out to the best of the court’s ability.
Finally, it can be a good idea to get a Novi probate lawyer involved in cases where an individual has a terminal illness. The attorney can help to get affairs in order by drawing up a will and understanding first-hand what it is that the person wants for the estate.
What the Probate Lawyer Will Do
There are many, many tasks that the probate lawyer will perform on behalf of the estate.
- Filing documents with the court
- Creating lists of assets
- Place legal notices in newspapers
- Contact creditors
- Make sure taxes are paid on the estate
A Michigan probate lawyer must keep current on relevant laws as they change and will work to help clients and heirs follow all of the right procedures while doing their best to protect their interests.
Christopher J. Berry is a Michigan estate planning lawyer and Medicaid planning attorney dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.michiganelderlawattorney.com/ or call 248.481.4000
The post What Does a Probate Lawyer in Novi Do? first appeared on SEONewsWire.net.]]>The Oakland County Probate Process
The Novi probate lawyer’s job is to offer assistance as an estate passes through the court system in order for it to be distributed properly. There are several steps that the court must go through to close an estate, and the attorney’s job is to make sure everything is initiated and followed through on as these steps are being followed.
Some of the basics of probate include:
- Validating the will
- Creating an inventory of assets
- Getting appropriate appraisals for assets
- Creating a list of debts
- Paying debts
- Dispersing the remaining property according to the will
If there is no will, the estate is said to be “in testate,” and the court will have even more say in what becomes of the decedent’s property.
When You Need a Probate Lawyer in Oakland County
Not every estate needs a probate lawyer. Some Novi families have placed their assets into trusts that actually don’t go through the probate process, for example. Additionally, some wills are very simple and easy to execute, say as in a case where there are little to no debts and common property is left to a surviving spouse alone.
In most other cases, however, hiring a probate lawyer in Novi will simplify the process for all involved and will most likely save the estate a fair amount of money. That is because the attorney will be able to implement strategies to help lower the amount of taxes that need to be paid.
He or she can also become an objective outside party who can act as the executor of the will in situations where family tensions run high. Along those same lines, if someone with a legal financial interest in the estate wants to contest the will, it makes sense to have a probate attorney working to make sure the decedent’s wishes are carried out to the best of the court’s ability.
Finally, it can be a good idea to get a Novi probate lawyer involved in cases where an individual has a terminal illness. The attorney can help to get affairs in order by drawing up a will and understanding first-hand what it is that the person wants for the estate.
What the Probate Lawyer Will Do
There are many, many tasks that the probate lawyer will perform on behalf of the estate.
- Filing documents with the court
- Creating lists of assets
- Place legal notices in newspapers
- Contact creditors
- Make sure taxes are paid on the estate
A Michigan probate lawyer must keep current on relevant laws as they change and will work to help clients and heirs follow all of the right procedures while doing their best to protect their interests.
Christopher J. Berry is a Michigan estate planning lawyer and Medicaid planning attorney dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.theeldercarefirm.com/ or call 248.481.4000
The post What Does a Probate Lawyer in Novi Do? first appeared on SEONewsWire.net.]]>If you do not take steps to change your estate plan in light of an impending divorce, then your soon-to-be ex may still be entitled to everything that was agreed upon when it was originally drawn up (or as the courts deem appropriate if no estate plan is in place). This means that if he or she has your medical power of attorney, all of your medical decisions will be in the hands of someone who may not have your best interests in mind. Likewise, if you are incapacitated and your spouse has power over your finances, it’s possible that you will not be happy with the outcome.
Another concern comes up if you and your spouse are co-trustees on various trusts or other accounts. Again, if you become incapacitated, the spouse could access and use all kinds of property that you would not want him or her to have access to. This becomes a real worry when you realize that this person could actually buy or sell property or even take out loans without your consent.
And, if you have inherited or stand to inherit from your parents, another potential problem arises. Should you pass away before the divorce is final, your inheritance may legally pass directly to the person you were in the process of trying to get out of your life. Even if you have assets that would be passed directly to your minor children, without a proper estate plan in place, the courts will likely put your ex in charge of any money or other property that you leave them.
In order to protect your interests during a divorce, it makes good sense to talk with your estate planning attorney. A qualified will attorney in Oakland County can offer advice on where you may be vulnerable. You may need to work with him or her quickly in order to revoke the appropriate documents, and keep in mind that you might need to contact various institutions personally to ensure they are aware of the revocation.
Once a divorce has become final, there will probably be some accounts and situations in which ex-spouses are no longer beneficiaries, but there are others where you will need to make deliberate changes. An estate planning attorney who is familiar with the laws specific to Michigan is the best option for ensuring that you are protecting yourself both during and after a dissolution of marriage.
Christopher J. Berry is a Michigan estate planning attorney and Medicaid planning lawyer dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.michiganelderlawattorney.com/ or call 248.481.4000
The post Estate Planning and Divorce in Oakland County first appeared on SEONewsWire.net.]]>If you do not take steps to change your estate plan in light of an impending divorce, then your soon-to-be ex may still be entitled to everything that was agreed upon when it was originally drawn up (or as the courts deem appropriate if no estate plan is in place). This means that if he or she has your medical power of attorney, all of your medical decisions will be in the hands of someone who may not have your best interests in mind. Likewise, if you are incapacitated and your spouse has power over your finances, it’s possible that you will not be happy with the outcome.
Another concern comes up if you and your spouse are co-trustees on various trusts or other accounts. Again, if you become incapacitated, the spouse could access and use all kinds of property that you would not want him or her to have access to. This becomes a real worry when you realize that this person could actually buy or sell property or even take out loans without your consent.
And, if you have inherited or stand to inherit from your parents, another potential problem arises. Should you pass away before the divorce is final, your inheritance may legally pass directly to the person you were in the process of trying to get out of your life. Even if you have assets that would be passed directly to your minor children, without a proper estate plan in place, the courts will likely put your ex in charge of any money or other property that you leave them.
In order to protect your interests during a divorce, it makes good sense to talk with your estate planning attorney. A qualified will attorney in Oakland County can offer advice on where you may be vulnerable. You may need to work with him or her quickly in order to revoke the appropriate documents, and keep in mind that you might need to contact various institutions personally to ensure they are aware of the revocation.
Once a divorce has become final, there will probably be some accounts and situations in which ex-spouses are no longer beneficiaries, but there are others where you will need to make deliberate changes. An estate planning attorney who is familiar with the laws specific to Michigan is the best option for ensuring that you are protecting yourself both during and after a dissolution of marriage.
Christopher J. Berry is a Michigan estate planning attorney and Medicaid planning lawyer dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.theeldercarefirm.com/ or call 248.481.4000
The post Estate Planning and Divorce in Oakland County first appeared on SEONewsWire.net.]]>When many of us get married, we’re young and we haven’t always made the best financial choices. We may be entering the relationship with debt and a less-than-desirable credit score. There are a few things that can add up, and if you can take care of them during the newlywed planning stage, you will be able to reduce later stress in the marriage and put it on a good trajectory for financial security.
Take Care of Little Fines
Little fines that you might have incurred may not seem like a big deal, but they can turn into serious problems pretty quickly. Things like library fines and parking tickets may be quite small to begin with, but if they get turned over to collections (which is happening more and more frequently), then they can suddenly become a much bigger issue. Not only does the amount of money you owe grow considerably, but just having them go to collections can impact your credit rating by a huge amount. Remember, your credit rating will soon be linked to your spouse, too, so protecting it now puts you both in a better position later.
Review Your Credit Reports
Speaking of credit scores, you and your future spouse should both take a look at your credit reports (ideally you should look at them together) to figure out where you are financially. At some point, you will likely want to buy a home or vehicle or even start a business, and now is the time to identify any problems in your credit history and start fixing them. If you’re not aware of the problem, it will be a lot harder to do what you need to in order to fix it.
Pay Down Credit Cards
Making minimum payments on your credit cards may seem like a good idea, especially when newlywed planning includes so many additional expenses, but now is actually a great time to start paying down balances. If you’re paying only the minimum, it’s likely that it will take more than a decade to pay off the balance, and that’s if you’re not charging anything new. By paying extra toward the bill each month, you are reducing the amount of debt that will be in the marriage, not to mention that you will also save you and your spouse thousands of dollars in interest over the next several years.
See A Detroit Prenuptial Attorney
While having a Detroit-area attorney in the mix may not be the most romantic part of the newlywed planning experience, it can actually save your marriage later on. This person can help direct you when it comes to financial matters and may even recommend considering a prenuptial agreement. These documents are not just for the rich and famous. Instead, they can even help average people to set out a clear plan for dealing with finances during the marriage, so that money doesn’t become an issue that breaks the couple apart later.
The post Oakland County Newlywed Planning for a Better Financial Future – A Few Simple Things to Do first appeared on SEONewsWire.net.]]>When many of us get married, we’re young and we haven’t always made the best financial choices. We may be entering the relationship with debt and a less-than-desirable credit score. There are a few things that can add up, and if you can take care of them during the newlywed planning stage, you will be able to reduce later stress in the marriage and put it on a good trajectory for financial security.
Take Care of Little Fines
Little fines that you might have incurred may not seem like a big deal, but they can turn into serious problems pretty quickly. Things like library fines and parking tickets may be quite small to begin with, but if they get turned over to collections (which is happening more and more frequently), then they can suddenly become a much bigger issue. Not only does the amount of money you owe grow considerably, but just having them go to collections can impact your credit rating by a huge amount. Remember, your credit rating will soon be linked to your spouse, too, so protecting it now puts you both in a better position later.
Review Your Credit Reports
Speaking of credit scores, you and your future spouse should both take a look at your credit reports (ideally you should look at them together) to figure out where you are financially. At some point, you will likely want to buy a home or vehicle or even start a business, and now is the time to identify any problems in your credit history and start fixing them. If you’re not aware of the problem, it will be a lot harder to do what you need to in order to fix it.
Pay Down Credit Cards
Making minimum payments on your credit cards may seem like a good idea, especially when newlywed planning includes so many additional expenses, but now is actually a great time to start paying down balances. If you’re paying only the minimum, it’s likely that it will take more than a decade to pay off the balance, and that’s if you’re not charging anything new. By paying extra toward the bill each month, you are reducing the amount of debt that will be in the marriage, not to mention that you will also save you and your spouse thousands of dollars in interest over the next several years.
See A Detroit Prenuptial Attorney
While having a Detroit-area attorney in the mix may not be the most romantic part of the newlywed planning experience, it can actually save your marriage later on. This person can help direct you when it comes to financial matters and may even recommend considering a prenuptial agreement. These documents are not just for the rich and famous. Instead, they can even help average people to set out a clear plan for dealing with finances during the marriage, so that money doesn’t become an issue that breaks the couple apart later.
The post Oakland County Newlywed Planning for a Better Financial Future – A Few Simple Things to Do first appeared on SEONewsWire.net.]]>