Hunt & Associates P.C.

Jul 18, 2017

Standalone Retirement Trusts and Estate Planning

Piggy bankIn a recent blog, we discussed the advantages of incorporating your retirement plan (i.e., pension plans, 401(k) plans, employer established IRA plans, etc.) into your overall estate plan. As we discussed, this can be a complex matter because the tax advantages which are accorded to retirement accounts are generally not extended to heirs or designated beneficiaries once the retirement account owner has died.

By way of summary, we have identified three goals you may … Read more

Jun 12, 2017

Retirement Plans and Estate Planning

RetirementRetirement plans (i.e., pension plans, 401(k) plans, employer established IRA plans, etc.)  account for the majority of assets held by most Americans.  Plans which meet certain legal requirements set forth under the federal ERISA law enjoy favorable tax treatment in order to promote growth and provide a comfortable retirement for the account holder.  For example, the account holder is permitted to defer taking any distributions from his/her retirement account until the calendar year in which … Read more

Feb 27, 2017

Executor of Estate Found Personally Liable to IRS for Decedent’s Unpaid Taxes

Gold dollar signsBenjamin Franklin once observed “in this world, nothing can be said to be certain, except death and taxes.”  For those who doubt Franklin’s sagacity in that regard, consider the recent case of Marci McNicol.  A federal court found her personally liable to the Internal Revenue Services to the tune of $125,000.00 with respect to taxes owed by her late husband.  Here’s what happened.

On his death, in addition to their four minor children, McNicol’s husband … Read more

Feb 14, 2017

What Happens When Dad Gives Your Inheritance to His New Girlfriend?

InheritanceMost folks will acknowledge that an adult of sound mind is free to give his money and property to whomever he pleases, both during his lifetime and after death, as directed by his estate plan.  Such an acknowledgement, however, is subject to qualification, particularly when the soundness of the giver’s mind is called into question.  This can arise in a variety of scenarios, often when the giver makes someone new the object of his affections … Read more

Feb 7, 2017

Will the Federal Estate Tax Be Repealed this Year? If So, Will Anyone Notice?

House of RepresentativesCompanion bills have been introduced in the U.S. House of Representatives and in the Senate to repeal the federal estate tax.  On January 24, 2017, Representative Noem introduced H.R. 631 which was referred to the House’s Ways and Means Committee for consideration.   The same day, Senator Thune introduced comparable legislation in the Senate.  If enacted by Congress and signed by President Trump, no federal estate tax would be assessed against estates of decedents dying thereafter.… Read more

Jan 31, 2017

What Becomes Of Fido When You Are No Longer There?

OllieWhen most people think of estate planning, I would venture a guess that their thoughts don’t usually include making provision for their pets in the event of their own untimely passing.  That is not surprising given that most of us assume, correctly, that we will outlive our beloved four-legged companions.  However, experience shows that such is not always the case.  So, as you look deeply into the eyes of your faithful and devoted canine/feline, ask … Read more

Dec 20, 2016

Disabled Individuals Can Now Establish Their Own Special Needs Trusts

vintage-1537992_1920Congress has just enacted legislation that allows disabled beneficiaries of means tested programs such as Medicaid and Supplemental Security Income (SSI) to establish their own special needs trusts.  Until now, such trusts had to be established by persons other than the disabled individual even when the trust’s funding source was the disabled individual’s own assets.  The new law, known as the Special Needs Trust Fairness Act, changes that and allows such trusts to be established … Read more

Dec 9, 2016

Oregon Launches its ABLE Savings Plan

Piggy bankBeginning December 6, 2016, Oregonians can take advantage of the federal “ABLE Act” which allows persons with disabilities to establish accounts which can be used to pay their disability related expenses.[1]  Those eligible can now open an ABLE account by enrolling via the Oregon ABLE website.  The enrollment process is estimated to require no more than 15 minutes to complete.

Up to $14,000.00 can be contributed to an ABLE account each year without … Read more

Aug 4, 2016

ABLE Accounts Can Be a Game Changer for People with Disabilities

Photo of moneyWe have previously told you about recently enacted federal legislation, the Achieving a Better Life Experience Act of 2014 (the “ABLE Act”), which allows persons with disabilities to establish tax favored savings accounts which can be used to pay for expenses related to their disabilities.

A recent article highlights the dilemma faced by people with disabilities who can be disqualified from government benefit programs on which they rely, such as Medicaid or Supplemental Security Income, … Read more

May 16, 2016

Planning for Your Incapacity

If there is any fear that eclipses our fear of death, I would venture to say that for many of us it is the fear of being incapacitatedI refer to that point where one is no longer able to make competent decisions on his or her own behalf or communicate one’s personal choices, needs or desires to those around him.  All of us appreciate the inevitably of death and those who are prudent … Read more