Hunt & Associates P.C.

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Will the Federal Estate Tax Be Repealed this Year?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

Jan 23, 2017

The New Year Brings Some Changes to Estate Planning

Tax - 012317With the change of the calendar to a new year, there are some changes in the law which might be of interest to you and even impact your estate plan.  For example:

  • In the State of Washington, the “applicable exclusion amount” has increased from $2,079,000.00 to $2,129,000.00. By statute, the change in the exclusion tax is calculated by reference to the Seattle-Tacoma-Bremerton metropolitan area October consumer price index (CPI).  So, a Washington resident who dies
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Jan 6, 2017

Oregon Court Says “No” to DHS’ Medicaid Rule Change

Supreme Court - 010617In a long-awaited decision, the Oregon Supreme Court has struck down Medicaid repayment rules issued by the Department of Human Services in 2008.  The court ruled that DHS did not have the legal authority to issue rules which would allow it to recover Medicaid payments from assets a Medicaid recipient transferred to his or her spouse up to five years prior to applying for Medicaid.  The decision upholds a 2014 ruling from a lower court … 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

Dec 8, 2016

The Perils of Do It Yourself Estate Planning

DIYI used to attempt home repairs more than I do now.  Experience can be such a harsh teacher.  On one notable occasion, my do it yourself plumbing “repair” caused a flood inside my home.  I was so confident, before the fact, that the initial problem (the steady drip, drip, drip from a leaky valve) would require but a simple fix.  Not so.  If you have ever watched Mickey Mouse perform the role of The Sorcerer’s … Read more

Oct 6, 2016

Of Death and Digital Assets: Where do You Hide your Treasures?

KeyboardMost of us when asked to identify our “assets” will easily recall those items of real or personal property which can be seen or touched; i.e., our home, vehicles, jewelry, etc.  With a little more thought we are likely to summon to mind our bank accounts, certificates of deposit, stock portfolios, retirement plans and 401(k) accounts as being among our assets.  Relatively few people, however, are apt to identify their “digital assets” as property of … Read more

Sep 15, 2016

Ready to Launch? Oregon’s ABLE Accounts to Open for Business in December 2016

MoneyOur past blogs have told you about a recently enacted federal law, the Achieving a Better Life Experience Act of 2014 (the “ABLE Act”), which allows persons with disabilities to establish accounts that can be used to pay expenses related to their disabilities.[1]  Up to $14,000.00 can be contributed to an ABLE account each year.  Account earnings grow tax deferred and, provided the funds are used by the account owner to pay for “qualified … Read more