2022 was a tumultuous year. Amid a continuing pandemic, tense midterm elections, and a war in Ukraine, we have grappled with more than our fair share of grim news. However, with 2023 in motion, there are some silver linings — in particular for seniors.
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases.
Medicaid Asset Protection Trusts are a powerful planning tool that preserve assets and can enable applicants to qualify for Medicaid. However, it’s important to understand the rules of the trust; for instance, which assets can go in and which assets stay out, and the critical timing involved in these transfers. Here are some do’s and don’ts to follow that will give you the maximum value for your Medicaid Asset Protection Trust.
Pierro, Connor & Strauss, LLC is proud to announce that three of its partners will be recognized in the 2023 edition of The Best Lawyers in America® and one attorney listed as Best Lawyers: Ones to Watch in America.™
Collecting art or other valuable items can be a passion for many people. Sometimes the passion is about investments because the art world has enjoyed enormous appreciation over the last few years. But more often it’s about enjoying the art or the medium itself than about ensuring financial gain. However, once you have accumulated a sizable collection, what do you want to happen to it after your death?
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Having a valid, legally enforceable and well thought out plan in place is important for everyone to make a priority, especially small business owners. Not having a plan in place can cause problems for your business and your family after you are gone.
Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. While a simple estate can take a few months and not require a huge time commitment, if there are problems, the job can drag on for years.
The amount you can gift to any one person without filing a gift tax form is increasing from $15,000 to $16,000 in 2022, the first increase since 2018. Many people remember the $10,000 per person limit, which has increased over the years to $16,000. Remember – tax law and Medicaid law are like oil and water – there are NO free gifts for Medicaid.
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