Selecting an Agent

Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more.
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https://preserveyourestate.net/blog/estate-planning/selecting-an-agent/

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Can Medicaid Take Your IRA?

Estate planning, when done correctly, will accomplish considerably more than just creating a blueprint for the distribution of your assets after you are gone. It will also protect those assets while you are still here as well as after your death. One of the biggest potential threats to your assets is probably one you haven’t […]
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https://preserveyourestate.net/blog/medicaid-in-connecticut/can-medicaid-take-your-ira/

What Happens When an Estate Lacks Sufficient Liquid Assets to Pay Claims?

At some point during your life, you will likely be intimately involved in the probate of an estate, making it beneficial to learn as much about the process as possible. Knowledge about the probate process is also beneficial when you are creating your own estate plan.  Careful planning, for example, can help your estate avoid […]
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https://preserveyourestate.net/blog/probate/what-happens-when-an-estate-lacks-sufficient-liquid-assets-to-pay-claims/

What Type of Trusts Protect Assets?

Over the course of your lifetime, you will probably work toward building up your estate assets so that they can provide for you and your loved ones down the road. Acquiring assets, however, should not be your only goal. You also need to protect the assets you acquire. Your estate plan can help you do […]
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https://preserveyourestate.net/blog/wills-and-trusts/what-type-of-trusts-protect-assets/

Giving Back

Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover.
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https://preserveyourestate.net/blog/estate-planning/giving/

QDRO: Not Just for Divorce Anymore

Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a requirement. Read on to learn more.
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https://preserveyourestate.net/blog/estate-planning/qdro-divorce-anymore/

Proposed Regulations Address “Clawback” Issue

The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more.
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https://preserveyourestate.net/blog/estate-planning/proposed-regulations-address-clawback-issue/