Hartford Medicaid lawyers help you to make certain you can qualify for Medicaid if you need to get assistance from this government program. Many people incorrectly assume that they won’t need Medicaid because they think Medicaid is only for lower income people and because they think their medical needs will be covered by Medicare. Unfortunately, [ ] The post Can You Give Away Your Wealth to Get Medicaid? appeared first on Nirenstein, Horowitz & Associates P.C..
A Hartford estate planning attorney provides you with assistance in making smart choices about how to transfer your wealth to your children. There are a variety of different techniques that you can consider for the transfer of money and property. The right approach will depend upon a wide variety of factors, including the value of [ ] The post How Can I Best Pass My Wealth Onto My Kids? appeared first on Nirenstein, Horowitz & Associates P.C..
Accumulating wealth that you can pass along to your loved ones after you are gone is rewarding, but earning the money is only half of the equation. Given the potential impact of estate taxes, you must also take steps to preserve your wealth. This can be done through the creation of a family wealth trust of some kind. Wealth Preservation There is no specific type of trust that is formally called a family wealth trust, but this is a general umbrella that multiple different types of trusts would fall under. Before we look at some of these family wealth trusts, we should provide some information about the estate taxes that could be a factor for you. First, there is the federal estate tax that everyone in all 50 states must be concerned about. You can transfer unlimited assets to your spouse tax-free, but asset transfers to others are potentially taxable. However, there is a relatively large credit or exclusion that allows you to transfer a certain amount of property free of taxation. For