Long Beach California Estate Planning, Probate and Living Trusts Attorneys Law Office of Michael Gaston


HOME	ABOUT OUR FIRM	CONTACT US	NEWSLETTER	FREQUENTLY ASKED QUESTIONS

SPEAKER CONNECTION	ESTATE PLANNING NEWS	ESTATE PLANNING IQ QUIZ	ESTATE PLANNING SEMINARS

HOME > Financial Advisor Education Corner > Educational FYIs

Educational FYIs
These recent developments and case studies address any aspect of the law that touches on estate planning. They offer an interesting perspective and/or warning. The frequency of release varies from month to month and week to week. Our purpose for sharing these Educational FYI's to you is to further enlighten you on the many variables involved in the fine balancing act of proper estate planning.

Law Office of Michael Gaston releases important estate planning and related articles on a regular basis. Please take a moment to register to receive full access to our Educational Alerts and FYIs.

CLICK TO REGISTER

- OR -

Enter the password that was given to you:

CMS Technical Director Opines That States May Impose Penalty on Community Spouse Post- Eligibility Transfers
Roy R. Trudel, a Technical Director at the Center for Medicare and Medicaid Services ("CMS") recently opined that a state agency has the option of imposing a transfer penalty on an institutionalized spouse if the community spouse transfers protected resources after the institutionalized spouse's eligibility has been determined. Mr. Trudel's opinion, which is a reversal from statements made by previous CMS (HCFA) officials, came about as the result of an email exchange between elder law attorney Robert Mason of North Carolina and himself.

Estate Tax Repeal Vote Fail in Senate
Late Thursday, August 3, 2006, the Senate voted on an estate tax reform proposal that was came to close to full repeal and the republicans did not get the 60 votes they needed to pass it. The vote was 56-42!

House Passes Bill to Raise Applicable Exclusion Amount to $5 Million
On Thursday, June 22, 2006, the House of Representatives passed legislation, by a vote of 269 to 156, that would raise the applicable exclusion amount to $5 million for an unmarried person and $10 million for couples. The marginal estate tax rate on estates up to $25 million would be set at the same tax rates that apply to capital gains -- now 15 percent but scheduled to rise to 20 percent in 2011. The marginal estate tax rate for estates worth more than $25 million would be twice the capital gains rate.

Article of Interest on Intestacy
You may be interested in reviewing the article on the laws of intestacy in the various states.

Insurance on Retirement Accounts Increased
The FDIC and Credit Union insurance coverage on retirement assets such as Individual Retirement Accounts and 401(k)s has recently been increased to $250,000 from $100,000.

Share this Page With a Friend or Colleague

Printer-friendly

SERVICES

Estate Planning Services
Assistance with Living Trusts, Wills (simple & complex), Powers of Attorney, Living Wills, Irrevocable Trusts, Family Limited Partnerships, and Charitable Giving.

When Loved Ones Pass Away
Probate Assistance, Trust Administration, and Probate Litigation.

Incapacity Planning
Assistance in pre-planning the handling of a client's affairs in the event they become disabled before passing away.

Business Planning
Business Succession Planning, Small Business Planning, and Lawsuit and Asset Protection.

Elder Law & Medicaid Services
Helping clients qualify for government benefits legally and ensuring their estates are preserved in the process.

Estate Planning for the GLBT Community
Guidance and assistance with Living Trusts, Health Care Powers of Attorney, and Asset Distribution.

Planning for Those With Special Needs
Assistance in creating plans with disabled family members in mind.

Financial Advisor Education Corner
Comprehensive resource center that includes timely Educational Alerts and FYIs, along with Continuing Education Programs for Financial Advisors, covering fundamentals to advanced estate planning and taxation topics.

Financial Planning Assistance
Helping clients preserve their wealth and achieve their long-term financial goals.

Find an Estate Planning Attorney
Find a member of the American Academy of Estate Planning Attorneys near you.

About the American Academy of Estate Planning Attorneys