The Hidden Dangers of Joint Accounts Many people believe that joint ownership of bank accounts and real estate are an effective way to avoid probate and transfer money to loved ones. But while joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Adding a loved one to Read More
What Is a Special Needs Trust?
What is a Special Needs Trust? A “special needs trust” is a specific type of trust that is established for a person with special needs to supplement the benefits the person with special needs may receive from government programs such a SSI and Medicaid. A properly drafted special needs trust will allow the beneficiary to Read More
Help for People with Disabilities
Help for People with Disabilities Federal legislation adopted in 2015 allows people with disabilities who became disabled before they turned 26 to set aside up to $14,000 a year in tax-free savings accounts without affecting their eligibility for government benefits. Generally a disabled person cannot have assets worth more than $2,000 without forfeiting eligibility for Read More
Tax Benefit of Nebraska Transfer on Death Deed
Tax Benefit of Nebraska Transfer on Death Deed The main asset of many retired couples is their home. It is common practice for the property to be jointly owned, so that in the event of the death of one of the couple, the home transfers smoothly to their spouse. We often recommend use of a Read More
Your Last Will and Testament
Your Last Will and Testament A Last Will and Testament is the legal document where you set out how your assets will be distributed and how your dependents will be cared for after you die. A Last Will and Testament is frequently the centerpiece of an Estate Plan. A person who dies with a will Read More
60% of Americans Don’t Have an Estate Plan
60% of Americans Don’t Have an Estate Plan Seriously. I recently came across this surprising information on estate planning. • Over 60% of Americans don’t have an estate plan….no will or trust….nothing!! • The cost of not having an estate plan is high – in both time and money. • When there has been a Read More
Uniform Fiduciary Access to Digital Assets Act
The Digital Afterlife Is a Mess In today’s world, many of us have chosen to go paperless, so all of our financial statements are delivered electronically; we even file digital tax returns. Our love letters may no longer be written in ink on paper, our reading and listening and viewing interests no longer documented by Read More
Really, Everyone Needs a Will
Really, Everyone Needs a Will — To begin with, by having a will, you can control who receives your property after your death. Without a will, the state you live in determines how your property is distributed, and you likely would do it differently. People don’t usually thinking about making a will until they are Read More
Revised Uniform Fiduciary Access to Digital Assets Act – LB 829
Revised Uniform Fiduciary Access to Digital Assets Act – A Summary – On April 13, 2016 the Nebraska Legislature passed LB 829, which adopts the Revised Uniform Fiduciary Access to Digital Assets Act (Revised UFADAA). The Act was signed into law by the Governor on April 20, 2016. In the Internet age, the nature of property Read More
Special Needs Trust for Grandchild
Question: Can I leave property in my will to my special needs grandchild? — Answer: While you can certainly bequest money and assets to those with special needs, such a bequest may prevent them from qualifying for essential benefits under the Supplemental Security Income (SSI) and Medicaid programs. However, public monetary benefits provide only for Read More