Understanding "Basis" Can Save Your Family $$$$$ in Taxes

As the dreaded April 18 tax deadline looms, income taxes are naturally on everyone’s mind.  If you own an asset that has appreciated greatly in value over the years, such as real estate or stock, you probably know that you will have to pay capital gains tax when you sell it.   The capital gains . . . → Read More: Understanding “Basis” Can Save Your Family $$$$$ in Taxes

The Simple Way to Avoid the High Cost of a Guardianship or Conservatorship

It doesn’t matter how young or healthy you are.   Bad things sometimes happen to good people.   Whatever your age or health, for example, you might be only one car accident away from ending up mentally incapacitated.   Have you prepared to make the legal burden on your family as light as possible?

It is easier . . . → Read More: The Simple Way to Avoid the High Cost of a Guardianship or Conservatorship

Panic, my spouse needs to go into a nursing home!

PANIC!  Your spouse unexpectedly needs to go into a nursing home.  You learn that the cost of the nursing home will be $10,000 or more a month!  You own a home and have only about $250,000 in life savings.   You realize that you will go through all your life savings if your spouse is . . . → Read More: Panic, my spouse needs to go into a nursing home!

Get Important Legal Documents in Place before College Begins

Summertime is upon us, and it can be hectic, especially if you are preparing your child to head off to college for the first time. Now, fast-forward a few months. You get a phone call from the school telling you they have been rushed to the hospital. You phone the hospital and ask about . . . → Read More: Get Important Legal Documents in Place before College Begins

Losing your Home to a Medicaid Lien

Asset protection is a matter you should think about well in advance.  For example, you can easily protect up to $500,000 of the equity in your home from your creditors’ claims, simply by recording a declaration of homestead at the registry of deeds.

Happy at Home?

As you get older, you should consider other . . . → Read More: Losing your Home to a Medicaid Lien