John Peck Legacy Lawyers

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Useful facts about gift tax

One type of tax that is often overlooked by many people is the gift tax. For some, it might be preposterous to even think about paying taxes for something that is given to someone in goodwill without expecting anything in return. But this is required by law, instructing everyone to report any present that exceeds the annual gift tax exclusion (making it a taxable gift) to the IRS and filing the appropriate form. Image source: pixabay.com The IRS classifies gifting as essentially a turning over of property without getting anything in return or receiving just a portion of the original value of the gift instead of the real amount. It is wise to consult one’s estate planning lawyer if there is confusion in the determination of taxable gifts. The one who gives the gift is obligated by law to pay the tax. The receiver, though, may voluntarily pay the tax (or a part of it) on behalf of the giver if the latter goes over the threshold of their annual gift tax exclusion.

The Advantages Of Having An Elder Law Attorney

Elder law attorneys specialize in a number of issues that affect the elderly and the disabled, such as health care and long-term care planning, Medicare, Medicaid, and Social Security. They also take care of financial and estate planning, as well as daily issues on assisted living and life planning. Image source: stthomas.edu Elder law attorneys also have added training when handling emotional and physical needs of the elderly, which are a lot more different than those of younger people. What elder law attorneys do is more challenging in many ways. Having an elder law attorney means having someone who can explain in-depth the significance of estate planning, life planning for people with special needs, and other matters. Elder law attorneys are also more dependable on creating a power of attorney document. They are also adept in representing clients in financial issues, such as fiscal and housing planning, income, estate, and gift taxes. Elderly law attorn

An Overview Of The Different Types Of Trusts In Estate Planning

Image source: thebalance.com A trust is essentially a right in property that is held in a fiduciary relationship. This means one party (the trustee) keeps the titled to the trust property for the benefit of another (the beneficiary). There are two ways to create a trust: one is made during a person's lifetime and lasts even after a person's death; and two, a trust that is done via by a will and realized after death. Keep in mind that assets that are put into a trust become part of the trust itself and not owned by the trustee. This means that such assets will now be subject to the rules and restrictions of the trust contract. There is a variety of trusts (asset protection, charitable, special needs, and constructive, to name a few), but the basic types are revocable and irrevocable trusts. Revocable trusts are those done while the trustmaker is still alive. Also known as a living trust, it can be altered, changed, modified, or revoked entirely. Here, the

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