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Man Worried About Addiction

Estate Planning When Your Beneficiary is an Addict

Estate planning should always take into account not only the wealth to be transferred from one generation to another, but the unique issues of each family for whom a plan is being created. Unfortunately, those issues may increasingly include the dile…
Categories: Estate Planning
Coins and Gold Houses - Estate Planning

Why Do I Need an Estate Plan if My Estate isn't Taxable?

Historically, one of the reasons for creating an estate plan was to avoid one’s heirs being saddled with burdensome estate tax. For those whose estates are subject to estate tax, this is still an important motivator for estate planning. However…
Categories: Estate Planning
Piggy Bank and Coins Representing Estate Tax Exemption Savings

Temporary Increase in Estate Tax Exemption (and Portability)

On January 1, 2018, the Tax Cuts and Jobs Act (TCJA) took effect in the United States. The most sweeping tax reform in decades, the TCJA has affected the tax burden of both businesses and individuals, often in a favorable way. One such impact is the…
Categories: Estate Planning, Tax Law
Basket of Golden Eggs Representing Medicaid Compliant Annuity

How Medicaid Compliant Annuities Work

If you have needed to consider nursing home care for a family member, you are well aware of how expensive such care can be. Often, Medicaid funds are available to help pay for care, but they typically require the applicant to “spend down”…
Business Succession Planning: Two Men Handing Off Baton

Succession Planning for Professional Practices

For most business owners, their business is a source not only of income but of personal and professional pride. It may represent, aside from raising a family, the most significant achievement of their lifetime. Given the importance of the business in…
Family of Paper Dolls Under Umbrella - How Much Life Insurance Do You Need?

How Much Life Insurance Do I Need in My Estate Plan?

Life insurance: you know you need it, especially if you have minor children or other loved ones who depend on your financial support. Life insurance serves many functions in an estate plan, including providing a source of support to family, ensuring…
Categories: Estate Planning
Qualified Income Trust - Paper Titled Medicaid Eligibility

Should You Have a Qualified Income Trust?

If you are contemplating the need for long-term care, you know how expensive it can be to pay for. Medicare does not pay for long-term care, but Medicaid may be available to help with these expenses. Unfortunately, to become eligible for Medicaid ass…
Piggy Bank Under Glass - Third-Party Discretionary Trust

Third-Party Discretionary Trusts

There are many types of trusts, and they can be used to serve a variety of purposes: avoiding probate, minimizing taxes, protecting assets from creditors, providing for loved ones, and more. Your goal in creating a trust, and your circumstances, dict…
Red and Green Apples Representing Charitable Lead Trusts vs. Charitable Remainder Trusts

Charitable Lead Trusts vs. Charitable Remainder Trusts

If you are fortunate enough to have significant assets that you would like to use to benefit a favorite charity, you may be considering establishing a trust for that purpose. It’s likely that you also want to benefit yourself or your loved ones…
Categories: Estate Planning
User Login to Website: Digital Assets

Estate Planning for Digital Assets

If you’ve sat down with your attorney and developed an estate plan, congratulations! Taking this step means that you and your loved ones can have peace of mind about who will inherit your home, your bank accounts, even those knick-knacks on the…
Categories: Estate Planning

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Testimonials

My husband and I first became acquainted with the Gudorf Law Group in late 2008. We had been working on estate plans for some time with our life insurance agent and his associated financial planner, but we had some questions that were outside their a… Read More
– Nancy K. Saks

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