Estate Planning

Burial Space Items And Medical Assistance

Burial Space Items are funded funeral policies that can be useful tools to assist in qualifying for Medical Assistance, and can also be great gifts for your loved ones.

Burial Space Items include: Cemetery spaces, Urns, Vaults, Crypts, Caskets, Headstones, Grave Opening and Closing and Perpetual Care.

Burial Space Items can be purchased for certain family members. The qualified family members include: spouses, parents, children and their spouses, siblings and their spouses, step-children and their spouses, and persons related by adoption.

USDA Warns Of Fraudulent Letters

USDA officials learned late Friday afternoon, March 16th, 2012, that fraudulent letters are being sent by FAX to individuals and businesses in at least four states. The letters purportedly come from a USDA procurement officer and seek personal information. These letters are false and in no case should a recipient respond with personal and financial information. The fraudulent letters bear USDA's logo and seal and are signed by an individual identified as "Frank Rutenberg" using a title of "Senior Procurement Officer".

Review of Elder Law - Burial Space Items And Medical Assistance

Review of Elder Law - Burial Space Items and Medical Assistance

Burial Space Items are funded funeral policies that can be useful tools to assist in qualifying for Medical Assistance, and can also be great gifts for your loved ones.

Burial Space Items include: Cemetery spaces, Urns, Vaults, Crypts, Caskets, Headstones, Grave Opening and Closing and Perpetual Care.

Carryover Basis Instead of Estate Tax: Form 8939

Form 8939 has been released by the IRS. If an executor is electing carryover basis instead of estate tax under IRC § 1022 for decedents dying in 2010; this form is filed in place of an estate tax return. The instructions note that an executor may not file both a Form 706 and Form 8939 that would take effect only if an estate tax audit increases the decedent’s gross estate. This form must be filed by January 17, 2012 by the executor and the executor cannot revoke it once filed unless they file a subsequent form before the due date.

 

Estate Tax Returns For 2010 Decedents; Deadlines:

Executors for estates of decedents who died in 2010 have untilJanuary 17, 2012 to file Form 8939, which is the carryover basis information return.

Allocations of available generation-skipping transfers on Form 8939 are also due on January 17, 2012.
March 2012 is the deadline to file Form 706 for the estate tax return.
The extension gives executors more time to consider the impact of making an I.R.C. §1022 election.
Income and gift tax returns did not receive an extension.
For more information please contact Stacey R. Edwards Jones at 507-385-4488.

 

When is the Last Time You Reviewed Your Estate?

Many people think their estate is not close to reaching the $1 million mark and do not consider estate tax planning. But consider this: In addition to savings and investments, your estate includes assets such as your retirement plans, house and other property, business holdings and any life insurance benefits. When you add it all together, you can reach $1 million rather quickly.

To help ensure your heirs receive what you intended, be sure to discuss your estate with your legal, financial, and tax professionals.

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