What are the Penalty-Free IRA Withdrawals?

March 12, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning

The contributions you make to your individual retirement account (IRA) are intended to supplement your income during your retirement years. However, as much as you'd like to let your IRAs remain untouched until retirement, unforeseen expenses may force you to withdraw some of those assets early.

The Financial Legacy of Walt Disney’s Heirs and the Role of Trusts

March 11, 2020
Bill O’Leary, Esq.
Asset Protection, Business Planning, Estate Planning, Guardianship, Power of Attorney

The Walt Disney Company has come a long way since it was founded by brothers Walt and Roy O. Disney nearly a century ago. What began as a cartoon studio is now a media powerhouse, complete with amusement parks and properties.

How Bad Can a Do-It-Yourself Estate Plan Be? Very!

March 10, 2020
Bill O’Leary, Esq.
Asset Protection, Business Planning, Estate Planning, Life Insurance, Power of Attorney, Probate and Estate/Trust Administration

One Justice from the Florida Supreme Court commented that the expensive litigation far outweighed any savings resulting from the pre-printed form.

The Latest on Kirk Douglas’ Estate

March 9, 2020
Bill O’Leary, Esq.
Advanced Directives, Asset Protection, Business Planning, Elder Law, Estate Planning, Long-Term Care Planning, Probate and Estate/Trust Administration

Old Hollywood didn’t pay stars well by modern standards, but Kirk had the wisdom to own his most iconic films and pour the profit into property. Soon philanthropy will force tough choices. The death of any giant produces shockwaves. Where Kirk Douglas is concerned, those ripples reveal how much the entertainment landscape changed in his lifetime and how much the numbers have grown.

Am I Better Off Investing Earlier in My IRA?

March 6, 2020
Bill O’Leary, Esq.
Asset Protection, Business Planning, Estate Planning

If you’re under age 50, you can contribute up to $6,000 across one or more IRAs for tax year 2020. If you’re age 50 or older, the limit is slightly higher ($7,000).

How Much Does New Budget Cut from Medicaid and Medicare?

President Donald Trump’s proposed fiscal year 2021 budget projects that taxpayers would save $920 billion for Medicaid and $756 billion for Medicare over 10 years. However, there’s a catch: All the policies it proposes need to be implemented to achieve those savings. Many of those policies, however, are either tied up in court or facing other opposition.

Special Needs Guardianship Can Be a Challenge

March 4, 2020
Bill O’Leary, Esq.
Estate Planning, Guardianship, Special Needs, Special Needs Planning, Special Needs Trust

Guardianship can be a challenging topic for many families. Guardianship needs to be separated into two distinct time periods: while parents are still alive and after parents die.

An Introduction to ABLE Accounts

March 3, 2020
Bill O’Leary, Esq.
Asset Protection, Estate Planning, Special Needs, Special Needs Planning, Special Needs Trust

An Introduction to ABLE Accounts When Congress passed the Achieving a Better Life Experience (ABLE) Act in 2014, it was a game-changer for families with special needs. For the first time there was a tax-advantaged way to put money aside for…

What Exactly Is the Estate Tax?

March 3, 2020
Bill O’Leary, Esq.
Estate Planning, Probate and Estate/Trust Administration

The estate tax in the United States is a tax on your right to transfer property to other individuals upon your death, according to the IRS. In other words, when you die, the U.S. government might be entitled to a portion of your assets before the remainder can be passed to your heirs. Not all inherited assets are subject to the estate tax. In fact, the U.S. estate tax only affects the wealthiest households.

How Can Long-Distance Caregivers Help Loved Ones?

March 2, 2020
Bill O’Leary, Esq.
Elder Law, Estate Planning, Guardianship, Long-Term Care Planning

More than 1 in 10 family caregivers live at least an hour away from their aging or ailing family member, and many are tending to a loved one from a distance of hundreds of miles.