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Important Elder Law and Special Needs Planning Numbers for 2023
January 31st, 2023
Each new year means new financial limits and thresholds related to estate planning, long-term care planning, and special needs planning. Below are some of the most important numbers for 2023. As always, we are here to help you and your loved ones pla…
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What is Elder Law?
March 30th, 2022
Elder law is more about the clients we serve than the type of legal services we provide. It’s not just wills and trusts, and it isn’t just for folks we would traditionally consider “elderly.” Our planning solutions apply long before most peop…
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The Family Camp
July 6th, 2021
As summer kicks into high gear, many Mainers are spending more time at the family camp. Whether you call it a camp, cottage, or cabin, the place where your family comes together is special, and you might be thinking about what will happen to it in th…
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Advantages of a Last Will and Testament
September 1st, 2019
There is no law that requires you to have a will to transfer your property at death. Creating a will is a personal choice. If you do not want your property to be transferred according to state law upon your death, you will need to leave your own inst…
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Categories: Estate Planning, Wills & Trusts
When Should You Update Your Estate Planning Documents? The Five Ds
August 6th, 2019
Legal documents are meant to reflect your current life circumstances and wishes, so they should change as your life does. In the estate planning world, we refer to the “5 Ds.” These are significant shifts that can serve as reminders to consider u…
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Categories: Estate Planning, Wills & Trusts
Medicaid Estate Recovery: Will the State Take my House?
April 10th, 2019
There is a lot of misinformation and confusion surrounding estate recovery and the Maine Medicaid (MaineCare) long-term care benefit. One of the biggest fears we hear from aging Mainers is, “I don’t want the State to take my house.” That only h…
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Categories: Estate Planning, Wills & Trusts
Family Limited Partnerships and LLCs
February 15th, 2019
What is a Family Limited Partnership? A partnership, generally, is an entity created by agreement of two or more persons for the purpose of holding property or operating a business. The partnership agreement will spell out the respective rights of th…
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Categories: Estate Planning, Wills & Trusts
Tax Free Gifting
February 15th, 2019
In general, whenever you give cash or property to another person, you are potentially subject to the federal gift tax. If you make “taxable gifts,” you are required to file a federal gift tax return (Form 709) and use some of your lifetime exclus…
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Categories: Estate Planning, Wills & Trusts
Revocable Living Trusts
February 15th, 2019
A revocable living trust, sometimes called a “living trust” or an “inter vivos” trust, is a trust established during life that the creator of the trust has the power to change or revoke. The trust creator can designate himself or herself as t…
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Categories: Estate Planning, Wills & Trusts
IRAs and 401(k)s
April 1st, 2018
Tax-deferred retirement savings vehicles such as IRAs and 401(k)s provide great opportunities for sheltering funds and their growth from income taxes for an extended period of time. But income tax cannot be deferred forever. Sooner or later, someone…
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