» Estate Planning, Wills & Trusts

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… Read More

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… Read More

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… Read More

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… Read More

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… Read More

Individuals often believe that a last will and testament is sufficient estate planning. However, a complete estate plan includes a last will and testament and planning for incapacity with a financial power of attorney and an advance health care direc… Read More

A revocable trust can be revoked at any time, usually by the grantor or creator of the trust. An irrevocable trust cannot simply be revoked by the grantor. Historically, irrevocable trusts have been considered etched in stone—unchangeable, immovabl… Read More

Whether you call it a camp, a cottage, or a cabin, the place where your family comes together is special. There are several techniques for transferring the family camp to the next generation. It is imperative to consider your family’s goals and dyn… Read More