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Vermont Estate Planning Blog
Monday, May 13, 2019
 Jarrett & Luitjens is proud to co-host its 4th Annual Golfing4Life Tournament on July 24th at the Links at Lang Farm. Last year we raised over $10,000, funds which directly benefit the Cancer Patient Support Foundation of Williston’s Emergency Relief Fund. To join the fun and support this worthy cause, contact Holly Keough for more information. Read more . . .
Monday, May 13, 2019
 The road to eligibility for long-term care Medicaid benefits can be long and winding, so it can be tempting to board a magic carpet ride and try a so-called “Medicaid” trust, more descriptively referred to as an irrevocable income-only trust. The theory behind such a trust is that assets owned by the trust are protected from creditors, primarily in consideration of long-term care costs and the desire to become eligible for government benefits. However, there is no free ride, and transferring assets into an irrevocable trust comes with risks and costs. IRREVOCABLE: As its name suggests, you cannot change the terms of the trust. If circumstances change requiring a modification, you would need Court approval and/or consents of all interested parties. Read more . . .
Monday, February 11, 2019
Without question, the most common misunderstanding about a Will is that it avoids probate. THIS IS FALSE. It’s almost the same as believing the bank will accept your Monopoly money. Imagine this: your uncle passes, and you are named Executor in his Will. Can you take a copy of that Will to his bank and access his funds? Not unless you are the Hulk using your super strength to open the bank vault at night! The Will on its own carries no legal authority. Read more . . .
Monday, February 11, 2019
Two little girls were having a heated argument about who had the better dad. One girl declared, “My dad’s a carpenter and builds buildings.” Her friend replied, “Well, my dad’s a lawyer and makes loopholes.” Read more . . .
Monday, February 11, 2019
Estate/transfer tax Vermont estate tax exclusion: $2,750,000 Federal estate tax threshold: $11,400,000 Federal gift tax exclusion (annual): $15,000 Vermont Medicaid Community Spouse Resource Allowance: $126,420 Minimum Maintenance Needs Allowance (spousal allocation): $2,114 Home Equity Limit (singles): $585,000 Read more . . .
Monday, September 10, 2018
Freezing Credit: A new federal law effective 9/21/18 permits consumers to freeze their credit, free of charge. For more information, visit: https://www.consumer.ftc.gov/blog/2018/06/free-credit-freezes-are-coming-soon-0 Read more . . .
Monday, September 10, 2018
Lawyer Joke Q: What do you have when a lawyer is buried up to his neck in sand? A: Not enough sand.
Read more . . .
Friday, August 31, 2018
 Games are usually a lot of fun, but you don’t really want to play hide and seek with your estate planning documents. After you have signed and implemented your plan, you may want privacy, but you should not hide your documents from everyone. If you excel at concealing, it may not be found when needed. How and with whom you share will depend upon the document and your goals, but here are some considerations: Will—while this document has no effect until after death, it has zero effect if never discovered; you can store the original: ¨ In a fire-proof safe at home. if someone else knows location and its key ¨ In a safe deposit box at a bank, if someone else has joint access and a key to the box; without a surviving joint owner, no one will be allowed in the safe deposit box after your death without Court authority; if the joint owner cannot locate a key, there will likely be additional procedures and costs involved in accessing the box ¨ At the Probate Court in the county in which you live, for a modest fee (currently $30); however, if you move out of the county or update your will, it will be necessary to either retrieve your original will or replace it with the updated version Trust—a revocable living trust is effective during your lifetime, and the Trustee may need to produce a copy of it, or a Certificate of Trust, when managing its assets. Read more . . .
Thursday, February 22, 2018
Q: Why don’t lawyers play hide and seek? A: Nobody wants to look for them. Read more . . .
Monday, February 19, 2018
New estate/transfer tax numbers for 2018: Federal estate tax threshold: $11,290,000 Vermont estate tax exclusion: $2,750,000 Annual gift tax exclusion: $15,000 Read more . . .
Thursday, February 15, 2018
Life insurance plays a vital role in many estate plans. Proceeds can provide essential funds to replace lost earnings, pay debts, finance college tuition expenses, or even cover estate tax liabilities. However, there is confusion about the taxation of these life insurance proceeds. Contrary to common belief, insurance benefits are taxable to the estate of the insured. For many Vermont estates, it is inconsequential because they total under $2,750,000. Read more . . .
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