Posts by VMGOKEA Law

The IRS has long held that some taxpayers were cheating the system, claiming a low value for an asset on the estate tax return, while claiming a higher value for purposes of establishing basis for the asset when it is later sold (and thereby reducing any gain that must be reported for income tax purposes).…

Persons with disabilities have been seeking a way to save for college, medical equipment and health care expenses, and retirement without being disqualified from government assistance programs such as Medicaid and SSI (Supplemental Security Income) for decades. Generally speaking, a disabled person receiving needs-based government assistance cannot have more than $2,000 in a bank account…

Are you curious what Jacqueline Kennedy Onassis, universally regarded as one of the world’s most private women, did with her fortune? What about Anna Nicole Smith, Paul Newman, or even Elvis Presley – are you interested in knowing how they distributed their fortunes? Surprisingly, it is relatively easy to find out their dispositive plans for…

Planning an estate takes care and precision. There are many different ways that a plan which is not drafted appropriately may not achieve the client’s goals. The estates may be large or small. Most people understand that clients with large, complicated estates with tax issues require careful consideration and drafting of the plan. But, we’ll…

Estate Planning is essential in protecting you, your family, and your assets. Read on for information to help figure out whether you need a trust and, if so, what kind fits your specific situation. For example, maybe you have a disabled child and you want a trust to permit that child to inherit without losing…

The Alzheimer’s Association has published its 2020 report entitled Alzheimer’s Disease Facts and Figures (alz.org). The findings give pause when contemplating the future of many Americans who will be living with crippling dementia. Health care and long-term care costs for individuals with Alzheimer’s Disease and Related Dementias (ADRD) are staggering as dementia is one of…

For many families, it may be uncomfortable talking to discuss wealth and inheritance. Talking about how much money or property you have is usually viewed as taboo.  Asking someone else about what they have is often considered impolite. But failing to talk to kids about how much they may inherit could leave them unprepared to…

The rise of the coronavirus, COVID-19, has left many unprepared and confused. There are numerous reports of shortages of antibacterial hand sanitizer, disinfecting wipes, and even toilet paper. While we can’t predict when something like COVID-19 might strike, we can take steps to prepare for an unexpected crisis to help reduce the stress on ourselves…

Who should you trust to manage your financial well being when you are no longer able to do so? A power of attorney (POA), otherwise known as an agent to your principal, has the legal authority to represent and make decisions on your behalf. What characteristics should you look for when designating a power of…

Whether you are the Executor or an heir of the probate estate, knowing the lawyer’s role is one of the first steps you should take at the beginning of the probate process. One of the biggest sources of conflict in probating the estate is understanding the role of the lawyer hired by the Executor of…