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ESTATE PLANNING FOR DIGITAL ASSETS

Posted by: Begley Law Group

by Thomas D. Begley, Jr., CELA The Uniform Law Commission has proposed an Act titled “Revised Uniform Fiduciary Access as to Digital Assets Act” (Revised 2015). The Act has been adopted in 20 states.[1] The Act was introduced in 2016 in 12 additional states.[2] Under the Act, a fiduciary is defined as a person appointed to manage the property of another person, subject to strict duties to act in the other person’s best interest. Common types of fiduciaries include executors of a decedent’s estate, trustees, conservators, and agents under a power of attorney. The purpose of the Act is to […]

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Filed under Estate and Trust Administration, Estate Planning, Estate Planning.
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NON-TAX REASONS FOR ESTATE PLANNING

Posted by: Begley Law Group

by Thomas D. Begley, Jr., CELA In calendar year 2000, the exemption from federal estate tax was $675,000. Clients who owned a home, had a retirement plan, and even modest other assets, had to consider this tax. Beginning in 2002, the exemption gradually increased from $1,000,000 to the current level of $5,490,000. Only two-tenths of one percent of decedents dying in 2016 had to file a federal estate tax return. New Jersey decoupled from the Federal Estate Tax at the $675,000 level. Many individuals still had to plan to avoid or minimize this tax. Beginning January 1, 2017, the New […]

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DIVORCE AND PUBLIC BENEFITS

Posted by: Begley Law Group

by Thomas D. Begley, Jr., CELA Many divorces involve families in which a spouse or child has disabilities. Family law attorneys should always ask if this is the situation. In many instances, the individuals with disabilities are receiving public benefits and many other that may be eligible for benefits but are not aware of their eligibility and have not applied. For many means-tested public benefits, such as Supplemental Security Income (SSI) and Medicaid, there is an asset test of $2,000 in addition to an income test. Assets transferred from a healthy spouse to a spouse with disabilities, through equitable distribution, […]

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Filed under Estate Planning, Medicaid Planning, Special Needs Planning, Special Needs Trusts, Uncategorized.
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PERSONAL INJURY SETTLEMENTS – PLAINTIFFS AGE 65 OR OLDER

Posted by: Begley Law Group

by Thomas D. Begley, Jr., CELA Many plaintiffs in personal injury actions are receiving means-tested public benefits such as Supplemental Security Income (SSI), Medicaid, Supplemental Nutrition Assistance Program (SNAP, formerly Food Stamps), Federally-Assisted Housing, Adoption Assistance, Temporary Assistance for Needy Families (TANF), and Low-Income Home Energy Assistance Program (LIHEAP). These benefits are means-tested. Typically, the recipient of the public benefit cannot have more than $2,000 of assets in order to be eligible to receive these benefits. In 1993, Congress authorized the establishment of Self-Settled Special Needs Trusts. The personal injury victim can transfer the personal injury recovery to a Self-Settled […]

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Filed under Blog, Personal Injury Consulting, PI Special Reports, Uncategorized.
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QUALIFIED SETTLEMENT FUNDS

Posted by: Begley Law Group

by Thomas D. Begley, Jr., CELA What Is A Qualified Settlement Fund? Section 468B of the Internal Revenue Code[1] authorizes the establishment of Designated Settlement Funds or Qualified Settlement Funds. These funds are usually collectively referred to as Qualified Settlement Funds (QSFs). These funds are also sometimes called “468B Trusts.” The purpose of these funds is to permit a defendant in certain types of litigation to deposit funds into a trust and to receive a full and complete release of liability. The defendant is entitled to a current income tax deduction for the amount paid into the fund at the […]

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Filed under Estate Planning, Personal Injury Consulting, PI Special Reports, Special Needs Planning.
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WHEN YOUR CHILD BECOMES AN “ADULT”

Posted by: Begley Law Group

by Kevin M. Buttery, Esquire Believe it or not, when your child turns 18 he or she is considered a legal adult, and that means that even as their parent you no longer have the ability to control their financial or personal decisions. This makes it difficult to safeguard their physical and financial well-being. Even parents with the most responsible children may have restless nights knowing their child is now exposed to the world without protection. Particularly when your child goes off to college, it becomes important to be able to manage their finances and have access to medical records […]

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Five Questions with Jack W. Kennedy III, President & CEO of Kennedy Investment Group

Posted by: Begley Law Group

At first glance, the advisors at Kennedy Investment Group (KIG) may appear to be just another financial planning team. But, that’s where the similarities end. With over 125 years of combined experience, Jack W. Kennedy III and his team have forged a long-standing reputation as one of the region’s premier financial planning and wealth management practices. KIG’s success stems from its personal client-centric focus and commitment that’s built on a culture of dedication, care and service. The Begley Law Group is pleased to announce Jack will be co-presenting a financial planning seminar on June 21st. In advance of the event, […]

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New Jersey and Pennsylvania Medicaid Planning, Medicaid Applications, Asset Protection, Special Needs Trust, Estate and Trust administration and Estate Planning.
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