No one wants to think about giving up the independence they have enjoyed all their lives. However, as we age, we experience physical and cognitive changes that may require us to rely on others to complete activities of daily life. When a parent lives independently, this means they are responsible for themselves and can participate […]
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Can I Be the Trustee of My Living Trust?
Estate planning lawyers sometimes hear this question from clients: “Can I be the trustee of my living trust?” Some are surprised to hear that you can in fact act as the trustee while you are living. But what happens next? And why would someone want to use a living trust in the first place? Let’s […]
Is It Better to Gift a House or Put It in a Trust?
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Love That Lasts: Estate Planning This Valentine’s Day
Hi there, this is Bridget MacKay at MacKay Dressler Law Firm, and I want to talk to you about the ideal gift for Valentine’s Day, which is coming up. Now, you may not think in your mind, you know, estate planning would be the ideal gift for a Valentine of yours. I know it’s […]
A Discretionary Trust Can Provide Peace of Mind
When you are planning your estate, you may have concerns about leaving large lump sums of money to the beneficiaries. There are many possible reasons for the trepidation, including youth, inexperience, impetuousness, and spendthrift tendencies. Fortunately, there are tools in the inheritance planning toolkit that can provide peace of mind, and one of them is […]
What To Know About Charitable Giving
The IRS generally allows taxpayers to deduct charitable contributions up to 50 percent of adjusted gross income. For certain private foundations, veterans organizations, fraternal societies, and cemetery organizations, the IRS limits deductions to 30 percent of adjusted gross income. Because these rules can get complicated, keep thorough records and discuss your tax situation with […]
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