Monthly Archives July 2014

Medicaid Planning with the Family Farm or Cottage

Medicaid Planning with the Family Farm or Cottage In the not too distant past, the largest obstacle to passing property to the next generation was estate and inheritance taxes, now those taxes are nearly non-existent. Last year, effective January 1, 2013, the Indiana inheritance tax expired, and for tax year 2014, a decedent can have up to $5.34 million before the estate tax is imposed. So, unless a married couple has in excess of $10.68 million, it is unlikely a penny of estate or inheritance tax will be paid. So, what is the largest obstacle to passing property to the
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Categories: Article, Elder Law, and Medicaid Planning.

Joint Ownership of Real Estate: What’s an LLC Got to Do with it?

Joint Ownership of Real Estate: What’s an LLC Got to Do with it? When owning real estate with other persons, whether they be family or business partners, knowing how to manage that real estate and the expectations of everyone involved is key. Owning real estate jointly presents some unique challenges, such as paying for the costs involved with the ownership, i.e. taxes, maintenance and upkeep, insurance, and utilities. Although not terribly burdensome, knowing how these costs are to be handled can prevent a lot of unneeded stress. Owning real estate in a Limited Liability Company (LLC) can have distinct advantages
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Categories: Article, Elder Law, and Real Estate.