Dissecting Legalese

Whereas the party of the first part shall prescribe, provide, formulate, and otherwise execute the means, method, and product for the tertiary daily repast for the mutual benefit of the parties; whereas the party of the second part shall evaluate, conduct, and otherwise execute in a timely manner the subsequent restoration of...

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New England Qualifying Track Meet Sponsorship

We were so proud to be able to support our local school at the Essex Invitational. We received the following note from Heidi Stewart of Essex.

Thank you so much for being a sponsor for the New England qualifying track meet! Hundreds of Vermont's best track and field athletes competed in the Essex Invitational...

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4th Annual Golfing4Life Tourney

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...

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No Magic Carpet Ride for “Medicaid” Trusts

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...

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Lawyer Joke

Diogenes went to look for an honest lawyer.  “How’s it going?”, someone asked.  “Not too bad,” said Diogenes.  “I still have my lantern.”

 


New Numbers for 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

 


Tip Corner

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

Estate Planning: Taxation of Life Insurance

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...

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