Are 2 or More Fiduciaries Better Than One?

There is no denying that choosing a fiduciary—the individual or entity responsible for another’s financial affairs—is a difficult decision.  Who is the best choice for Executor of your will, or Trustee of your trust?  These fiduciaries are entrusted with your estate and expected to fulfill your wishes about the  management and distribution...

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Lady Bird Deed Has Soared into Vermont Statutes

An Enhanced Life Estate Deed (ELED), sometimes referred to as a “Life Estate Deed with Reserved Powers,” “Lady Bird Deed,” “Medicaid Deed,” or “Italian Deed,” graduated from Vermont’s common law into Title 27 of the Vermont Statutes when Governor Phil Scott signed the Vermont Enhanced Life Estate Deed Act into law...

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COVID-19 OFFICE UPDATE

DUE TO THE COVID-19 PANDEMIC, WE HAVE TEMPORARILY CLOSED OUR PHYSICAL OFFICE.   WE WILL CONTINUE TO MONITOR EMAILS, ANSWER THE MAIN OFFICE TELEPHONE, AND RETRIEVE TELEPHONE MESSAGES AS WE STRIVE TO MEET THE NEEDS OF OUR CLIENTS FROM OUR REMOTE OFFICES.  OUR ATTORNEYS ALSO HAVE THE CAPABILITIES TO MEET WITH EXISTING...
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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 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

 


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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