Due to the 2015 Supreme Court decision in Obergefell v. Hodges, marriage equality is now the law of the land. Same-sex couples now receive protections and rights that were previously only available to heterosexual couples, including an elective share of a spouse’s estate, homestead allowances, and numerous tax benefits. However, there are still issues and challenges that are unique to same-sex couples. Here at LDM, we recognize this and [...]
My father has recently taken to saying "75 is the new 65", which is his way of trying to convince my mother he can still do things he did when he was 65. My mother rolls her eyes, mutters "Yeah, sure" and proceeds to gather up a heating pad and the ibuprofen.When it comes to farmland owners across the Midwest, my father is not alone in this statement. The results [...]
Parents of special needs children must be cognizant of special considerations in virtually every area of life. Estate planning is no exception. The stringent eligibility requirements of SSDI/SSI and Medicaid/Medicare make the child’s continued eligibility a paramount concern when determining the child’s inheritance. Even if the child is currently employed and not eligible for disability benefits due to the child’s income, parents must evaluate how long the child will be [...]
President Obama's new budget seeks an increase in estate taxes. Although the ink is barely dry on the American Taxpayer Relief Act of 2012 (the "2012 Tax Act") which became effective in January of 2013, President Obama's new budget includes a proposed increase to estate and gift taxes. Under current law, which was enacted as part of the "Fiscal Cliff" negotiations, estates are subject to a 40% tax on values [...]
